A few years ago, we noticed a gap in the market where
financial institutions would suffer when it came to complying with the 4th AMLD
that was enforced back in 2017.
So, we set up a session of requirements gathering which were drafted and
led by senior personnel within compliance functions in various industries on
the market. These sessions gave us an incredibly valuable insight into how
compliance teams work across various markets and industries and what their pain
points were. This knowledge helped us in building the most complete end-to-end
Client Lifecycle Management solution on the market.
This is how KYC Portal (KYCP)
was born and this is our story so far.
Early 2017 we submitted our idea of KYC Portal to the board of Finovate
and, out of 900 applicants we were chosen as one of the top 16! This gave us
the boost we needed to officially launch KYCP on the international market. Things
happened really fast after that. Financial service firms, crypto payment
companies, gaming and even logistics firms started to line up to use our
By the end of 2017 we signed contracts with 18 local
clients, in 2018 we signed on our first international client, a private,
independently-owned bank in The Bahamas. By 2019 our client base spread
throughout Europe and we started winning clients in Tier 1 and Tier 2
markets. During the COVID-19 pandemic, KYC Portal became a must-have product
for many organisations to continue working remotely and seamlessly. Unless
geared up for such a situation (which really and truly is not something that
anyone had forecasted for), major institutions who can only on-board new
customers by conducting full due diligence on their clientele, were facing a
mammoth challenge. Banks, insurance companies, financial services, aviation,
pharmaceuticals, payment services and many more, these are all industries that
needed to cope with such a challenge. Not on-boarding new clients during this
pandemic was not an option for most, and on-boarding new clients without proper
due diligence was too much of a risk. This is where technology and KYC Portal came
in handy with its online face-to-face video interview calls and integrated
biometric verification, embedded email functions for collating data along with
embedded audited chat and fully recorded audio calls.
KYC Portal’s most unique selling point is its dynamic
configuration engine, which gives full control to the compliance team to define and
maintain their entire regulatory framework at service or product level.
Allowing the team to be able to create and tailor an entire process based on
the kind of risk one perceives. Be it based on a different service / product
being offered or else be it due to the different jurisdiction in which the same
service or product is being offered. Allowing clients to define and
tweak such processes, in real-time and at service level, allows for utmost
flexibility. The ability of having a real-time perception of the risk, based on
the same service offered, but within different jurisdictions is indeed
KYCP’s dynamic configuration engine, attracted the attention
of companies from all over the world and in various industries
both regulated and not. We currently sell to over 17 countries spanning from
the USA to Dubai, Mauritius, Russia, South Africa, UK and all over Europe.
What is most interesting is the fact that our 60+
clients are spread over such a vast selection of industries from
banking, payment providers, corporate service providers, legal and accounting
to logistics, gaming, precious metal refineries, oil and gas, taxi booking and
dispatch providers and cash management services, to mention a few.
KYC Portal can be adopted by any organisation who is
required to perform due diligence on their subjects, whether B2B or B2C, no
matter the size of the company or industry. If the requirement is there, KYC
Portal is there to help them remain compliant and keep their risk exposure
To date, KYC Portal has a world-wide footprint with a solid
and trustworthy reputation. Not only the fact that it is one of the best, most
versatile and complete client life cycle management platforms globally but also the
reputation that the team behind it has managed to garner with all its clients.
A dedicated Client Relationship Management team constantly ensuring that our
client’s expectations are reached and a technical team that keeps researching
and delivering innovative technology. KYC Portal grew so much that it now caters
for 85% of our company’s entire business. We are fully focused on keeping
this level of growth both within our team as well as the R&D, leading to
enhancing our product to ensure that KYC Portal remains the market leader.