Watch FlexM Launches FlexComply to Transform KYC Compliance for Financial Institutions Business News

FlexM launches FlexComply, a cloud-based platform to simplify KYC compliance for monetary establishments, lowering prices and making improvements to buyer onboarding potency.

The managing staff of FlexM

Singapore, Singapore , Sept. 07, 2024 (GLOBE NEWSWIRE) — In reaction to expanding regulatory “Know Your Customer” (KYC) compliance necessities and demanding fines just lately imposed on main banks in Singapore, Canada, and India, FlexM is happy to announce the release of FlexComply. This complete, cloud-based resolution is designed to streamline KYC and Anti-Money Laundering (AML) compliance for banks, fintech firms, and different regulated monetary establishments globally.

Addressing the Challenges of KYC Compliance

The KYC procedure has transform a considerable monetary and operational burden for monetary establishments. A up to date learn about presentations that banks and different monetary establishments spend a mean of $60 million every year on KYC compliance. These prices stem from labor-intensive guide processes, era investments, and consequences for non-compliance. The long timeframes required for onboarding new shoppers, which reasonable 32 days, additional exacerbate those demanding situations, main to buyer dissatisfaction and loss. In truth, 85% of companies document damaging reviews with KYC processes, and 12% of shoppers transfer to competition due to gradual or bulky onboarding procedures.

FlexComply: A Solution for Streamlined Compliance

FlexComply is an end-to-end compliance platform that gives a 360-degree AML threat review of shoppers, from onboarding via ongoing tracking and periodic opinions. This built-in resolution guarantees all regulatory necessities are met inside of a unmarried gadget, serving to monetary establishments stay audit-ready and considerably lowering each prices and time related to compliance.

Key Features of FlexComply:

• KYC/KYB – Comprehensive Identity Verification and Screening: Facilitates buyer due diligence right through onboarding and common tests, in response to threat profiles.

• AI-Driven Risk Scoring: Employs complex algorithms to supply actual threat exams for each person and company shoppers.

• Transaction Monitoring: Continuously displays transactions to determine and flag suspicious actions, improving fraud detection features.

• Enhanced Due Diligence: Offers in-depth research for high-risk shoppers and transactions, minimizing possible publicity to monetary crime.

• Ongoing Monitoring and Periodic Reviews: Ensures buyer profiles are up-to-date and compliant with present laws via common tracking and opinions.

• Alert Management: Centralized control of signals permits for well timed intervention on fraud detection and compliance breaches.

• Regulatory Reporting: Automates the advent of compliance reviews, simplifying the documentation procedure for audits and inspections.

• Workflow Management: Streamlines workflow processes for compliance groups, selling potency and collaboration in adherence to regulatory requirements.

“FlexComply empowers financial institutions to significantly reduce the time and costs associated with KYC compliance,” stated Rune Nilsson, Chairman of FlexM. “Our solution not only simplifies compliance but also helps institutions focus on enhancing customer satisfaction by minimizing the administrative burden and ensuring faster, more accurate onboarding.”

Understanding the KYC Burden

The demanding situations related to KYC compliance are important. Financial establishments globally spend billions every year on KYC and AML efforts, with a considerable portion devoted to labor-intensive guide processes, fragmented knowledge methods, and adapting to evolving laws. According to a contemporary document, banks allocate up to 3-5% in their general operational finances to compliance actions, with KYC being a big motive force of those prices. The complexity is compounded by way of various regulatory necessities throughout other jurisdictions, requiring establishments to handle correct and present buyer data throughout disparate methods.

FlexComply addresses those ache issues by way of automating and streamlining KYC processes. By integrating knowledge from more than one resources, lowering false positives, and making sure compliance with the most recent laws, FlexComply allows establishments to minimize down on KYC-related bills, scale back onboarding instances, and fortify general buyer delight and operational potency.

About FlexM:

FlexM is a number one Fintech-as-a-Service platform headquartered in Singapore, that specialize in offering cutting edge monetary answers. Our project is to simplify monetary services and products and reinforce operational potency and compliance for monetary establishments international.

Contact Information:

Rune Nilsson
Chairman, FlexM
Email: rune.nilsson@flexm.com
Phone: +47 9280 4000

Naveed Weldon
CEO, FlexM
Email: naveed.weldon@flexm.com
Phone: +65 9876 5432

For extra details about FlexM’s services and products and partnerships, please consult with our site at www.flexm.com.

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