FlexM Launches FlexComply to Transform KYC Compliance for Financial Institutions

In response to increasing regulatory requirements for Know Your Customer (KYC) compliance and significant fines recently imposed on major banks in Singapore, Canada and India, FlexM is pleased to announce the launch of FlexComply ComplianceThis end-to-end cloud solution is designed to streamline KYC and anti-money laundering (AML) compliance for banks, fintech companies and other regulated financial institutions worldwide.

Troubleshooting KYC compliance issues

The KYC process has become a significant financial and operational burden for financial institutions. A recent study shows that banks and other financial institutions spend an average of $60 million per year on KYC compliance. This cost is due to labor-intensive manual processes, technology investments, and fines for non-compliance. The long time frame required to onboard new customers, which averages 32 days, further exacerbates these challenges, leading to customer dissatisfaction and attrition. In fact, 85% of companies report negative experiences with KYC processes, and 12% of customers switch to competitors due to slow or cumbersome onboarding processes.

FlexComply: A Simplified Compliance Solution

FlexComply is a comprehensive compliance platform that provides a 360-degree assessment of clients’ AML risk, from onboarding through ongoing monitoring and periodic reviews. This integrated solution ensures that all regulatory requirements are met within a single system, helping financial institutions remain audit-ready and significantly reducing both the cost and time associated with compliance.

Key features of FlexComply:

• KYC/KYB – comprehensive verification and identity control: Facilitates customer due diligence when onboarding new clients and regular checks based on risk profiles.

• AI-based risk assessment: It uses advanced algorithms to provide precise risk assessment to both individual and corporate clients.

• Transaction monitoring: Continuous transaction monitoring to identify and flag suspicious activity, enhancing fraud detection capabilities.

• Enhanced Due Diligence: Offers in-depth analysis of high-risk customers and transactions, minimizing potential exposure to financial crime.

• Continuous monitoring and periodic inspections: Ensures customer profiles are up to date and compliant with applicable regulations through regular monitoring and reviews.

• Alert management: Central alert management allows for rapid intervention in the event of detection of fraud or regulatory violations.

• Regulatory reporting: Automates the creation of compliance reports, simplifying the process of documenting audits and inspections.

• Workflow management: Streamlines workflow processes across compliance teams, increasing efficiency and collaboration in meeting regulatory standards.

“FlexComply enables financial institutions to significantly reduce the time and costs associated with KYC compliance,” said Rune Nilsson, CEO of FlexM. “Our solution not only simplifies compliance, but also helps institutions focus on improving the customer experience by minimizing administrative burdens and ensuring faster, more accurate implementation.”

Understanding the KYC burden

The challenges of KYC compliance are significant. Financial institutions around the world spend billions of dollars annually on KYC and AML activities, much of it on labor-intensive manual processes, fragmented data systems, and adapting to changing regulations. According to a recent report, banks spend up to 3-5% of their total operating budget on compliance activities, with KYC being the primary driver of these costs. The complexity is compounded by varying regulatory requirements across jurisdictions, requiring institutions to maintain accurate and up-to-date customer information across multiple systems.

FlexComply solves these problems by automating and streamlining KYC processes. By integrating data from multiple sources, reducing false positives, and ensuring compliance with the latest regulations, FlexComply enables institutions to reduce KYC expenses, shorten implementation time, and improve overall customer satisfaction and operational efficiency.

About FlexM:

FlexM is a leading Singapore-based Fintech-as-a-Service platform specializing in delivering innovative financial solutions. Our mission is to simplify financial services and increase operational efficiency and compliance for financial institutions worldwide.

Contact information:

Rune NilssonChairman, FlexME-mail: [email protected]: +47 9280 4000

Naveed WeldonCEO, FlexM Email: [email protected] Phone: +65 9876 5432

For more information about FlexM services and partnerships, please visit our website at www.flexm.com.

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