NEW YORK–(BUSINESS WIRE)–Socure, the leader in Day Zero identity verification, and Baker Tilly, announced today the companies have successfully completed an audit of Socure’s Intelligent KYC solution. The report verifies that Socure’s Intelligent KYC product meets the CIP requirements and model risk management expectations demanded by financial institutions. It establishes that Socure’s Intelligent KYC product satisfies regulatory compliance, and creates additional assurance, for clients held to the USA PATRIOT Act’s requirements.
“There was a recurring question asked by our customers and prospects that clearly needed to be answered, ‘How could we ensure that Socure’s regtech solutions will satisfactorily support their AML compliance?’” said Josh Linn, Senior Director of Product Management at Socure. “Baker Tilly’s holistic assessment of the entire customer journey — combined with regulatory clarity and rigorous testing — now certifies how we do exactly that.”
Baker Tilly’s audit of Intelligent KYC evaluated how the solution works, verified its accuracy, and assessed it against the model risk management supervisory framework.
“It has become imperative that the technology companies entering into the financial services sector are able to demonstrate assurance that their financial technologies are delivering on their commitments and that their internal control processes are sufficient for risk mitigation,” said Mark Boettcher,…