Since the 5th Anti-Money Laundering Directive came into force in January 2020, having accurate and up-to-date information on corporate customers has never been more important. Quickly updating and obtaining all the necessary evidence as part of the ongoing KYC review is one of the most challenging areas for regulated firms and it demands a solution and company that is up to the task.
Companies in industries ranging from software development to textiles began to use data to inform their operations, identify competitive advantages, and sharpen their abilities to compete.
The financial industry has seen plenty of revolution within its borders, but improvements didn’t happen everywhere at once. As startups disrupted everything from payment processing to AI assistants, compliance lagged. Companies continued to source corporate data from traditional stored data providers, but now, with regulations becoming more and more stringent, the situation in compliance can no longer tolerate the status quo.
Kyckr’s unique advantage in 2020
For most businesses, 2020 marked a time to hunker down and survive. Now it is not the time to make big investments or take risks, especially for companies without billion-dollar market caps. It’s about survival, not revolution.
That’s what we kept hearing, anyway. In truth, 2020 marked the perfect opportunity for Kyckr to execute its plan to evolve from a data utility into a structured data and compliance partner organisation. Regulators have long seen the need for a leap in compliance laws and began to demand that regulated industries up their standards. The COVID pandemic accelerated this need by driving even more digital transformation.
As the pandemic raged and regulators cracked down, we recognised our unique positioning as the leader in primary source data, that made us the ideal solutions provider for the new challenges.
Ten years ago, we set out on a journey to build a global network of corporate registry access. In those 10 years, we have delivered structured company data to our clients (most often highly regulated businesses) via API or web portal to help them fulfill their KYC obligations. Our industry-leading solution was ahead of its time, anticipating demands before regulators made them and allowing our clients to stay comfortably compliant ahead of outdated laws. Now that demand for real-time registry access is growing, Kyckr’s former competitors relying on stored data find themselves unable to meet the needs of modern businesses and increasingly demanding regulations.
Regulators are continuously moving forward with plans to modernise corporate KYC rules and the world needs modern solutions, like Kyckr to solve increasingly complex issues of data and compliance.
Pursuing Kyckr’s vision into the future
While we love to see the world catching up with our vision for KYC compliance and embracing our solutions, we recognise that the pace of change will not slow down. Companies (and the crooks who necessitate KYC compliance in the first place) move too quickly. In the financial industry and beyond, businesses need not just a data provider, but a partner in structured data services.
That is where Kyckr stands today. We recognise that our direct access to corporate registry data and our perpetual monitoring service will continue to help our clients, but we also recognise that the businesses of 2020 and beyond need more than that. We plan to innovate our service and transform once again, leveraging our position as a forward-thinking leader in KYC to help us reach new heights as the premier partner in digital transformation in our industry.
We don’t just want to help our regulated customers avoid fines and penalties for inadvertently breaking rules, even though we do that exceptionally well. We also want to be a force for good, helping businesses become more proactive about detecting fraud, preventing money laundering, and catching groups with bad intentions before they can use their funds to do harm.
Businesses deserve more than a utility that connects them to data. They deserve a partner who can deliver insights that drive revenue, guarantee compliance, and generate social good. Kyckr has a head start on that path, and we can’t wait to show you where we’ll go next.