iCOMPASS Launches Evidence-Backed AML/KYC for Law Firms

iCOMPASS, a Singapore-based RegTech company, has introduced an evidence-backed AML/KYC solution called Evidence-Backed AML/KYC for law firms. This new capability is part of their ULTRA KYC platform and aims to provide law firms with a clearer audit trail and smoother onboarding experience for customers.

The Evidence-Backed AML/KYC functionality shifts the KYC workflow from a document-first approach to an evidence-linked one. Key customer data, such as source of wealth, beneficial ownership, or address information, can be connected directly to the supporting documents and associated review/approval records. This allows for a more efficient review process and creates a smoother onboarding experience for clients.

The launch of this new capability comes amid continued regulatory scrutiny on AML/CFT practices in Singapore's legal sector. Reviews following the 2023 money-laundering case have highlighted shortcomings, including inconsistent risk assessments and incomplete enhanced due diligence. Law firms face challenges beyond simply collecting required documents; they must now demonstrate what was verified, what evidence was relied upon, and how the resulting decision was reached.

iCOMPASS CEO Raymond Moh emphasized the importance of evidence-backed KYC, stating, "Law firms don’t need more KYC paperwork — they need better KYC evidence. A strong KYC record should allow someone reviewing the file months or years later to understand what was verified, what evidence was relied upon, and why the firm reached its decision."

Evidence-Backed AML/KYC is part of ULTRA KYC's integrated 6-in-1 KYC/AML workflow, which includes onboarding and customer due diligence, screening, risk assessment, approvals, ongoing monitoring, and reassessment. iCOMPASS will showcase the new feature at TechLaw.Fest 2026 on September 9-10 and also present on "The KYC File Is Not the Answer — Are Law Firms Doing KYC Backwards?" on the same dates.