10 Popular KYC and CDD Startups

Financial institutions are expected to conduct due diligence on their customers in order to identify them and ensure that they have all essential information before engaging in business transactions with them. To ensure that criminals do not utilise financial institutions in the course of money laundering, this policy is in place. The following are ten startups that are active in the KYC/CDD space.

Albany is a due diligence service provider situated in the United Kingdom that was established in 2007. It has collaborated with financial institutions and insurance firms to develop a suite of platforms that communicate with one another and can be tailored to meet your specific compliance and regulatory requirements.

ComplyAdvantage is a UK-based company that was created in 2014 to provide anti-money laundering (AML) data and monitoring solutions. In addition to politically exposed persons, worldwide sanctions, watch lists, and negative publicity, the firm’s global proprietary database on AML risk exposure includes information on financial crime risk exposure. Solutions such as anti-money laundering screening, identification verification, live transaction monitoring, and screening are provided by ComplyAdvantage.

Contego, which was established in the United Kingdom in 2011, provides KYC validation solutions to businesses and individuals. It provides you with the ability to do identity verification and check for a variety of risk indicators. Its SaaS format, which includes a browser-based interface and an API with complete functionality, allows it to manage more data in real time.

Solutions from Cynopsis
Cynopsis Solutions is a Singaporean regtech firm that was founded in 2014. It is based in Singapore. Transaction monitoring is one of the services provided by the company in order to combat illicit activities such as money laundering and terrorism financing. The organisation focuses on three core areas: risk management, compliance, and regulatory compliance in the professional and financial services industries, respectively.

Encompass was established in 2012 and has its headquarters in the United Kingdom. It provides financial services organisations with automated due diligence and onboarding solutions, among other things. Thus, organisations are able to comply with internal KYC procedures and, as a result, meet the needs of regulatory agencies.

Fenergo is a regulatory technology company situated in Ireland that was established in 2009. It offers client lifecycle management solutions, such as KYC data management and client onboarding, among other services. Fenergo provides the following services:

Compliance with AML and KYC regulations
Client onboarding and lifecycle management are important aspects of any business.
Data management for clients and counterparties
The digital client experience
Arctic Intelligence Services
Arctic is an abbreviation for audit, risk, compliance, and technological innovation organisation, among other things. The firm is divided into various divisions. An AML, CRS, and FATCA self-identification platform has been developed by the company to facilitate the bulk filling of customer declaration forms for AML, CRS, and FATCA purposes. These allow businesses to get client information in a timely, cost-effective, and non-intrusive manner.

Formed in the United States in 2011, IdentityMind provides KYC solutions that include risk assessment for merchant accounts. The company, in addition to KYC automation, also deals with fraud prevention, anti-money-laundering compliance, and automated onboarding, among other things.

KYC Exchange is an acronym that stands for Know Your Customer.
KYC Exchange is a Swiss-based company that was established in 2013. Its primary goal is to acquire Know Your Customer (KYC) data through its platform. It has developed a platform that is designed to look and function like a front-end system, allowing the client onboarding team or relationship managers to obtain Know Your Customer (KYC) information directly from clients.

Founded in 2015 in Australia, SimpleKYC is a digital identity verification service. It delivers solutions in the KYC workflow sector, such as visualisation and identity verification, for a variety of entity ownership arrangements, including trusts and corporations.