9February 2022FOR EVERY COMPLEX PROBLEM, THERE IS AN ANSWER THAT IS CLEAR, SIMPLE, AND WRONG... MENCKENGreg TomkinsCo-founder, Canchek Corporationof international competitors, despite economies of scale, were seen as too complex, too expensive, not sufficiently customer-service-oriented and lacking certain Canadian data sources. As its owners continued to apply their technology, regulatory, and financial know-how, they began incorporating emerging technology trends and new content for their customers.Regarding new technology, AI and machine learning, applied to facial and document recognition, is CANCHEK's most exciting recent product development, incorporated into CANCHEK-eID. Rolled out in late 2021, the service generated great interest and is being adopted by current customers and firms not using CANCHEK's AML risk-screening service. CANCHEK-eID enables remote client ID verification using standard browsers and easy-to-use iPhone and Android devices. Customer firms register new clients on the CANCHEK system, initiating a customized email to the client requesting that they use the phone app to take a "selfie", move their head for a second or two as a "liveness test" to defeat spoofing, and photograph their driver's licence. AI assesses the probability that the driver's licence picture matches the selfie. As an additional security feature, the app reads the text on the driver's licence, compares it to data encrypted in the bar code, and checks the licence characteristics against a database to detect tampering. CANCHEK's use of data minimization by design, which deletes client data once used to reduce the risk of client data exposure through hacking, allows CANCHEK customers to immediately confirm the identity of the individual and activate the new account.Newport Private Wealth, one of Canada's largest independent private wealth management firms for individuals and families across Canada, began using CANCHECK last year. "CANCHECK has been a powerful tool to help us maintain our rigorous compliance standards and our regulatory obligations," says Newport's Chief Compliance Officer, Pam Brenman. "What is particularly beneficial is CANCHECK's comprehensive, easy-to-use platform, combined with the team's receptiveness to client feedback on the platform's functionality. That constant refinement makes CANCHECK an ever-relevant and essential tool in our compliance processes." In terms of new content, CANCHEK allows its customers to get ahead of the game by giving them a heads-up about possible problems through an application program interface (API) linking to a massive, continually updated database. Customers can check if a prospective client has generated negative media coverage anywhere in the world.CANCHEK is expanding not just the number, but also type of customers (with new ones in the airline industry, legal profession, mortgage investment corporations and gems wholesalers/retailers, as well as the first U.S.-based client). It continues to incorporate the latest technologies, develop strategic alliances to integrate new data sources, and expand its identity document security features database. Going forward, Ian Clark promises CANCHEK "... will remain focused on its areas of expertise ­ enabling customers to effectively meet regulatory compliance requirements through use of evolving AI technologies, additional data sources, and individualized service." ITO
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