Simplex, a global transaction services provider, and Sword FircoSoft, a provider of watchlist filtering solutions, have launched KYC Safe, a Know Your Customer (KYC) compliance solution, on the Simplex Super Bureau.
With ever-frequent regulatory controls in place to tackle the flow of illegal financial transactions, organisations require accurate and dependable tools to screen potentially risky customers. Many global politically exposed persons (PEP) databases fail to validate and keep pace with a dynamic security landscape – resulting in potential compliance failure and the generation of high volumes of false positives.
The solution draws upon the watchlist filtering expertise of Sword FircoSoft to provide a de-risking tool. KYC Safe is a fully-tested global compliance solution available as an on-demand validation tool and as a 24-7 filtering solution, enabling organisations to enhance their KYC capabilities by facilitating periodic scans of large customer databases, as well as on-line checks made when new accounts are opened.
“KYC Safe further reinforces Simplex’s market positioning in offering superior business compliance solutions and transaction services to the world’s largest and most demanding customers,” said Simplex chief executive officer (CEO) Philip Walsh. “This powerful and sophisticated KYC service on the Simplex Super Bureau is a result of the ongoing collaboration between Simplex and Sword FircoSoft to further extend our best-in-breed filtering technology and demonstrates the commitment of both companies to deliver premium quality services to our clients.”
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