Development of a Scalable AML and KYC Compliance Platform for Small to Midsized Financial Services

Small to midsized financial organizations in niche markets face challenges in achieving affordable AML and KYC compliance. Existing solutions from major providers are cost-prohibitive and tailored toward larger institutions, leaving a gap for affordable, high-quality compliance tools that can be integrated into their operations.

A small to midsized fintech startup providing AML and KYC compliance solutions tailored for underserved sectors such as remittance, microfinance, and rural banking.

• Reduce the initial development budget by approximately 30% through efficient resource allocation and a value-based delivery model.
• Create a feature-rich, scalable compliance platform capable of onboarding digital customers via identity proofing and remote guidance.
• Implement automated watchlist screening, KYC processes, and secure data storage to meet regulatory standards.
• Support diverse data processing needs with a backend built on microservices architecture, ensuring flexibility and scalability.
• Deliver a user-friendly interface for small to midsized financial service providers to efficiently manage compliance tasks.

• Digital customer onboarding with identity proofing and remote guidance
• Secondary security layer for user-side with automated watchlist screening
• Encrypted database storage for sensitive data using cloud-based RDS solutions
• Robust KYC process automation integrating identity verification, document validation, and compliance checks
• Data processing and orchestration using open-source tools supporting real-time analytics and reporting
• Risk assessment module providing insights into customer credibility based on global standards (e.g., World Bank, Asian Development Bank)

• Identity verification APIs for remote onboarding
• Watchlist and sanctions screening services
• Secure encrypted database systems for customer data
• Standards compliance modules aligned with regional AML/KYC regulations

• High scalability to accommodate increasing user volume with minimal latency
• Robust security measures, including data encryption and access controls
• Reliable uptime with 99.9% availability
• Performance efficiency to process applications in under 2 seconds on average
• Compliance with regional data privacy and security regulations

The platform aims to significantly lower operational costs — targeting around a 30% reduction in initial development budget — making AML/KYC compliance accessible to underserved sectors. It is expected to facilitate processing at approximately $1 per 100 users compared to traditional costs of $5 per user, enabling financial ventures to protect their integrity and reduce associated financial crimes, thus promoting financial inclusion and community wellbeing.