Greater London Enterprise Awards 2023

smartKYC is an AI-powered solution that streamlines KYC screening, freeing human effort so that compliance teams can focus on better decision making. Rather than relying on research that's usually undertaken by a team of analysts, smartKYC takes advantage of advanced technology, such as multilingual natural language processing (NLP) and advanced name and identity matching, to automate background checks on both individuals and companies. What sets smartKYC apart from the growing and crowded fintech/ regtech industry is the fact that it employs various innovative features, such as federated search, multilingual NLP, peerless adverse media capabilities including sophisticated name and identity matching capabilities, and live and real-time adverse media screening. Setting a new standard for KYC quality, transforming productivity, and hardwiring conformance in its clients in financial institutions and multinational corporates, smartKYC operates via several core values in order to constantly improve its solutions to become even faster, better, and more cost-effective. “We’re faster through intelligent, explainable AI as the research heavy lifting is done at speed and at scale by machine, often enabling straight through processing,” elaborates Hugo. “We’re better as we reduce the risk of human error, as every line of every source, regardless of structure or means of access, is analysed. And we’re more cost-effective by resources being moved away from labour-intensive, ‘mechanical’ processes like searching and reading documents, many of them highly repetitive or ambiguous, to tackle more productive tasks.” With a shared passion for innovation, collaboration, and learning, smartKYC believe that investing in its employees' ongoing training and support, and fostering a culture of continuous learning and improvement, is absolutely essential to providing the best possible service to its valuable clients. Likewise, smartKYC’s dedicated team of professionals is committed to staying at the forefront of the risk profiling industry by offering cutting-edge technology – another key differentiator that sets smartKYC apart from their competitors. “We are constantly exploring new and innovative ways to improve our services,” enthuses Hugo. “We are dedicated to staying ahead of the curve when it comes to industry trends and best practices.” Hugo and the team have noticed a growing trend around ESG (Environmental, Social, and Governance) practices emerging of late. This trend refers to the increasing importance of considering a company’s ESG practices as part of its due diligence process. The EU Corporate Sustainability Due Diligence Directive (CS3D) has been introduced to require companies operating within the EU to conduct due diligence on the ESG impacts of their operations and supply chains. This policy would identify any actual or potential adverse impacts of these activities. By doing so, companies would be able to take necessary measures to prevent, end, and mitigate such impacts. The financial industry has faced several challenges in recent years that have made it necessary to implement perpetual KYC. These challenges include increased regulatory scrutiny, the rise of digital banking and fintech, and the growing sophistication of financial crime. Consequently, financial institutions have been forced to adopt more robust and continuous KYC measures to ensure compliance and mitigate the risk of fraud, money laundering, terrorist financing, and now ESG risk. “As ESG factors become increasingly important, companies are under pressure to demonstrate their commitment to sustainability and responsible business practices,” Hugo emphasises. “In response to this growing trend, smartKYC has developed a comprehensive way to screen for ESG to help identify potential risks and opportunities in companies and supply chains.” smartKYC’s intelligence-led ESG risk monitoring is able to establish a fine-grained framework for ESG and what to look for. The firm has a rich taxonomy of ESG risks, including workplace conditions, animal welfare, and trading conduct. Its multilingual capabilities map out this classification for most Indo-European languages and many nonLatin scripts such as Thai, Cyrillic, and Devanagari (Hindi). KYC screening has evolved from scanning for main offences to including predicate and lesser offences, toxic associations, through to reputational risk, and especially ESG risk. Catching these risks requires perpetual risk vigilance, meaning banks and multinationals need to continuously monitor adverse media data beyond the initial onboarding stage. To this end, smartKYC has developed a new innovative solution called smartEYE, a perpetual global adverse media monitoring solution which updates customer information based on specific red flags or events as they happen, whilst guaranteeing 24/7 risk vigilance. This sophisticated technology monitors 4 million new articles daily in 16 different languages, providing you with a comprehensive, global view of the media landscape. Recently, in recognition of their innovative technology, smartKYC was named Most Pioneering RegTech Provider 2023. Now, as the future beckons, Hugo details his plans for smartKYC. “We are always trying to improve,” he states. “We have an ambitious roadmap which combines feature enhancements with new innovations. There are a range of planned enhancements to our approach, including continued expansion of our language capabilities, technical enhancements, and improved user journeys.” Contact: Hugo Chamberlain Company: smartKYC Web Address: As the world’s most advanced enterprise solution for KYC (Know Your Customer) due diligence automation, smartKYC utilises AI technology to drive faster, better, and more cost-effective KYC at every stage of the relationship – liberating human effort to focus on decision-making, rather than laborious research. We learn more from the firm’s COO, Hugo Chamberlain, in the wake of smartKYC receiving a Greater London Enterprise Award. Most Pioneering RegTech Provider 2023