KYC2020

Applicant name: KYC2020 LLC
Innovation Name: DecisionIQ
Innovation Type: Service
Website: https://www.kyc2020.com/decisioniq.html
Mission: Stop manually clearing false positives. Get to actionable screening decisions.
Innovation Description: The best AML sanction screening systems still yield 5-7% false positives that must be cleared manually by a compliance officer. With industry average of 19 mins to clear @ $26/hour, false positives pose a real challenge for the small enterprise.

Compliance best practices demand auditable documentation. This means storing screening criteria, results, and annotations for minimum of 5 years.
For most SMEs, this is a paper shuffle that will most likely fail an audit.

A risk-based approach coupled with the best watchlist data and latest technologies in search, AI, and natural language processing, ensures that SMEs always get accurate decisions.

An automated AI based system combined with competent offshore staff to clear false positives means a lower overall cost of sanction screening and AML compliance.

A ‘white-box’ decision system design approach means that each decision is accompanied by a rational proof-of-decison file that is securely stored for 5yrs and always available for your auditor.
Status of Innovation: In-market
Innovation Active Since: 01/01/2019
Applicant Type: Public Company
Headquarter City: Chicago
Headquarter Country: USD
Year Founded: 2016

Main Category Choice: Compliance Solution
Why do you think you should win this category?:
Our solution helps reduce the cost of manually dealing with False Positives with AML Sanctions Screening. In a comparative with 2 similar clients, one using our standard SmartScreen API AML sanctions screening and the other using DecisionIQ, the former spent 8 hours a week, and the latter, 30 minutes a week. Both have the same results and proof of decision.

The market size for AML compliance solutions is about $2B annually with more than 100,000 entities globally that are mandated to check sanctions lists. Most of that cost is borne by the AML compliance investigator who has to review and clear false positives.

As for a case study, we have 1 slide on the above case, and both clients are willing to provide references. We hired a Data Scientist and together with our CAMLO and experience developers we drove the efficiency of DecisionIQ to deliver near zero manual reviews of AML Sanctions screening.

Secondary Category Choice: Technology Innovation
Why do you think you should win this category?
same as above

Full Name: Joseph Luso
Role: Co-Founder, CAMLO and Head of Business Development
Linkedin: https://www.linkedin.com/in/jiuso/

Full Name: Rajeev Bahri
Role: Co-Founder, Managing Director and Head of Products
Link: https://www.linkedin.com/in/rajeev-bahri-cfa-cams-0605481/

Full Name: Dr. Shamsuddin Ladha
Role: Senior Data Scientist
Link: https://www.linkedin.com/in/shamsuddin/Full Name: Himanshu Mohapatra
Role: Product Manager, AML Specialist
Link: https://www.linkedin.com/in/himanshu-mohapatra-1115481/

KYC2020 Uses Next-Generation Technology To Help Customers Reduce Cost And Friction Associated With Traditional AML Compliance Solutions: http://techcompanynews.com/kyc2020-uses-next-generation-technology-help-customers-reduce-cost-friction-associated-traditional-aml-compliance-solutions/

Redeemer University College Selects KYC2020’s DecisionIQ Solution for AML Compliance: https://www.prlog.org/12756222-redeemer-university-college-selects-kyc2020s-decisioniq-solution-for-aml-compliance.html
AI and Machine Learning are the Future of AML Compliance: https://blog.kyc2020.com/why-is-using-machine-learning-and-ai-a-leap-forward-compliance-professionals/

Full Name: Joseph Luso
Role: Co-Founder, CAMLO and Head of Business Development