TIRAN BEHROUZ

In changed circumstances, it is tough for small money service firms to stay ahead of these requirements as government regulations on AML compliance change often. Further, enterprises also struggle to remain relevant in a competitive field. Effective anti-money laundering (AML) systems aid in preventing illicit revenue into the financial system. For regulated firms like banks, financial institutions, and companies that provide money transfer services, AML compliance is a crucial need. Clear View bridges the gap between AML compliance and government regulations. Small firms may compete on an equal footing and remain active thanks to Clear View Systems’ reasonably priced AML and KYC solutions.

Small firms may use Clear View’s solutions to satisfy regulatory requirements while streamlining compliance procedures, cutting expenses, and enhancing operational effectiveness. “With Clear View KYC solutions, small businesses can focus on growth and expansion. Our user-friendly technology is tailored to meet the unique needs of small businesses, providing them with the tools they need to satisfy their regulator’s requirements. In Canada, hundreds of small businesses rely on CVS technology to run their day-to-day businesses,” says Tiran Behrouz, President and CEO.

A SUCCESS STORY

Recently, local authorities in Cambodia put pressure on a bank to enhance its KYC program to streamline client onboarding, name screening, and transaction monitoring processes. The bank was also given a short window of time to do so. The bank chose to incorporate Clear View’s solution for client sanction and PEP (Politically Exposed Persons) screening, as well as transaction monitoring, while already utilizing Oracle’s Core Banking technology. KYC and AML compliance is critically important for financial institutions to prevent financial crimes such as money laundering, terrorist financing, and fraud. Failing to comply with these regulations can lead to significant financial and reputational damage for the bank, including fines, legal action, and loss of customer trust. The integration of Clear View’s solution has proved to be advantageous for the bank as it has enabled them to satisfy the strict requirements of the Cambodia Financial Intelligence Unit (FIU) at a fraction of the cost of other alternative solutions. The bank can now operate without worrying about compliance with regulatory standards and avoid potential legal or financial penalties.

“There are several top players in this field, and it is very challenging for a small company like ours to compete with some large competitors. We have been in business for twenty years, and over the past two decades, we have slowly established ourselves as one of the key players in this domain. Our focus has always been on delivering high-quality solutions to our customers while keeping costs low. We also ensure that we keep a close relationship with our customers to understand their needs. This approach has helped us build a loyal customer base, and we have received positive feedback for our exceptional service and support,” adds Behrouz. The enterprise’s expertise lies in API for sanction screening and PEP screening, Online access to PEP screening and sanction, Transaction monitoring system, customer risk monitoring, KYC profile, AML Audit Query Tool, AML Batch Reporting, ID verification, and Adverse media via KYC2020 Integration.

Its clients include Globex 2000, Lotus Foreign Exchange, Bank of Jamaica, and Desjardins Bank, among many others. Last year, Clearview won the North America Business Award. The other awards by the firm include Best Currency Exchange Software by SoftTech Magazine and the ACQ5 Award. “We understand the critical importance of protecting sensitive information and take every measure necessary to ensure our customers’ data is safe and secure. This is reflected in the measures we have put in place, including access control with multi-factor authentication, data encryption, network security, vulnerability management, disaster recovery, business continuity, and compliance with relevant industry and regulatory standards. We continuously educate our employees on the importance of data privacy and data security,” informs Behrouz.

THE WAY FORWARD

This year, the firm has partnered with key players in this field, including Regula Forensics, to integrate their ID Verification technology into the former’s applications. This integration will drastically enhance and speed up the onboarding process for Clearview customers. “We have also partnered with KYC2020 and integrated their advanced sanction list screening technology as well as adverse media with our products. Our company is exploring the implementation of AI/ML technology to support compliance officers with transaction monitoring and suspicious activity reporting,” concludes Behrouz.

“With Clear View KYC solutions, small businesses can focus on growth and expansion. Our user-friendly technology is tailored to meet the unique needs of small businesses, providing them with the tools they need to satisfy their regulator’s requirements. In Canada, hundreds of small businesses rely on CVS technology to run their day-today businesses”