46. KYC Hub

Using AI during due diligence processes saves time, prevents financial crime and, importantly, gives businesses peace of mind.

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Founders: Farnoush Mirmoeini and Jay Rao
Founded: 2017
Website: kychub.com

Where there is cash, there is crime. In the modern, globalised economy, money laundering transactions now make up around 5% of worldwide GDP. Shockingly, however, only about 1% of these illicit transactions are actually identified.

For companies, every transaction now carries risk – which is where KYC Hub comes in. In a nutshell, KYC Hub enables firms to lower their risk of falling victim to financial fraud through the power of artificial intelligence.

“Having worked in the banking industry for most of our careers, we have seen first hand how legacy systems, inefficient technology, and manual intervention contributes to this problem, causing costs to skyrocket,” says cofounder, Famoush Mirmoeini. “Real money laundering and fraud go undetected.”

Having worked in the banking industry for most of our careers, we have seen first hand how legacy systems, inefficient technology, and manual intervention contributes to financial fraud.

KYC Hub’s technology focuses on reducing processing time when conducting due diligence procedures and enhanced checks on businesses or individuals. As a result, it also very effectively cuts down the entire customer onboarding process time from 6 weeks to one day.

The results are pretty astounding. KYC Hub’s risk compliance infrastructure is already achieving a 95-98% reduction in false positives and a 90% reduction in alerts. It can also uncover hidden risks that other due diligence processes may not. For clients, this results in a 40-80% reduction in operational costs.

KYC Hub effectively cuts down the entire customer onboarding process time from 6 weeks to one day.

KYC Hub’s impressive track record has already led it to being shortlisted for five categories in the RegTech Insights Award, competing against publicly listed companies and multinational corporations with thousands of employees.

Now the company has customers from Singapore to the United States, and is planning to empower organisations to prevent financial crime in even more locations.

So far, the decision to use AI for this task has proved to be right on the money – and it looks like it will continue to pay dividends for KYC Hub going forward.

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