It’s not easy to create a solution ahead of your time. For years, Kyckr’s Perpetual KYC solution went so far beyond the requirements of regulators that other companies never bothered to compete with the product. Kyckr’s clients enjoyed virtually future-proof compliance, but most companies did not see the need to build their own infrastructure with the same amount of consideration and care.
Evolving regulations eventually caught up, though. Even if a pandemic did not grind the world to a halt this year, Kyckr’s understanding of the financial world’s inevitable evolution became impossible to ignore. Kyckr’s original solutions predicted the new standard, and now several companies are hurrying to create their own versions of real-time corporate data delivery.
Kyckr’s vision doesn’t stop with timeliness, though. As other companies work to reach the same level of sophistication Kyckr achieved long ago, Kyckr now looks to evolve into the undisputed top provider of structured data services.
Why now? The world needs Kyckr more than ever. Regulatory trends demand compliance solutions that anticipate future needs. As the world moves forward, Kyckr’s vision of a structured data future feels right at home.
Digital transformation raises the stakes
As the world at large moves quickly, the world of finance moves even faster. Digital transformation forced financial companies to accelerate their evolution rapidly, adopting new technologies and processes as consumers and regulators demanded. That same digital transformation has been slow to come to compliance, but the day has finally arrived.
Kyckr recognises this pace will not slow down. Companies know that digital transformation can revolutionise KYC processes just as easily as it did other areas. Kyckr has anticipated this evolution and is working diligently to provide solutions not only to guarantee compliance but to push revenue at the same time.
Regulatory pressures only grow stronger
Just as companies recognise the power of digital transformation, regulators know that organisations have run out of excuses. KYC compliance has long lagged behind other priorities, so when regulators turned their attention to the space, they found it wanting.
Under the EU’s 5th Anti-Money Laundering Directive, European regulated firms must perform due diligence on the Ultimate Beneficial Owners of all new customers. Same applies to Australian entities under AUSTRAC regulations and US companies under FinCen CDD rules. Global regulation poses costly hurdles for organisations in all regulated industries, and those organisations need reliable data access to cope with these challenges. In leading this evolution, Kyckr hopes to provide a solution that allows its customers to stay ahead of regulatory pressures, just as it has for the last 10 years.
Perpetual KYC to become the norm
When podcasts first hit the market, customers had to sync their iPhones manually with their computers to download the latest episodes. Today, no one would even look at a product that required that much manual work: podcasts are updated and available in real-time.
KYC compliance may not be as trendy as podcasting, but the same principle applies. Reviewing customers on a periodic basis according to their risk rating is costly, inefficient and can underestimate risk. Depending on the risk profile the customer was assigned, these reviews can happen anywhere from one to five years apart. A lot can happen in between those reviews. Firms have an obligation to monitor customers continuously to ensure records accuracy and assess potential business risks.
Perpetual KYC, Kyckr’s strength and a core component of its vision, will soon become the standard expectation of all regulated industries when it comes to compliance. Businesses will need a partner like Kyckr, who not only saw this change coming but prepared ahead.
Not all jurisdictions play nice
Primary source registry data is definitely the most reliable kind, but that does not make it the easiest to acquire. In some nations and regions of the world, regulators require companies to do enhanced due diligence on entities where it is more difficult to source information or where local regulators do not meet international standards of trust.
Depending on the locations of shareholders and the nature of parent structures, business risks may change from one region to the next. Outdated and unreliable data could expose firms to regulatory fines (at best) and accidental funding of criminal organisations (at worst). Kyckr understands the stakes and can not only help organisations anticipate that need but help them rise above it.
Resilience matters above all
Call it flexibility, resilience, or tenacity. Kyckr knows the world’s needs will not remain unchanged for long, especially in the wake of the turmoil brought on by 2020. Regulators will make new demands. Criminal groups will try new angles of attack. Software solutions will become more sophisticated, and all the while, organisations will need partners they can trust to help them weather the storm.
Kyckr has the experience, standing, and vision to be that partner for businesses across the globe. Structured data services do not only keep businesses and people safe: they revolutionise what it means to understand and respond to trends and threats. The world needs Kyckr’s vision as a globally trusted structured data services partner, and Kyckr is ready to answer the call.