Below are some key insights taken from the recent KYKR...

Below are some key insights taken from the recent KYKR Newsletter:

Insights from: Phillip Hamilton, Senior Compliance Investigative Analyst, Compliance Department, Sutton Bank
.https://www.kyckr.com/the-future-of-kyc-compliance-insights-from-philliphamilton/?utm_source=Newsletter&utm_content=Expert+Interview+-+Phillip+Hamilton&utm_campaign=21Q3_ALL_COM_April_Newsletter

The escalation in cyber-attacks utilising BECS (Bank Email Compromises), Synthetic IDs, and Identity Theft will force a reset in the approach of KYC and CIP processes. COVID-19 will be the catalyst that propels Know Your Customer compliance to the forefront of risk models for all businesses concerned about protecting the gains they have achieved as they scramble to keep pace with the latest fraud schemes the criminal element employs daily.

Insights from: Braden Perry, Partner, Kennyhertz Perry, LLC. (KP Law)
https://www.kyckr.com/the-future-of-kyc-compliance-insights-from-braden-perry/

Furthermore, documents can be counterfeited; ownership structures can be covered. And, monitoring transactions become difficult with practices like trade-based money laundering. This makes it necessary for financial institutions to adopt better technologies to help compliance and risk teams. There are many technology trends that are changing the way institutions gather, verify, screen, monitor and store customer information. And companies must understand that automation is the key to the future.

The key takeaways from the Investor Webinar:

Strategic Journey 2020
- Transition from PAYG to SAAS 2021
- A true information services business 2022
- Significant revenue growth

Product Vision How do we create value for customers?
1. Sourcing and aggregating primary source data, with real-time connection
2. Normalisation and structuring of documents & data (enrichment)
3. Embedding our network into enterprise processes through automation

Market Trends
- Demand for broader and deeper structured data increasing
- Verifying UBO’s remains top pain point post-5AMLD
- CLM adoption accelerating at pace due to COVID-19
- Specialist data vendors are being selected over ‘jack of all trades
- Additional use cases for primary source company data opening up.

Roadmap Objectives
- Operational focus on scalability – in expectation of increased API volumes due to new use cases
- Broaden target markets through source expansion (e.g. stock exchanges, regulators
- Launch new enterprise portal UX to integrate full Kyckr solution, reduce customer friction and facilitate subscription pricing & packaging.
- Software development focus: UBO Verify, to address clearest market pain point and biggest revenue opportunity beyond current feature set
- Continue efforts to expand availability and depth of structured company data

Partnership Growth Plan
2021 – Build Capacity 2022 – Increase Growth. 2023 – Expansion Existing

Current Partners = 24
Contract Discussions = 5 new partners
Pipeline = 15 (not yet at contracting stage)

Marketing Strategy
- Raise Awareness
- Improve Retention
- Increase Engagement

My thoughts - obvious potential and opportunities - but one needs to be patient. IMO

Enjoy your Easter. Good luck to all.