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EverCompliant solution addresses KYC gaps

GRC Announcements | November 5, 2018

EverCompliant, a business cyber-intelligence provider, recently announced the launch of eKYC Discovery, a tool that addresses potential gaps in the Bank Secrecy Act and Anti-Money Laundering-mandated Know Your Customer (KYC) processes that could leave financial institutions exposed to criminal activity. The KYC gap allows money laundering, terror financing, and many other types of illegal activity and fraud to slip into the banking system, unnoticed.

To illustrate the magnitude of the issues associated with insufficient online KYC programs, EverCompliant used its AI-powered technology and was able to identify over one million sites that appear to be engaged in improper and potentially illegal activity while collecting money through seemingly legitimate “front” websites. These illicit websites remain operational because criminals are able to covertly enter the financial ecosystem and have their...

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