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“iSPIRAL takes a holistic approach to KYC and AML that can handle the entire on boarding process to ensure that their clients can attain regulatory compliance,” says Anastasios Ttiniozou, Executive Director at iSPIRAL. When a user signs up into the system and enters the data, the iSPIRAL KYC & AML software undertakes the document verification process. In the first step, the customer has to take a liveness detection selfie where he has to perform a few challenges, such as moving his head in a particular way. The responses are checked to identify if the user is live, and then the software compares the photo with actual photo on documents such as passport or ID cards. The company then searches negative lists as well as public and private databases (Telco lists, utility lists, governmental lists, electoral lists etc) within each country to verify that the client is who say they are by matching fields like full name, address, tax id, national id.
iSPIRAL goes the extra mile for their clients by calculating the risk rating of each entity they are on boarding. “Unlike our competitors, we can calculate the risk rating for both individual and legal entities with our intelligent algorithm,” adds Ttiniozou. He opines that players in the market usually cover only individuals since the structure of legal entities make them difficult to comprehend and handle. However, the company’s expert compliance team comprehends the dynamic regulatory global landscape thus providing the right input to the developers to incorporate the changes into the software.
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“Since every organization has their own methods for AML and KYC, we listen to customers, and understand these methods before developing a strategy for them,” says Ttiniozou. The company then demonstrates the solution to their customers and shows the benefits that they can achieve towards compliance by leveraging it when compared to their existing methods of using disparate solutions. This has helped many of their clients who were on the edge of getting hefty fines from regulatory bodies to avoid them.
iSPIRAL has already developed a GRC solution, and it is envisioning integrating all their different elements— AML, KYC, and GRC—into a single suite. They have also established a partnership with another organization to provide a regulatory reporting engine as well. On the geographical forefront, they have established partnerships in Spain, Monaco and the U.K.