As most industries, notably the financial technology space, continues to grow exponentially, the need for AML compliance intensifies. Unfortunately, the compliance industry is problem plagued.
The inefficiency in accurately vetting a customer, the cost of running due diligence, constant change to requirements, and the barriers to entry are major sticking points plaguing the compliance world. It doesn't end there; AML compliance means large teams, high costs, masses of personal data to manage, plenty of regulatory risks and slow processes for both businesses and customers.
Is there a solution? Absolutely.
idclear, a comprehensive service platform run by a group of industry professionals, has launched to solve these existing problems. idclear combines cutting-edge technologies with an innovative data-sharing model and operational capabilities to dispel these problems, thus, opening up industries for more opportunities and growth across various markets.
How idclear Resolves these Challenges
idclear introduces a comprehensive compliance infrastructure that commingles the benefits of self-sovereign identity with all the complexities of AML compliance. Through this combination, idclear will provide practical and super-efficient interoperability at a cheaper, faster, and more straightforward rate.
To eliminate the inefficiencies of the compliance world, idclear will build and maintain a bond between end-users like yourself and businesses who need to comply. Its unparalleled asymmetric data mutualization model is constructed to address regulatory challenges, resulting in the seamless connection of end users, optimizing personal data use, enabling wider adoption of new markets like crypto, and dispelling existing barriers to entry.
Financial Crime Risk Management
In addition to resolving these challenges, idclear hopes to eliminate the problems of financial crime risk management in the digital era. Ordinarily, lack of transparency regarding who has access to our data, limited mutualization, and the drain of resources has been identified as crucial financial crime risk management concerns.
The idclear team understands this and has designed the comprehensive compliance ecosystem to be fully interoperable, give transparency and control to end users and minimize reliance on in-house teams. idclear rides on the principle of privacy and data security.
The team employs a strong technology backbone to mutualize due diligence processes, guaranteeing full compliance for clients and only conducting checks and investigations where needed, saving money and time and making it easier for compliance professionals to manage financial crime risks and spot fraudulent individuals efficiently.
With a specific solution for decentralized finance [DeFi], a nascent blockchain-based trend, idclear aims to facilitate private, secure, and seamless access to DeFi products in compliance with AML and CFTP requirements, maintaining the integrity of the ecosystem.
Additionally, idclear will enable verification of affirmation processes for end users without needing to expose any personal or sensitive data. That's not all; this due diligence compliance ecosystem intends to issue NFTs and non-transferable tokens to enable vetted wallets to participate in DApp ecosystems.
idclear’s Vision for the Compliance World
idclear was built expressly to provide compliance services to all industries requiring AML controls, including DeFi protocols, DAOs, and PoS consensus mechanisms. As the need for automated compliance intensifies, idclear hopes to be at the forefront of this new movement, allowing end-users to enjoy a better and faster onboarding experience, absolute control of their data-sharing process, manage custody of sensitive data, and receive fewer requests for specific information.
idclear has defined proprietary processes, which include data masking and the application of various artificial intelligence (Al) technologies that drive forward their vision of strong data ethics and increased automation through the full compliance cycle.
