As your business grows, it is essential to implement sophisticated procedures so that you can work in compliance with all the policies. The two main practices that are used to work in compliance with the set standards are KYC and AML. 

Businesses that prevent fraudulent activities are required to follow compliance rules. All those businesses that are working in sectors like fintech and iGaming are especially needed to work in compliance with the regulatory. With the improved regulations, companies are required to implement new guidelines and protocols. These measures are not limited to the risk assessment only, but also they are the foundation of the business's credibility, trust and integrity. Check out these features that you should check in AML software solutions. 

Features to select a KYC and AML software solution!

•    Strong customer authentication 
One should always choose KYC screening softwarethat provide a strong customer authentication method to verify customers with ease. Various methods can be used for it, such as biometrics, physical tokens and passwords. During the KYC process, customer authentication is an important step that ensures the authorisation of a person to open an account in your organisation. 

•    Smooth and frictionless integration
The KYC screening software should be integrated well to deploy quickly with the existing digital system. This helps a business to streamline the entire compliance process. The software should include a robust API architecture that is designed for easy integration with payment gateways and onboarding processes. It should comprise all modular components that include the mobile platform, web application and so on. 

Required features!
The software solution that you are considering using should be tailored according to the specific needs of your business. You should choose a solution that provides documentation management, identity verification and so on. The software shouldn't only be able to assess risk but also it should be able to monitor all the transactions to identify suspicious activities. Also, the solution you choose should scale up according to the growth of your business. The must-have feature of a software is identity verification, allowing customers to show their identity for verification purposes. 

•    Analytics
The software solution should be able to detect suspicious activities quickly and prevent financial harm to any business. It should be able to track and report if something goes wrong. The software should be capable of searching the data with ease. Also, an intuitive user interface is essential. The software should be able to create a list of PEP and Sanction lists screening. The list contains all the profiles of high risk, so a business does not work with such organisations. 

•    Advanced security features 
With the growing concerns regarding the customer's privacy, there is a requirement for KYC software to possess the best-in-class security and legal standards. With end-to-end encryption, sensitive data should remain unreadable and protected from unauthorised access. 

There should be role-based gateway access and permission granted so that no unauthorised access can be made by anyone.
 
•    Risk profiling 
Nowadays, KYC platforms can deliver intelligent and risk insights. You should opt for one that can provide you with the fundamental insights regarding a business. Having features like entity matching helps in identifying the profiles at risk. The software should combine machine learning and real-time data to determine such risk flags for an organisation to prevent financial harm. 

These are some of the features that KYC and AML screening software should possess.