bronID

bronID is a solution designed to assist companies in meeting their anti-money laundering and counter-terrorism financing obligations. According to the vendor, bronID offers a complete AML/CTF toolkit, providing all the necessary tools for global compliance in one online portal.

Key Features

Complete AML/CTF Toolkit: According to the vendor, bronID offers a range of tools to facilitate global anti-money laundering compliance, consolidating all necessary resources in a single online platform.

Identity Verification: bronID provides identity verification for various types of organizations, including companies, trusts, and associations. The vendor claims that bronID offers pre-set verification protocols that incorporate checks of electronic data sources and ID documents. It also provides access to electronic and ID document databases across multiple countries and integrated standard PEPs and Sanctions checks. Three integration options are available: Self-serve Portal, White-label Forms, and API.

Global Data Access: According to the vendor, bronID grants access to over 1000 data registries containing information about individual identities, corporate structures, PEPs, and sanctions. The vendor states that bronID covers more than 120 countries, offering access to 3.2 billion individual identities and 280 million organizational identities across independent electronic databases.

Compliance-as-a-Service: bronID offers flexible subscription options for AML/CTF needs, with no lock-in contracts and no minimum spend. The vendor claims that bronID aims to help companies reduce compliance costs and prevent financial crime effectively.

KYC: Verify individuals: According to the vendor, bronID integrates identity verification into the onboarding process, enabling companies to verify individuals using pre-set verification protocols. The vendor states that these protocols include checks of electronic data sources and ID documents. bronID also provides access to electronic and ID document databases across multiple countries and integrated standard PEPs and Sanctions checks. Three integration options are available: Self-serve Portal, White-label Forms, and API.

Technology-first approach to reduce operational cost: According to the vendor, bronID offers developers tools for production-ready integrations and automated workflows for full-stack KYC/AML automation. The vendor claims that bronID regularly releases new features and improvements, aiming to reduce operational costs. Additionally, bronID provides cross-organizational management with nested accounts for AML/CTF management across linked organizations.

ML/TF Risk Assessment: bronID helps assess the risk of businesses being used for money laundering and terrorism financing. According to the vendor, bronID incorporates ISO 31000 principles and takes into account 300+ risk factors, aiding in the development of appropriate mitigation measures.

AML/CTF Program Manual: According to the vendor, bronID assists businesses in developing a robust AML/CTF Program that documents efforts to reduce money laundering and terrorism financing risks. The vendor claims that bronID includes a comprehensive ML/TF Risk Assessment, provides tailored identity verification procedures, and helps ensure compliance with regulatory requirements.

Independent Audit: bronID offers an impartial review of AML/CTF policies, procedures, and controls. According to the vendor, bronID assesses technical compliance and effectiveness, providing practical recommendations for improvement.

AML/CTF Compliance as a Service: According to the vendor, bronID provides a monthly subscription to ongoing AML/CTF advisory. The vendor states that bronID offers a flexible payment plan with no lock-in contract, granting access to a dedicated AML/CTF specialist, and ensuring ongoing oversight of AML/CTF practices.