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10 Popular KYC and CDD Startups

Financial institutions are required to carry out due diligence to identify their customers and satisfy themselves of all relevant information before doing business with them. This is intended to ensure that no financial institution is used by criminals in furtherance of money laundering. Here are 10 startups operating in the KYC/CDD space.

  1. Albany

Founded in 2007, Albany is a due diligence solution provider based in the UK. It has worked with banks and insurance companies to create a suite of platforms which interact with each other and can be customized to your compliance needs and regulatory obligations.

  1. ComplyAdvantage

ComplyAdvantage is a UK based firm established in 2014 and provides AML data and surveillance solutions. The firm’s global proprietary database on AML risk exposure covers politically exposed persons, global sanctions, watch lists and adverse media. ComplyAdvantage provides such solutions as AML screening, identity verification, live transaction monitoring and screening.

  1. Contego

Contego was founded in the UK in 2011 and provides KYC validation tools to companies and individuals. It enables you to conduct identity verification and screen for multiple risk factors. Its SaaS model with a browser-based interface that has a full featured API makes it possible to handle more data in real time.

  1. Cynopsis Solutions

Cynopsis Solutions is a Singaporean regtech startup that was established in 2014. Its services include transaction monitoring for combating criminal activities involving money laundering and terrorism financing. The firm focuses on three key areas; risk, compliance, and regulations in the professional and finance industries.

  1. Encompass

Encompass was founded in 2012 and is headquartered in the UK. It provides automated due diligence and onboarding solutions to financial services companies. As a result, the companies are able to comply with internal KYC procedures and ultimately meet the regulatory requirements.

  1. Fenergo

Fenergo is an Irish based regtech firm founded in 2009. It provides client lifecycle management solutions including KYC data management and client onboarding. More specifically, Fenergo offers:

  • AML and KYC compliance
  • Client onboarding and lifecycle management
  • Client and counterparty data management
  • Digital client journey
  1. Arctic Intelligence

Arctic is an acronym for audit, risk, compliance, technology innovation company. The firm focuses on several areas. The company has developed a platform for batch populating AML, CRS and FATCA self-identification forms used for obtaining customer declarations. These enable organisations to obtain client information quickly, cheaply and in a non-intrusive manner.

  1. IdentityMind

IndentityMind was founded in the U.S in 2011 and its KYC solutions involve risk assessment for merchant accounts. in addition to KYC automation, the company deals with fraud prevention, AML compliance, and automated onboarding among others.

  1. KYC Exchange

KYC Exchange is a Swiss-based firm founded in 2013. Its main object is the collection of KYC data over its platform. It has developed a platform designed like a front office system which enables the client onboarding team or relationship managers to get KYC data directly from clients.

  1. SimpleKYC

SimpleKYC was founded in 2015 and is based in Australia. It provides solutions in the KYC workflow space including visualization and identity verification for different entity ownership structures such as trusts and companies.

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