Identity verification specialist Socure has announced that advisory, tax, and assurance firm Baker Tilly has successfully completed an audit of Socure’s Intelligent KYC solution, verifying that it meets CIP requirements and model risk management expectations that financial institutions are mandated to meet.
Additionally, the audit established that Intelligent KYC satisfies regulatory compliance for clients as per 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 provides reasonable assurance how we do exactly that.”
Socure and Baker Tilly also announced their plans to co-host a webinar on Wednesday, March 10th, titled “Auditing Fintech and KYC Regtech”, in which they will discuss in detail the area of auditing in the fintech market, and how to establish assurance for fintech and banking institutions.
“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, Partner, Baker Tilly.
Due to the ongoing COVID-19 pandemic and the related rise in remote work, the need for remote identity and document verification solutions like those offered by Socure has grown dramatically.
In November, Socure announced that its real-time predictive analytics platform Socure ID+ is now publicly available via the Amazon Web Services (AWS) Marketplace, meaning AWS customers are now able to purchase Socure’s Sigma Identity Fraud, Sigma Synthetic Fraud, and Document Verification (DocV) directly from their AWS account.
“Our team is extremely grateful to Baker Tilly for their work on this audit of Intelligent KYC,” said Johnny Ayers, founder and CEO of Socure. “As a technology company working with financial institutions that are highly regulated, we too need to be held to the highest standards through third-party verification.”