Kyckr is pleased to announce its partnership with Simple KYC, an end-to-end workflow solution for Know-Your-Customer (KYC). This will be a mutual reselling partnership with specific initiatives focused on meeting the needs of Kyckr and Simple KYC's respective customers.
With this partnership, Kyckr will launch 'UBO Verify', combining their registry data with Simple KYC's unique software capabilities to automatically analyse cross-border ownership structures and allow easy UBO calculation.
Simple KYC will offer Kyckr's proprietary primary source data as part of their Verify service, allowing global registry data access to their customers. Simple KYC's existing clients will gain access to Kyckr's registry network of over 180 registries and 170 million entities across 120 countries, including the US.
Ian Henderson, CEO of Kyckr, commented: "UBO discovery is an onerous, heavily manual process, which costs regulated entities significant time and resources to comply with new legislation. We are excited to partner with Simple KYC to launch UBO Verify to help businesses with these challenges by saving them significant time and money, while also enabling them to make decisions based on legally authoritative, current data."
In the wake of the 2020 5AMLD, the demand for real-time data has greatly increased to help fight against the booming financial crime market. The United Nations believes "the estimated amount of money laundered globally in one year is 2 - 5% of global GDP," or $800 billion to $2 trillion in current US dollars.
Eric Frost, CEO of Simple KYC, commented: "Through our partnership with Kyckr, we can jointly address critical anti-money laundering and compliance challenges and expand Simple KYC's solution to global markets. We are excited to provide our customers with live registry data, expand our KYC capabilities via enhanced access to Kyckr's registry network and bring the best solution to our customers. We look forward to continuing to provide leading services in the KYC space."
The partnership between Simple KYC and Kyckr will see the two businesses working together on joint projects in the future to better serve both businesses' customers, as well as contributing towards the global anti-money laundering effort.