Exceptional AML and eKYC product
February 21, 2023
Exceptional AML and eKYC product
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with ComplyCube
To expand our operations across Europe and APAC, we needed to ensure compliance with regulations through the use of eKYC controls. Our eKYC needs to verify the identities of bank account holders, corporate clients, and shareholders by conducting checks against sanctions, PEP, and negative media databases and performing remote identity verification. We can confirm that the product meets these requirements.
- Excellent watchlist, PEP, and negative media coverage
- Fast biometric verification
- Accurate identity data verification against trusted authorities
- Nothing I can think of - the team has been very collaborative from the moment we struck a partnership
- AML screening
- Biometric verification
- Continuous monitoring
- Investigation portal
- API
- Eliminated the need for several manual day-to-day tasks
- Increased customer satisfaction and onboarding rates
- Reduced operational risk and errors by a substantial margin
The ComplyCube team possessed a strong understanding of regulatory requirements within our industry and provided valuable assistance in applying them to our solution. Also, the product fully met all of our business requirements, and we envisage that it will continue to evolve in the right direction.
Do you think ComplyCube delivers good value for the price?
Yes
Are you happy with ComplyCube's feature set?
Yes
Did ComplyCube live up to sales and marketing promises?
Yes
Did implementation of ComplyCube go as expected?
Yes
Would you buy ComplyCube again?
Yes
Using ComplyCube
43 - The following functions and teams use ComplyCube: Money Laundering Reporting Officers (MLROs) Financial Crime Unit Operations Customer Onboarding Team Corporate Onboarding Team Compliance Managers Product Manager
We use ComplyCube on the cloud - so we do not have any member of the team supporting ComplyCube. All infrastructure, updates, and maintenance are managed by ComplyCube themselves.
- Watchlist, Sanctions, PEP, and negative media screening
- Biometric verification
- Identity data verification against trusted sources
- Ongoing AML monitoring
- Completely automating our onboarding flows for individuals
- Automating the process of onboarding corporates, including their company officers and Ultimate Beneficiary Officers
- The real-time ongoing monitoring facility eliminated the need for manual re-screening of customers
- Use their AML risk profiling score to help shape our onboarding flows
- Automate proof of address verification
Evaluating ComplyCube and Competitors
Yes - We used a combination of GBG ID3Global and manual processes to perform KYC before integrating ComplyCube.
We switched as we required additional functionality and real-time monitoring to meet our regulator’s ongoing monitoring clauses. Also, the switch helped us centralize all our KYC needs to one system, making it easier to manage operationally.
We switched as we required additional functionality and real-time monitoring to meet our regulator’s ongoing monitoring clauses. Also, the switch helped us centralize all our KYC needs to one system, making it easier to manage operationally.
- Product Features
- Product Usability
- Product Reputation
- Other
As a large banking group, the most crucial aspects of choosing a vendor were their product features, security practices, reputation, and expertise in the field.
There were several vendors in this space, and most of them provided similar services, pricing models, and terms to each other. What we liked about ComplyCube is that their services were more granular than their competition and that the team deeply understood compliance in the financial services sector. They knew exactly how we should implement their solution into our enterprise to maximize our returns.
There were several vendors in this space, and most of them provided similar services, pricing models, and terms to each other. What we liked about ComplyCube is that their services were more granular than their competition and that the team deeply understood compliance in the financial services sector. They knew exactly how we should implement their solution into our enterprise to maximize our returns.
Our procurement process is relatively mature and formal. If I did it again, I wouldn't change the evaluation and selection process, as our vendor assessment approach covers multiple vital aspects to us.
Also, our initial market research and vendor selection process is quite elaborate and invites vendors to bid for their services. We then assess their functional, non-functional, and security features, among many other things. Also, the company's reputation, support services, and compliance capabilities are all essential to us.
Also, our initial market research and vendor selection process is quite elaborate and invites vendors to bid for their services. We then assess their functional, non-functional, and security features, among many other things. Also, the company's reputation, support services, and compliance capabilities are all essential to us.
ComplyCube Implementation
- Implemented in-house
Change management was a big part of the implementation and was well-handled - As we had to transition from an existing vendor solution and transition from manual tasks to fully automated processes, change management played a pivotal role.
ComplyCube interactive user guides and live virtual training sessions had greatly aided in providing our various teams with the right , ser that made it much eas
ComplyCube interactive user guides and live virtual training sessions had greatly aided in providing our various teams with the right , ser that made it much eas
ComplyCube Support
| Pros | Cons |
|---|---|
Quick Resolution Good followup Knowledgeable team Problems get solved Kept well informed No escalation required Immediate help available Support understands my problem Support cares about my success Quick Initial Response | None |
We are on the Enterprise plan, which I believe includes premium support. Given the size and scale of our banking operations, we would have purchased it if it were not included. Our global team would often require vendor assistance through emails or calls, and the ComplyCube support package we currently have gives us both. We are delighted with the support service.
Yes - Yes, we reported a minor bug during the early days of integration. From the moment it was raised till it was resolved was under 48 hours! This is a testament to how responsive and responsible ComplyCube is as a company. They apply the same principles when we ask for minor feature improvements - they are turned around quickly!
There have been several occasions where we needed help from ComplyCube at short notice. Be it a technical, customer experience, legal, or compliance-related query, they always draw in the right company resources to help us resolve them. Throughout our relationship, they've assisted us in drafting several artifacts to help us facilitate compliance discussions with our regulators.
Using ComplyCube
| Pros | Cons |
|---|---|
Like to use Relatively simple Easy to use Technical support not required Well integrated Consistent Quick to learn Convenient Feel confident using Familiar | None |
- Case management and outcome investigation
- Customer outreach
- Adjusting the automation settings and business rules
- Generating a detailed verification PDF report from the client page would be nice. It can be done today but requires a couple of additional clicks.
Yes - We have integrated the ComplyCube SDK into our mobile app. It has been fully customized with our brand logo and colors and now appears as if it's part of our app. The SDK runs smoothly on Android and Apple devices (iPhones and iPads) - our customers have praised the ComplyCube SDK flow several times.