Welcome to the era of automated ID verification and compliance

The costs of compliance for those involved in transacting online seem to be getting higher by the year.

Whether you’re a crypto exchange, bank, brokerage firm, ecommerce retailer, insurer, real estate operator or gaming provider, you cannot escape the ever-increasing burden of compliance and regulation.

There are the costs of client onboarding, Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) screening – to name just a few of the hurdles of running a business in this increasingly regulated world. Air-tight computerised systems must be put in place and compliance teams appointed and trained in AML, CTF and the reporting requirements of different financial authorities around the world.

Compliance is not restricted to financial services: law firms, real estate agents, casinos and dealers in high value goods are under the regulatory microscope from bodies like the Financial Intelligence Centre in South Africa, the Financial Conduct Authority in the UK, MONEYVAL in the EU and the Financial Crimes Enforcement Network (FinCEN) in the US.

GloRep solves the cost of compliance
GloRep (Global Reporting) solves the costs of compliance by providing automated ID verification and compliance.

The system was designed by people with a proven track record of building online crypto exchanges with institutional-grade security.

Instead of spending months – or longer – building AML/CTF compliance systems with full goAML reporting automation, let GloRep do it for you.

goAML is an integrated software solution designed by the United Nations IT team as a global response to the growing problem of financial crime. It is designed to meet the data collection, management, analytical, document management, workflow and statistical needs of any Finance Intelligence Unit.

Industries supported by GloRep
These are some of the industries supported by GloRep:

• Banking/Crypto Exchanges
• Financial/Brokerage Firms
• Real Estate/Insurance/Vehicle Purchases
• eCommerce/Online Gaming
• Age Restricted Web Content

Automated KYC
KYC legislation is been enforced around the world as part of an international effort to reduce financial crimes. Penalties are severe for those companies that attempt to skirt this requirement, since “knowing your customer” is the foundational pillar of most online transactions.

Digital ID verification is becoming the standard under which all online transactions are conducted.

KYC is needed for opening new customer accounts, onboarding customer, changes in account ownership, higher risk and cross-border transactions and to identify politically exposed persons (PEPs) and third party relationships.

GloRep searches more than 60 international databases for sanctioned individuals – well in excess of the minimum required by most Financial Intelligence Units around the world.

GloRep’s KYC processes allow businesses to perform enhanced due diligence on high-risk customers by obtaining additional information and documentation to better understand the customer’s background and intentions.
There’s the additional benefit of building a profile of customer behaviour over time to better identify unusual or suspicious activity.

30 second reporting
In South Africa, any transaction above R50,000 or one deemed suspicious must be reported to the Financial Intelligence Centre (FIC). GloRep has automated this reporting process from the normal 30-60 minutes into 30 seconds, providing a fully compliant report to submit to the FIC. For high transaction companies, this reporting process can be fully automated and submitted – hands-free – to the FIC.

Reputation management
One of the key benefits of using GloRep is reputation management. Businesses that fail to implement effective KYC measures can inadvertently become associated with criminal activities. This can tarnish their reputation and lead to loss of trust among customers, partners, and stakeholders.

Loss reduction
KYC processes do more than enhance corporate reputation – they minimise losses through fraud, money laundering and illegal activities.

Beneficial ownership (BO)
Establishing the beneficial owners of a business or trust has become the international legal requirements. GloRep is able to pierce the corporate veil to identify the “warm body” controlling a company or trust. In many parts of the world, anyone owning 5% of the shares in a company is considered a beneficial owner, but this can often be disguised under layers of corporate cross-holdings and trusts. GloRep is able to quickly identify the beneficial owner of an enterprise through its advanced search and detection systems.

Any one with more than 5% shares is a BO. In our platform you can pierce the layers of corporate and get down to the warm body.