Compliance Oversight
Strong regulatory compliance protects your business from costly risks and builds lasting trust for the future.
Before launching a financial product with Evolve, thorough compliance and customer evaluations are required to onboard. Fintechs that provide a regulated financial product in the U.S. are required to verify certain information about their customers.
Our fintech partners have the responsibility to know the customers to whom they offer financial solutions and adhere to Evolve’s Know Your Customer (KYC) and Know Your Business (KYB) standards. Evolve is there to guide our partners in ensuring compliance standards are met when bringing a product to market.
Know Your Customer & Know Your Business
KYC
The process of Know Your Customer (KYC) is critical in ensuring the integrity of your financial ecosystem. For individual users, KYC requires the collection and verification of identity details such as government-issued identification, and address verification. Once an individual’s identity is verified, they can engage with the system’s financial services, such as making deposits, withdrawals, or transferring funds.
This integration ensures that compliance is baked into the system from the outset, reducing operational risks for program administrators.
KYB
The Know Your Business (KYB) process is equally important. This involves validating the business’s legal standing, ownership structure, and other pertinent information to ensure compliance with financial regulations. KYB also includes anti-fraud checks, ensuring that businesses using the platform are legitimate and meet the necessary criteria for financial transactions.
This integration ensures that compliance is baked into the system from the outset, reducing operational risks for program administrators.
Get StartedCompliance, Security, and Scalability
At the core of a resilient and adaptable business lies a strong commitment to compliance and security. By embedding these principles into your foundation, your business is better positioned to grow confidently and sustainably.
It is important that compliance and security are at the forefront of your business. By adhering to Evolve’s compliance and industry standards such as Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and KYC/KCB requirements, it helps to ensures that customer’s financial activities are both protected and in line with regulatory requirements.
Ensuring regulatory compliance in your programs can help scale your business lines in the future by building trust and stability amongst users. It also builds a foundation for your company to scale efficiently and remain resilient to changes in the future.