UGR: Next Gen Compliance

Hourad Afsar
Founder & CEO

"We started quite early in this space and saw various regulatory changes and market conditions including the nice and ugly when dealing with compliance. We want to make sure that our experience and expertise could benefit others"

The rise of Financial Technology and Cryptocurrencies businesses has drawn attention of regulators concerned with digitalization and risk related to transaction of anonymous accounts facilitating money laundering for criminals. With the advancement of technology, financial crimes have developed in sophistication. The need to incorporate early on robust AML Compliance programs, KYC controls as well as adapted regulatory technologies would avoid any gaps leaving them vulnerable and open for regulatory sanctions, fines or lost opportunities. “Although FinTechs should keep their focus on expanding and developing revenue streams and new product offerings, it is essential that they dedicate enough resources and time to develop and implement an appropriate Compliance framework. Regulations are getting tighter and having the right support and expertise could help to navigate with success this overwhelming and complex KYC and AML Compliance regulatory environment surrounding emerging technology businesses” explains Hourad Afsar, Founder & CEO, UGR.

FinTech Compliance

UGR has years of unique experience working with emerging technologies and compliance solutions. Our network-based platform provides companies with top subject matter experts (SMEs) and state-of-the-art regulatory technology solutions to cover the full spectrum of compliance risk in multiple jurisdictions. The business environment is continuously evolving and keeping track of changes is not an easy feat with tighter regulations and compliance turning digital. We are passionate tech and compliance professionals helping emerging technologies with compliance expertise for a variety of FinTechs and RegTech companies, Digital Banks, Blockchain, DeFi, Payment Processors, Digital Assets, Crypto, and Web3 businesses, including all digital start-ups. “We want all entrepreneurs, innovators, and businesses to get the right expertise to grow and succeed but not fail for non-compliance.” Having a culture of compliance, oversight and proper roadmap is key to FinTech growth that are subject to increasingly punitive fines in cases of Know Your Customer (KYC) or AML Compliance negligence. Compliance is often complex and very costly for FinTechs, so it is critical to ask for expertise before onboarding any important decisions. Competent and reliable experts can help in understanding the regulatory FinTech requirements a company will go through and how to successfully design and implement actions scaled to fit a FinTech’s or Crypto Business model with a proper AML and KYC compliance roadmap and best practices. Here at UGR, we will help organizations navigate with success complex regulations, compliance and AML/KYC requirements needed in their growth journey. We have some of the finest industry experts covering multiple jurisdictions and work with leading and vetted compliance to meet our client’s full requirements. In FinTech you need to manage your expenses small to keep growing and outsourcing your AML and KYC compliance duties to a qualified firm that will ensure that you are well aligned with ongoing regulations, saving time finding qualified experts and costs in monthly salaries and allowances. Our Compliance As a Service (CaaS) offers a flexible pay-as-you-need subscription-based plan allowing companies to plan, prioritize, and execute all their strategic compliance projects and technology initiatives while matching their budget and substituting full time employee hiring often not needed until more mature growth stages.

KYC Solutions

 The future looks promising for FinTechs with some record investments, interest and cutting-edge technology developing but it also brings intricacies of financial regulations, meaning adhering to KYC compliance requirements, sanctions, and legal bottlenecks. As the industry ventures into new grounds and competes now with traditional financial institutions, regulators are coming forth with emerging and stronger compliance frameworks to contain increasing and sophisticated attacks from criminals. Not keeping and following KYC best practices, laws and regulations could lead to noncompliance, exposing serious risks and potentially fines to growing as well as established FinTechs. Unlike larger financial institutions, FinTechs seldom have a robust AML Compliance program and KYC solutions in place which could be overlooked in the scale of other important risk factors. That’s why it is vital that FinTechs when conducting their risk assessment implement proper due diligence along KYC compliance processes and polices that are embedded and impeccable. Due diligence must be applied when onboarding customers in order to root out fraud, close off possible terrorist funding, and help mitigate AML risks. In the United States, FinTechs are expected to adopt and comply with US laws and regulations, which includes the Bank Secrecy Act (BSA), Office of Foreign Assets Control (OFAC), and individual state requirements, having a duty to maintain AML / KYC related procedures and controls designed to comply with these laws and regulations, to combat financial crime. “We started quite early in this space and saw various regulatory changes and market conditions including the nice and ugly when dealing with compliance. We want to make sure that our experience and expertise could benefit others.” Our holistic approach to compliance risk has ensured our clients make the best use of the tools we deliver. We have built a trust ecosystem with a track record of success helping Banks, Fintech and Crypto businesses with AML and KYC Compliance, combining industry expertise with adapted regulatory technology and best practices.

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