iCOMPASS launches ULTRA KYC compliance tool for legal practices
iCOMPASS released its evidence linked ULTRA KYC platform in Singapore to help legal firms verify client identities and meet statutory anti money laundering regulations efficiently
Singapore-based iCOMPASS has introduced a new feature called Evidence-Backed AML/KYC, a component of their ULTRA KYC™ platform. This update aims to assist legal firms in demonstrating their compliance with anti-money laundering and counter-terrorist financing regulations, following recent regulatory scrutiny and criticism of previous AML/CFT controls in the legal sector.
The launch of this feature comes after a 2023 money-laundering case in Singapore revealed issues such as inconsistent risk assessments and incomplete enhanced due diligence. The iCOMPASS solution moves away from traditional document-first KYC workflows, instead focusing on linking evidence directly to the customer due diligence (CDD) information.
This approach provides a clearer audit trail, showcasing the verification process, supporting evidence, and the decision-making behind each customer case. iCOMPASS Joint Managing Director Wilson Foo explained that this new capability streamlines the review process for KYC files, making it easier for another person to understand the reasoning behind a decision when revisiting the file later.
Additionally, the onboarding experience for clients is enhanced, as the connection between information and evidence is made more efficient. ULTRA KYC™ continues to offer a comprehensive onboarding and lifecycle management workflow, including electronic verification for Singapore clients, digital identity verification for overseas clients, document collection, screening, risk assessment, approvals, and ongoing monitoring and reassessment.
Raymond Moh, CEO of iCOMPASS, emphasized that the aim is to make it easier for law firms to understand what was verified, what evidence was relied upon, and why a particular decision was made. This evidence-driven approach to KYC is intended to be a more efficient and transparent process for legal firms. iCOMPASS will showcase the new Evidence-Backed AML/KYC feature at TechLaw.Fest 2026, as well as address the topic of evidence-driven KYC and operationalising AML/CFT requirements in law firms at an event on September 9th, titled "The KYC File Is Not the Answer — Are Law Firms Doing KYC Backwards?"
Written by urgent.news from Vietnam Investment Review's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
