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KYC2020 Expands AML Data Coverage in India and Mexico

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KYC2020 LLC
CHICAGO - PrZen -- KYC2020, the leader in Global Sanction, Regulatory, PEP, and Negative News Screening for Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) Compliance, today announced that it has expanded its watchlist data coverage in the strategically important countries of India and Mexico. The extended data coverage enables customers operating in these countries to comply with local regulations for Know Your Customer (KYC) and accurately identify money laundering and terrorist financing threats and related risks.

The growth of Fintech in India has been substantial with expected revenues to reach $200 billion by 2030 according to EY. This calls for an increase in regulatory coverage to accommodate the industry's rapid growth.

The increased coverage by KYC2020 allows customers servicing India to screen against multiple local lists, including:
  • Regulatory Authority
    - NSE & SEBI Debarred Entities
    - CIBIL Defaulters
    - CBI Red Notice
  • Politically Exposed Persons at the state level
Fintech in Latin America continues to grow exponentially. 22.6% of global fintech platforms from 2018 to 2021 emerged from this region according to a study by Inter-American Development Bank. Mexico alone launched over 512 start-ups that include peer-to-peer lending, mobile payments, virtual asset providers and more.

KYC2020's expanded data coverage in Mexico supports Customer Due Diligence (CDD) compliance with local regulations, including Secretaría de Hacienda y Crédito Público(SHCP), Mexican Banking and Securities Commission(CNBV) and the Central bank(BANXICO). These local lists include:
  • Wanted Narcotics Rewards Program – Mexican Targets (United States)
  • Directorate General for Litigation & Sanctions
    - Unauthorized persons
    - Reinsurance Intermediaries
    - Insurance Sanctions
  • Regulatory Authority
    - Financial Factoring Companies
    - Financial Leasing Companies
    - Popular Financial Companies
    - Brokerage Firms
    - Developmental & Commercial Banking Institutions
    - Imposed Sanctions
"Demand for regulation technology in emerging markets is tremendous, and we are excited to grow our customer base beyond USA and Canada through local partners," said Rajeev Bahri, CEO of KYC2020.  "Our investment in India and Mexico is paying off and will continue with further investment in regional regulator specific data acquisition in Latin America, Africa, and Middle East in 2023."

KYC2020 enables organizations to screen against thousands of news sources and a structured, de-duplicated and regularly updated watchlist database of over 1500+ public sources across 193 countries using DecisionIQ, it's best-in-class screening product.

DecisionIQ is an API-First software as a service (SaaS) built for the enterprise, yet affordable and easy to get started for ANY SIZE firm.  Try us for FREE or use PROMO CODE "HELLODIQ" to receive a 15% discount on all DecisioniQ Annual Plans.

ABOUT KYC2020

KYC2020 is an industry leader in Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) compliance technology. The company's mission is to make compliance easy, effective, and affordable for enterprises of all sizes. KYC2020 provides global watchlist data, screening and decisioning solutions to over 300 global customers. Organizations rely on KYC2020's platform, DecisionIQ for global Sanction, PEP and Adverse Media screening and Ongoing Monitoring. KYC2020 helps its customers speed up onboarding and stay compliant while delivering a significant reduction in manual workloads and overall cost of compliance. For more information, visit kyc2020.com.

Source: KYC2020

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