AML compliance is one of the most significant hurdles for companies when entering new markets. With the constantly changing market and the cost of AML compliance increasing, companies must find a way to keep up with the pace. idclear helps them to be able to stay compliant while they grow.
This post will showcase the role and importance of idclear in a stock management platform and technological innovation.
It helps to reshape the way people invest and the way to achieve compliance.
In the 2,000s, the United States began to bolster its anti-money laundering (AML) compliance through the Patriot Act and other international standards.
This change was partly in response to the September 11 terrorist attacks against the United States.
However, the expense of complying with these laws and regulations can cause a significant burden to many businesses around the world.
As cryptocurrencies continue to gain attention in the world, there is a general consensus that the technology behind them is revolutionary.
And also that the potential for disruption to the current financial system is significant.
The General Data Protection Regulation
The General Data Protection Regulation (GDPR) changes the way organizations are compliant with data protection regulations.
The fines for non-compliance can reach tens or hundreds of millions of dollars.
The cost of compliance for larger firms is due to the vast quantities of technology and highly trained staff it takes to be compliant. It estimates at around $100-200 million.
The fact of the matter is that compliance costs are a huge burden on both large and small businesses.
According to the BSA International Fraud Survey of 2017, the average cost of compliance to the global financial services market is $14.6 billion.
As many of these costs are compliance fines, the global financial services market is really paying a lot of money to be compliant.
These fines can be as low as tens of thousands of dollars to as high as tens of millions of dollars.
Know your KYC
KYC stands for Know Your Customer. It is a process that individuals, companies, and organizations undergo in order to ensure the safety of their customers and to prevent potential fraud.
Oftentimes, people are reluctant to provide information and documents in these processes due to the risk of identity theft.
But what if you could realize the full potential of KYC without the hassle of passing through multiple forms and waiting in lines?
It’s no secret that businesses face a lot more fines if they mishandle all that data. It may leave everyone with an increased risk of fraud and identity theft.
The most inefficient aspect of this regulatory merry-go-round process. It is the massive duplication of identity checks and processes by so many different financial institutions.
With the introduction of the General Data Protection Regulation (GDPR), businesses face a whole new set of challenges.
From the requirement for individuals to actively and explicitly consent to the use of their personal information to the need of businesses.
It also helps to demonstrate the use of personal data for a specific and explicit purpose. The law is introducing a whole new level of complexity and risk to business operations.
Identity verification is a complicated process, and businesses often rely on third-party providers.
This is not always the best option, as it creates a huge number of opportunities for error.
In addition, the cost of hiring an army of analysts and compliance officers is often too high for many businesses.
Role of idclear
Unlike other providers, Idclear is not just a software product. It is a complete service that offers a single point of contact for all your compliance needs.
With the use of automation technology, this service is not only more economical but also more efficient.
Idclear is a blockchain-based ecosystem that connects businesses, consumers, and governments through a single KYC process.
The system allows consumers to verify their identity via a video ID and only then receive relevant services.
Additionally, the system enables the quick onboarding of additional businesses.
Idclear recognizes for its customer service and its ability to verify identities through video ID.
Idclear is a new FinTech startup working on a blockchain-based service that is useful to help banks transfer money to one another.
The team is comprised of seasoned financial professionals. They have built several successful and award-winning products for multinational corporations.
Idcleaer is a technology-driven company that has a lot of experience with financial transactions and cryptocurrency.
With this in mind, we believe we are capable of making the process easier and more rewarding for users.
Importance of idclear to Industry
idclear is an innovative compliance company. It is changing the way businesses comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
It provides a comprehensive compliance infrastructure. The infrastructure allows businesses to bridge the gap between the benefits of self-sovereign identity (SSI) and AML compliance.
SSI allows you to have control of your own personal data and identity. On the other hand, AML compliance keeps your business compliant with laws and regulations.
idclear offers a new type of compliance infrastructure that allows businesses to easily and seamlessly comply with regulations without having problems.
A revolutionary model that is not just a marketplace, but a mutualization of personal data, where users are able to connect and use the data they sell.
Idclear is a decentralized solution constructed to address regulatory challenges. This results in the seamless connection of end users.It optimizes personal data use, enabling wider adoption of new markets like crypto, and getting rid of existing barriers to entry.
Financial Crime Risk Management and idclear
With the ever-growing digitization of our information, it is becoming easier for cyber criminals to steal and forge our personal data and identities.
Furthermore, cyber-criminals are using technology to carry out their crimes. This means that they can be harder to track down.
Idclear aims to offer a platform where everyone can see data shared, how much time they are spending on each task, and the time they have spent on various tasks.
idclear is designed to address these concerns using blockchain technology and smart contracts.
It is the first compliance solution. idclear not only empowers organizations to be in full control of their data but also successfully navigates the ever-changing landscape of GDPR.
This company has created a comprehensive solution that manages data privacy, security, and compliance for any type of organization.
It is developed in such a way as to give transparency and control to the end users. idclear also minimizes the reliance on in-house teams. It delivers on the principle of privacy and data security.
idclear is a leading provider of due diligence software that enables financial institutions to easily and seamlessly integrate due diligence processes into their current workflow.
Idclear’s technology draws a strong technology backbone, leveraging cutting-edge machine learning and AI technologies.
Idclear’s technology enables financial institutions
The technology enables financial institutions to
- 1. Automate, streamline and simplify due diligence processes
- 2. Reduce and automate the cost of due diligence
- 3. Conduct investigations.
Blockchain technology has the potential to disrupt many industries, including the financial sector.
The greatest benefit of idclear technology is the security it provides.
A decentralized financial system reduces fraud, ensuring only valid transactions are made.
This is a turn-off for many traditional financial institutions, which are not as secure as decentralized systems.
The specific solution for decentralized finance [DeFi], is a nascent blockchain-based trend. idclear aims to facilitate private, secure, and seamless access to DeFi products.
It is in compliance with AML and CFTP requirements, maintaining the integrity of the ecosystem.
Industries, Infrastructures, and idclear
idclear is an AML provider that focuses on providing compliance services to all industries that require AML controls.
It offers a diverse range of AML services including KYC/AML services, due diligence, and monitoring.
idclear is uniquely positioned to address the needs of the decentralized financial ecosystem because the AML provider is not a centralized entity.
It offers AML services without the high fees and costs associated with traditional AML providers.
idclear is a critical market infrastructure designed according to the principles and standards of a financial system.
idclear goal is to deliver critical services that are necessary for financial transactions.
It is an innovative start-up company that is currently in the process of developing a decentralized and open-source blockchain platform.
idclear is designed to work with any cryptocurrency and any ledger, making it an ideal platform for a wide range of uses.
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