Welcome to the culmination of our seven-part series on Building a Gold Standard Compliance Program. In Session 7, we turn our attention to the ongoing challenge of updating and maintaining your compliance program to meet new and evolving business demands.
AML KYC/CIP Compliance Software
Implement effective AML practices with our ComplianceAlpha® RegTech platform
Does your AML program meet industry best practices and comply with applicable laws and regulations?
Compliance teams are tasked with meeting requirements under various Know Your Customer (KYC) and Customer Identification Program (CIP) regulations, or they can face significant fines. In 2019 alone, there were over $8B AML compliance fines globally, and penalties have continued to trend upward since 2015.
Our AML KYC/CIP solution can help your firm keep pace with industry best practices and satisfy inquiries from prospective investors.
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Our AML KYC/CIP offering is designed to assist your firm in developing and implementing effective AML practices that meet industry best practices and comply with applicable laws and regulations. Our solution combines our ComplianceAlpha® regulatory technology powered by ComplyAdvantage with our managed services to help your firm meet its data screening, ongoing monitoring, remediation, and reporting needs.
Our solution is a full-service, single-vendor offering that is provided and supported by our team of experienced technologists and compliance professionals, which includes Certified Anti-Money Laundering Specialist (CAMS) consultants.
Our solution applies industry practices in accordance with Section 326 of the USA PATRIOT Act’s Customer Identification Program (CIP) requirements and the European Union’s 5th Money Laundering Directive (MLD5), as well as the mandates of the Office of Foreign Asset Control (OFAC), Financial Crimes and Enforcement Network (FinCEN), Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC), and Bank Secrecy Act (BSA). Additionally, our CIP reviews are in accordance with Cayman Islands Monetary Authority (CIMA) Anti-Money Laundering Regulations.
About our AML KYC/CIP technology
ComplianceAlpha’s award-winning AML KYC/CIP functionality is powered by ComplyAdvantage’s industry-leading artificial intelligence (AI)-driven financial crime risk data and detection technology. Through ComplianceAlpha, firms can benefit from automated, ongoing monitoring of over 90 sanctions and watchlists, politically exposed persons (PEPs), and more than 300 adverse media sources, as well as advanced name matching algorithms for both individuals and entities.