Idea: Supporting financial institutions to screen and KYC their customers so that they can keep up with modernized financial systems.
With the rapid changes of the digital landscape and the exponential growth of the FinTech sector, financial institutions continue to face new and complex challenges, particularly in relation to KYC and compliance procedures. To tackle these challenges, key developments reshaping the industry, include advancements in Compliance and Anti Money Laundering (AML) Onboarding and ongoing Screening, and Know your Customer (KYC) practices. At the same time, rapid technological innovation and the decentralization of compliance processes further attempt to revolutionise the industry for the benefit of both financial organisations and their clients. These changes are driving financial institutions to consider more adaptive and technology-driven solutions for ensuring regulatory compliance.
1. As financial institutions have enforced KYC and AML regulations, criminal activity has also become more creative and ingenious in finding loopholes.
2. Payment systems have received a lift in technological advancement where people can use disposable cards, making faster transactions across the globe.
3. Rise of decentralized AML and KYC procedures which are based around utilization of security oriented tools and analysis of supplied documentation in versus human behaviour.
With traditional safeguards being continuously challenged by increasingly sophisticated criminal tactics, financial institutions are moving towards a more dynamic and continuously evolving KYC model. Technological innovations such as disposable payment cards and instantaneous global transactions have raised the stakes, making it imperative for compliance systems to catch up.
Dynamic Works leads the way with research project funded by RIF
Dynamic Works driven by the ambition to position Cyprus as a key player in the global fintech and regtech landscape is now developing cutting-edge technology to enhance KYC and Anti-Fraud mechanisms, through its recent successful project application to the DISRUPT Programme, under the Research and Innovation Foundation.
The project, which started in June 2024, is currently extensively researching and developing solutions for the integration of sophisticated KYC procedures to elevate security and at the same time, innovatively streamline identity verification processes. These outcomes tackle exactly the constant challenge faced by AML institutions and the financial sector at large.
With a dedicated Work Package on Enhanced KYC and Anti-Fraud Mechanisms, Dynamic Works has been developing a system specialised in client onboarding, precisely to assist their B2B financial clients to screen their clients faster and more efficiently through Dynamic Works Syntellicore, the company’s leading CRM solution for Forex companies and financial organisations.
The project’s developers are currently working on technical deliverables which aim to ensure that AI systems can monitor typical user behavior and distinguish any anomalies. Additionally, thorough photo verification combined with the verification of National ID and Passport chips will soon become essential in strengthening security during user authentication processes. These deliverables will lead to technology outcomes that enable instant validation of KYC documents and Real-Time Security Measures to safeguard regulatory compliance.
The project, which is set to last 18 months, is championing technological innovation and market adaptability, enabling the new technology created under the project to create new markets and at the same time, disrupt existing markets. Dynamic Works, with its dedicated team of 45+ professionals, ranging from technical developers, AI experts, researchers and business strategists, will integrate the produced technology to its award-winning software solution, creating a truly robust system for the FinTech industry at large. As a sophisticated product, the outcomes of the project coupled with existing expertise, is expected to further add to the country's potential for technology exports, contributing to the expansion of Cyprus' economic footprint internationally.
About Dynamic Works
Dynamic Works is a leading technology company specializing in the development of innovative solutions for the financial services industry. The company's flagship product, Syntellicore CRM, is an award-winning, comprehensive software solution designed to meet the specific needs of financial organisations and forex companies.
To find out more about Dynamic Works Syntellicore, get in touch with Dynamic Works at info@dynamicworks.eu
Headquarters:
213, Giannou Kranidioti Avenue
2234, Latsia, Nicosia,Cyprus | Phone: (357) 22427900
Cyprus - Limassol Branch:
86A, Spyrou Kyprianou Avenue
4042 Limassol, Cyprus | Phone: (357) 25252225
The project is funded by the European Union Recovery and Resilience Facility of the NextGenerationEU instrument, through the Research and Innovation Foundation.
