bronID provides a decentralized platform for identity verification and anti-money laundering compliance, utilizing access to over 1,000 global data registries to verify individuals and organizations. The solution addresses the challenges of financial crime prevention and regulatory compliance by offering automated workflows and a subscription-based compliance-as-a-service model.
Funding
$53.7K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Businesses face increasing challenges in complying with global Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations, particularly when verifying the identities of individuals and complex organizations. Traditional methods are often manual, costly, and lack comprehensive global data coverage, leading to inefficiencies and potential compliance gaps.
Solution
bronID offers a comprehensive AML/CTF compliance platform that automates identity verification and risk assessment processes. By providing access to over 1,000 global data registries, bronID enables businesses to verify individuals and organizations, including companies, trusts, and associations, electronically. The platform streamlines KYC (Know Your Customer) and KYB (Know Your Business) procedures, incorporating biometrics, liveness checks, and PEPs (Politically Exposed Persons) and sanctions screening. bronID's solution helps businesses reduce operational costs, prevent financial crime, and stay compliant with evolving regulatory requirements through a subscription-based compliance-as-a-service model.
Target Audience
bronID primarily serves businesses in the financial services sector, including Banking-as-a-Service providers, AFSL (Australian Financial Services Licence) licensees, and technology providers, that require robust AML/CTF compliance solutions.
Features
- Electronic verification of individuals using electronic data sources and ID documents, including electronic Safe Harbour protocol
- Electronic verification of various organization types, including companies, sole traders, trusts, SMSFs, associations, and government bodies
- Automated identification and verification of Ultimate Beneficial Owners (UBOs)
- Biometrics and liveness checks to prevent fraud and enhance customer onboarding
- ML/TF risk assessment covering over 300 risk factors with mitigation controls
- RESTful KYC/KYB API and real-time webhooks for production-ready integrations
- Automated workflows for customer verification and IDV risk assessment
- Cross-organizational management for AML/CTF compliance across linked entities