Offering an opportunity to acquire, KYC-Chain is a blockchain-powered SaaS platform for AI Biometric ID Verification. It automates Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. This enables secure, scalable onboarding and identity verification for businesses. The company was established in September 2016 with a whitepaper in January 2014. This whitepaper detailed the use of blockchain for identity verification. They prototyped solutions on the Bitcoin network and later experimented with Hyperledger.
AML & Sanctions Screening
The platform offers a comprehensive suite of features, starting with AML & Sanctions facial recognition Screening. This service uses continuously updated global data sources which include millions of profiles on high-risk individuals and corporations. These tools help identify new risks in real-time, incorporating adverse media monitoring of politically exposed persons (PEP), organizations, and individuals. Additionally, Machine learning algorithms are utilized to monitor thousands of news sources. Also, advanced sanctions screening uses enriched data, machine learning, and fuzzy matching. In turn, this approach helps reduce false positive alerts and manual workload. It allows businesses to quickly pinpoint real risks and identify persons associated with criminal or prohibited activities.
There is also Comprehensive intelligence on PEPs and heightened risk individuals and organizations is provided. Including insights into relatives and close associates. The system ensures compliance with worldwide sanction lists. These lists include OFAC, US BIS, CIA, EEAS, SECO, HMT, MOD, and the World Bank. Additional support includes fitness and probity data for individuals who have committed transgressions. There are also features for staying compliant with constantly changing crypto regulations. It also includes warnings and regulatory enforcement data covering legal enforcement details and regulatory actions against firms and individuals.
Businesses and Corporate Onboarding Flow, and Identity Verification
For businesses, Corporate KYC offers a fully customizable onboarding flow and instant identity verification for companies and their beneficial owners. The system gathers and verifies data against “golden sources” for all individual and corporate members, shareholders, and directors. It provides real-time access to company records from official and authoritative commercial register data, covering over 100 million companies in more than 90 countries and jurisdictions.
This service enhances corporate client onboarding which allows for integration via a web-based application or API. The service is flexible and scalable to handle hundreds of thousands of checks per day and perform Ultimate Beneficial Owner (UBO) KYC and AML checks against global sanctions and watchlists. The checks also include politically exposed persons and against adverse media databases. Also, the Company Registry Check feature provides access to essential business information. This includes registration number, address, incorporation date, activity status, and director lists.
ID Verification leverages document verification and facial biometrics technology. It authenticates over 4,000 types of documents from more than 240 countries and territories in local languages. This process enables real-time global customer onboarding. KYC-Chain’s process is fully automated which authenticates various global identity document types and unstructured proof of address documents. The system uses Facial biometrics and optical character recognition (OCR) to recognize and extract relevant data points like face, name and document number.
Workflow Solution
The KYC Workflow Solution is an all-in-one platform designed to identify and verify individuals and corporations, matching global compliance requirements. It simplifies the onboarding process and manages the entire client lifecycle. This solution offers flexibility and scalability, allowing customization to specific requirements, including AML, and integration with existing applications via RESTful API, capable of handling hundreds of thousands of checks daily.
It efficiently reviews and processes incoming KYC applications by streamlining compliance workflows and automating screening and identity verification. With worldwide coverage, it can onboard and verify individual, corporate, and institutional clients in over 90 countries and jurisdictions. The platform aims to streamline customer experience by reducing the time and effort per KYC check, leveraging automation and machine process automation to allow companies to focus on risk assessment and onboarding rather than document collection and verification.
Multi-Scope and Multi-Layer Orgchart Module
KYC-Chain is continually enhancing its offerings with new features like Multi-Scope. Which allows managers to create multiple client ‘scopes’ within a single onboarding platform. This platform is ideal for groups of companies or white label providers. It has customizable front and back ends for specific KYC checks and branding. Therefore Multi-Approval and Manager Permissions enable applications to be approved by multiple individuals. They provide administrators with granular control over manager access permissions. Administrators also have the flexibility to create and delete unique API Keys. Additionally, the Multi-Layer Orgchart module allows users to manually generate a company structure chart at any point. It offers a “bird’s eye view” of an entity’s fit within an organization. It displays risk exposure across corporate structures and visualizes ultimate beneficial owners for critical risk assessments.
