Streamlined KYC & AML for Fintechs with Peabody Secure

For fintechs navigating the complex landscape of U.S. regulations, establishing a robust Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) program is crucial. These responsibilities originate, in part, from the **USA PATRIOT Act**, specifically **Section 326**, which, along with its regulations, establishes minimum standards for financial institutions regarding customer identity verification when opening an account. This mandates stringent measures for financial institutions, including fintech startups, to combat financial crime. Peabody Secure offers a comprehensive, easy-to-integrate solution designed to meet these demands, allowing your team to focus on innovation while we handle the compliance complexities.

Understanding KYC & AML: Simplified with Peabody Secure

KYC (Know-Your-Customer) and AML (Anti-Money-Laundering) are fundamental pillars for any successful fintech. Mandated by the Bank Secrecy Act, as supplemented by the USA Patriot Act, KYC verifies customer identities, ensuring trust and security, while AML establishes a framework to detect and prevent illicit financial activities.

Specifically, Section 326 of the USA PATRIOT Act, and the regulations prescribed by FinCEN, establish minimum standards for financial institutions regarding Customer Identification Programs (CIPs) when opening an account. These standards require: (1) Verifying the identity of any person seeking to open an account, to the extent reasonable and practicable; (2) maintaining records of the information used to verify the person's identity, including name, address, and other identifying information; and (3) determining whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency.

Peabody Secure empowers your fintech to effortlessly meet these critical obligations. Our platform transforms complex regulatory requirements into seamless, automated processes, reducing fraud, building strong relationships with financial partners, and ensuring your growth is compliant and secure from day one.

Peabody Secure's Comprehensive KYC/AML Solutions

Peabody Secure provides a robust suite of features, handling all essential components of a world-class KYC/AML program, so you don't have to build it yourself:

Effortless Identity Verification: Our system automates the collection and verification of customer data, including government IDs and biometrics, ensuring a smooth onboarding experience.
Real-time Sanctions & PEP Screening: We continuously screen against global watchlists (OFAC/SDN, UN, EU, PEP) to instantly flag potential risks, minimizing manual effort.
Intelligent Risk Scoring: Our configurable rules engine automatically assesses risk, streamlining reviews and focusing your team's attention where it's needed most.
Integrated Case Management & Audit Trails: Gain a clear overview with our intuitive dashboard, complete with immutable logs for transparent decision-making and regulatory compliance.
Simplified SAR Reporting: We provide the tools and processes to efficiently track suspicious activity and prepare Suspicious Activity Reports (SARs), ensuring you meet all legal obligations.

Seamless Integration: The Peabody Secure Advantage

Forget the complexities of building and maintaining your own compliance infrastructure. Peabody Secure offers a fully managed, API-driven solution that integrates effortlessly with your existing systems (LAMP, Node, PHP, etc.). We handle the heavy lifting:

Secure Data Handling: All sensitive customer data and documents are stored securely with advanced encryption, ensuring privacy and compliance without burdening your backend.
Advanced Document Processing: Our platform utilizes cutting-edge OCR and barcode parsing for rapid, accurate extraction of data from IDs and passports.
AI-Powered Biometric Verification: Leverage our sophisticated face matching and liveness detection to confirm identity with high accuracy and minimal friction for your users.
Real-time Global Sanctions Screening: Our continuously updated databases and intelligent matching algorithms provide instant, accurate sanctions lookups, protecting your business from prohibited entities.
Scalable & Reliable Infrastructure: Built for performance and reliability, Peabody Secure scales with your business, ensuring consistent compliance as you grow.

Tailored Compliance: Adaptable Solutions for Your Business

Peabody Secure understands that compliance needs evolve. Our platform is designed for flexibility, allowing you to define your risk appetite and scale your KYC/AML processes as your business grows, without the need for complex internal development:

Configurable Verification Flows: Easily adjust the level of scrutiny, from basic document and biometric checks to advanced state-level database lookups, based on your customer segments and risk profiles.
Cost-Effective Scaling: Optimize your operational costs by activating higher-cost checks (like direct DMV lookups) only when necessary, or for premium services.
Intelligent Review Queues: Our system intelligently routes borderline or suspicious cases for manual review, ensuring human oversight where it matters most, without hindering your customer onboarding.

Unwavering Data Security & Privacy with Peabody Secure

Handling sensitive Personally Identifiable Information (PII) is at the core of KYC/AML. Peabody Secure prioritizes the highest standards of data protection and privacy, ensuring your customers' data is always secure and compliant:

End-to-End Encryption: All data, both at rest and in transit, is secured with industry-leading encryption protocols (TLS, SSE), safeguarding against unauthorized access.
Intelligent Data Retention: We manage data retention policies in line with regulatory requirements, automatically minimizing the storage of sensitive information when no longer needed.
Robust Access Controls & Auditing: Our platform features strict Identity and Access Management (IAM) and comprehensive audit logs, providing full transparency and control over who accesses PII.
Built-in Privacy Compliance: Peabody Secure helps you maintain compliance with global privacy regulations, supporting clear consent mechanisms and transparent data handling practices.

Operational Excellence: Managed Compliance with Peabody Secure

Peabody Secure streamlines your daily compliance operations, transforming potential burdens into efficient, manageable processes:

Configurable Thresholds: Easily set and adjust verification thresholds, such as face match confidence, to align with your specific risk policies, automating clear cases and flagging complex ones.
Efficient Manual Review Workflows: Our platform provides intuitive tools for your compliance team, including a dedicated reviewer queue with annotations, ensuring timely and consistent manual reviews.
Comprehensive Performance Analytics: Gain insights into your compliance program with detailed metrics on verification success rates, review times, false positives, and cost per check, enabling continuous optimization.
Immutable Audit Trails: Every action and decision is logged immutably, providing a tamper-proof audit trail essential for regulatory scrutiny and internal governance.

Avoiding Compliance Pitfalls: Peabody Secure's Proactive Approach

Peabody Secure helps you sidestep common challenges in KYC/AML, ensuring a smooth and effective compliance journey:

Balanced Automation: Our intelligent system avoids over-automation by escalating borderline cases for human review, preventing unnecessary customer rejections and improving accuracy.
Built-in Regulatory Awareness: We help you navigate complex regional and state-specific regulations, providing the flexibility to adapt to varying compliance requirements without extensive research.
Optimized User Experience: Peabody Secure prioritizes a seamless and intuitive user journey, from simple camera/selfie flows to clear feedback mechanisms, enhancing conversion rates and customer satisfaction.
Transparent Cost Management: Our clear pricing models and efficient processes help you manage compliance costs effectively, avoiding unexpected expenses and integrating them smoothly into your financial planning.

Ready to Elevate Your Compliance? Partner with Peabody Secure

Peabody Secure is your dedicated partner in achieving robust, scalable, and user-friendly KYC/AML compliance. Focus on building your innovative fintech products, and let us handle the complexities of regulatory adherence.

Explore Our Solutions: Discover how our platform can be tailored to your specific needs.
Request a Demo: See Peabody Secure in action and understand its seamless integration capabilities.
Contact Our Experts: Get personalized advice on optimizing your compliance strategy.

Join the growing number of fintechs who trust Peabody Secure to protect their business and empower their growth.