In this latest podcast episode, “Decoding AML Compliance with Bradley Elliott”, Darren Franks chats with Bradley Elliott, CEO at RelyComply.
KYC and KYB: Unraveling the Layers of Business Compliance
The discussion extended to Know Your Customer (KYC) and Know Your Business (KYB) processes, highlighting the importance of assessing ultimate beneficial ownership in businesses. RelyComply showcased how its technology simplifies these complex tasks, providing businesses with risk assessment scores and minimizing the burdensome onboarding experiences for both clients and institutions.
Onboarding Simplified: A Single Integration Point and Automation
One of RelyComply’s standout features is its single integration point, allowing businesses to seamlessly integrate AML compliance into their existing systems. The platform’s high level of automation, with checks completed in under 200 milliseconds, reduces the time and effort required for onboarding. This capability particularly benefits fintech companies seeking faster, more accurate, and seamless customer onboarding.
The Future: Enhancing Flexibility and Customization for Non-Digital Touchpoints
Looking ahead, RelyComply is poised to launch version 2.0 with a strong focus on addressing the needs of businesses without digital touchpoints. By creating a flexible and customizable front end, the company aims to empower law firms and other entities to build digital touchpoints, thereby improving customer onboarding experiences.
Rely Compliant’s Vision for a More Efficient and Secure Financial Landscape
As regulations continue to evolve, the role of innovative solutions like RelyComply becomes increasingly crucial. By combining advanced technologies, consolidation of compliance processes, and a commitment to simplifying onboarding experiences, RelyComply stands at the forefront of reshaping AML compliance in the dynamic landscape of financial services.