Kyckr is a regulatory technology company, is pleased to announce the launch of its new digital platform to provide an improved experience for users. The new site is available at www.kyckr.com
The Kyckr online platform is one of the largest KYC (Know-Your-Customer) platforms for customer identification, accessing real-time data from over 200 registries in 120 countries, enabling users to instantly find company profiles, credit reports and filings. Kyckr’s clients include blue-chip companies Bloomberg, Citigroup and IBM.
High profile incidents have led regulators from across the world to take strong action to improve KYC and AML (Anti-Money-Laundering) policies, including the adoption of emerging technologies. 

Powered by Microsoft Azure technology, the Kyckr platform debuts an all-new mobile responsive design centred around client needs and behaviours, with quick search dropdowns, improved administration features, dashboard functionality and increased information on the Company’s range of compliance solutions.

Strong growth and appointment of CEO Ian Henderson   

Kyckr has experienced a 43% increase in new registrations in Q1 2019 vs Q1 2018, driven by demand from financial services, accounting and legal sectors where manual processes and poor data quality lead to increased financial risk. Kyckr’s online revenue has increased consistently year on year, up 64% in H1 FY19 versus the prior corresponding period. 
The trend is expected to accelerate under the leadership of newly appointed CEO Ian Henderson. Ian has over 30 years of executive experience across the financial services sector, holding former CEO positions at Shawbrook Bank, Royal Bank of Scotland (RBS) International, and a leading UK private and commercial bank. 

KYC and AML adoption growing globally

KYC and AML efforts are rapidly increasing, with a twenty-fold surge in suspicious activity reporting between 2012 and 2017. Currently, the types of documents needed to verify identities for KYC vary from bank to bank and manual procedures have been found to be time-intensive and inefficient. 

Non-compliance has led to notorious cases of fines:

•          Dutch bank ING was fined $900 million for failing to meet Dutch AML compliance, comprising failure to execute policies meant to prevent financial-economic crime.  
•          In one of the largest ever money-laundering scandals in history, Danske Bank’s Talinn-based branch, Danske Bank Estonia was accused of having processed over $7 billion in criminal funds between     2007 to 2015 and Estonian regulators have now ordered the bank to leave Estonia by October 2019.
•          While Gibraltar payments firm, WaveCrest, experienced shortcomings with its AML systems falling below the standard expected for regulatory purposes and resulting in the CEO stepping down. 

These incidents highlight the heavy measures implemented when KYC and AML policies are breached.

Regulators are encouraging the industry to embrace emerging technologies and analytics as a solution, recognising the necessity of automation for an adequate compliance regime, including automated identity verification during the customer onboarding process. 

Chief Executive Officer, Ian Henderson commented on the launch of the new platform: "The whole team at Kyckr has been working relentlessly on the improved digital offering, and the launch is testament to our commitment to creating the best digital experience for our clients.

“We are delighted to launch the enhanced program to provide seamless connectivity to Kyckr’s global network of real-time registries to clients, investors and prospects.”

Non-Executive Chairman, Benny Higgins adds: “Ian Henderson’s vast experience will be a valuable asset as we continue commercialising our Know-Your-Customer solutions for the financial services sector. Ian’s appointment, and the launch of the new platform will be integral to Kyckr’s growth as regulatory requirements and anti-money laundering efforts increase globally.”