About iComply
iComply Investor Services is a global compliance software provider that helps compliance teams enhance, improve, and transform their entire client lifecycle management for KYC and AML workflows while providing a seamless user experience to their KYC subjects.
The iComplyKYC platform is a digital compliance administrator that leverages edge computing,
machine learning/vision, and AI to provide companies with dynamic, guided KYC portals. Compliance teams can configure and monitor portal workflows to securely gather, validate, and encrypt client data and documentation before it leaves their device.
Third-party services may be utilized in a streamlined workflow to perform each step. Depending on your configuration, these services can be provided by iComply, our partners, or you may integrate your preferred vendors (KYC Enterprise licenses only).
Supporting Documents
Throughout the customer due diligence lifecycle, Supporting Documents are frequently required to verify identities, addresses, beneficiaries, tax residence, creditworthiness, etc. Supporting Documents can be added to unique workflows varying by industry, jurisdiction, risk level, or portal.
Requests for Supporting Documents can be triggered by the User while they are in the Legal Entity and Natural Person Portals, they can also be triggered through the Entity Dashboard or iComply API.
Custom Questions
During the customer due diligence lifecycle, it's essential to gather specific information that may not be covered by standard forms. To address this, our platform allows you to add custom questions to the onboarding portals. These custom questions can be tailored to your unique workflows and are adjustable based on industry requirements, jurisdictional regulations, risk levels, or specific portal needs. This feature ensures that you capture all necessary information directly from users, enhancing the accuracy and completeness of your due diligence process.
Supporting Document Packages
Our platform offers the ability to create Supporting Document Packages, which combine both custom questions and supporting documents to optimize the onboarding process. These packages are customizable to fit the specific needs of your organization, taking into account industry requirements, jurisdictional regulations, risk levels, and more. By grouping custom questions with required supporting documents, you can ensure that all necessary information and verifications are collected in one cohesive workflow, simplifying the customer due diligence process and improving overall efficiency.
Enhanced Due Diligence
Enhanced Due Diligence workflows are frequently required in day-to-day user onboarding, KYC reviews, and annual tax or financial reporting. Thresholds and triggers can be configured to request Supporting Documents and other Services such as Identity Verification, Beneficial Ownership, or Third-Party confirmations.
The KYC Dashboard enables users to review pending requests, submit additional requests, and manually upload submissions for cases where a KYC subject has submitted the information through another channel, such as an unsecured email.
The KYC Portals actively monitor the data submitted by the KYC Subject to assess for Enhanced Due Diligence thresholds. If a threshold is crossed, such as if the user is required to supply two pieces of address information in their jurisdiction, the additional KYC Request is triggered - in this case, the user could be presented with a web form to upload a recent bank statement or utility bill that shows their address.
Additional KYC Services can also be triggered by Enhanced Due Diligence thresholds. Jurisdictionally specific workflows can enable variations such as the percentage of ownership required for a Beneficial Ownership request.
Reporting
iComply provides the ability to generate comprehensive reports in either PDF or DOCX format. These reports are designed to capture all pertinent details regarding a Legal Entity or Natural Person, providing users with a complete overview of the entity’s information and associated data.
Reports can be generated from within the entity’s profile, ensuring all relevant details are included based on the system’s configuration. The content and structure of the report will vary depending on the settings outlined later in this guide, ensuring that the report aligns with the user’s specific requirements.
Reports Include:
Automations
During the customer due diligence lifecycle, automating routine tasks can streamline workflows and reduce the interaction points required. Our platform’s automation features allow administrators to configure and optimize processes for efficiency.
Auto Acceptance
Auto Acceptance is an event-based automation that enables the system to automatically accept entries when no issues are detected during key compliance checks. When enabled, the following events will trigger auto-acceptance during a portal submission:
- Identity Authentication Event: Automatically accepts if the identity data provided by the user matches existing information within the KYC profile.
- Document Authentication Event: Validates and accepts identity documents based on authenticity checks.
- Biometric Authentication Event: Confirms identity through methods like liveness testing or selfie uploads, ensuring the individual matches their digital profile.
Once these events are successfully triggered and completed within the portal submission, the entry’s status updates to “auto-accepted,” allowing a smooth continuation of the due diligence process.
Auto Assignment
Auto Assignment allows administrators to configure country-specific settings to streamline case routing and ensure efficient review allocation. This feature enables assignments by jurisdiction and specific event types, ensuring each entry is directed to the most suitable reviewer based on compliance needs and resource availability. Country-specific assignments can be set for entity profiles, identity authentication events, document authentication events, biometric authentication events, and supporting documents.
Entity Profile Automations
Entity Profile Automations empower administrators to set actions on Pending KYC requests when the status is Accepted, and at least one AML case is closed. These options allow for tailored compliance workflows as follows:
- Next Periodic Review: Administrators can configure periodic reviews at specific intervals (e.g., days, months, years) for ongoing monitoring.
- Set Profile Status To: Automatically updates the entity’s profile status to “New,” “Review,” “Escalated,” “Approved,” “Rejected,” or “KYC Refresh” based on configured parameters.
- Set Risk Level To: Sets the entity’s risk level on a predefined scale from Low Risk (1) to High Risk (5), facilitating accurate risk classification.
- Approved Entity Profile: Adjusts the profile’s status from “Approved” to another state (e.g., “New,” “Review,” “Escalated”) if a “Request for Update” event occurs or if new issues arise in an existing case.
Next KYC Review Date and RCU Triggering
The platform’s automation features support Request Client Update (RCU) processes, which can be automatically triggered when the “Next KYC Review Date” arrives. This automation applies to both Natural Person entities and Legal Entities, helping maintain current information with minimal manual intervention. Once the scheduled review date is reached, the system sends an RCU email to the user, prompting them to confirm existing information or submit updated documents as needed. This proactive approach ensures that due diligence information remains up-to-date and compliant with regulatory requirements.