Key Features and Technological Edge
KYC-Chain is positioned at the cutting edge of compliance technology. It integrates modern solutions to automate critical tasks such as secure identity verification. It also handles AML checks and broader regulatory compliance.
The platform’s robust technological foundation includes:
KYC-Chain incorporates artificial intelligence and Biometrics Integration. It also uses biometrics to streamline customer onboarding further. This integration improves data security and privacy.
Comprehensive AML & Sanctions Screening:
It offers advanced sanctions screening using global, continuously updated data sources, including millions of profiles on high-risk individuals and corporations.
Features include machine learning and fuzzy matching capabilities to reduce false positives and pinpoint real risks.
Adverse media and negative news monitoring utilize machine learning algorithms across thousands of news sources to identify risky entities.
It provides comprehensive intelligence on Politically Exposed Persons (PEPs). The intelligence is categorized for flexible search. It focuses on relatives and close associates. This ensures compliance with worldwide sanction lists like OFAC, US BIS, CIA, and World Bank.
Corporate KYC Solutions:
Offers a fully customizable onboarding flow and instant identity verification for companies and their beneficial owners.
Gathers and verifies data against golden sources for individual and corporate members, shareholders, and directors, with real-time access to company records from over 100 million companies in 90+ countries.
Includes UBO (Ultimate Beneficial Owner) KYC & AML checks to screen corporate and institutional clients.
Features Company Registry Check for essential business information like registration number, address, and director lists.
ID Verification Capabilities:
Authenticates over 4,000 types of documents from 240+ countries in local languages, enabling real-time global customer onboarding and verification.
Features fully automated document authentication that can identify ID document types without human backend.
Utilizes Optical Character Recognition (OCR) for data extraction and validation, verifying extracted data against security elements.
Provides face recognition and biometric analysis for instant validation between ID documents and captured photos/selfies.
Liveness detection prevents fraudsters by verifying the user is live and matches the presented ID.
Additional features include reliable ID scanning, customizable tolerance levels, smart capture, proof of address & registry checks, digital tamper detection, and device fingerprinting for enhanced security.
Crypto AML Functionality:
Analyzes blockchain transactions for forensic evidence and bad actors to enable faster risk decisions.
Automates cryptocurrency wallet screening and identifies suspicious blockchain behavior.
Supports screening and monitoring for Bitcoin, Bitcoin Cash, Ethereum, NEO, Dash, Hyperledger, and more.
Employs cutting-edge blockchain analytics to track over 270 risk indicators and profiles
Offers Crypto Wallet Reports providing risk scores, balances, and records of various illicit activities based on a wallet address.
Has experience performing KYC for over 20 ICOs and working with major exchanges, market makers, and crypto-friendly banks.
Additional Supported Features: Includes Fitness & Probity data for reassessing potential business relationships. It offers solutions for Crypto Regulations to ensure businesses stay compliant with evolving standards. It also provides Warnings & Regulatory Enforcement data detailing persons wanted by law enforcement or subject to regulatory actions.
Serves A Diverse Range of Industries
KYC-Chain serves a diverse range of industries. These include Banking, Trading, Blockchain, Payments, Telecom, and Management/Funds. The company has supported over 40 companies in onboarding up to one million users globally. A notable success story is their partnership with Standard Chartered Bank since 2017. They collaboratively created an innovative solution that cut customer onboarding times in half. This was achieved through automated identity verification methods. These methods addressed challenges like painful delays and duplicate KYC information submissions across regions. This collaboration shows how KYC-Chain provides a customizable KYC solution that adapts to legal frameworks and streamlines onboarding processes.
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