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KYC Nepal
KYC Nepal is a regulatory technology and risk mitigation startup established in 2017 by a group of international bankers with over 12 years of experience in the industry. The company's mission is to enhance Nepal's capability in combating financial crime by providing comprehensive regulatory risk solutions. KYC Nepal offers specialized technology and consulting services to Banking and Financial Institutions (BFIs), focusing on Anti-Money Laundering (AML) and Suspicion of Terrorist Financing (STF) program development and reviews. With its expertise, KYC Nepal aims to be the leading provider of regulatory compliance solutions in Nepal.
The project aimed to address the challenge posed by stringent global AML standards and KYC requirements, which often result in higher compliance costs and a cumbersome customer experience. By developing a web-based KYC tool and a financial workflow system that covers the entire client lifecycle, KYC Nepal seeks to improve operational efficiency, reduce costs, and enhance the customer experience.
The project aimed to address the challenge posed by stringent global AML standards and KYC requirements, which often result in higher compliance costs and a cumbersome customer experience. By developing a web-based KYC tool and a financial workflow system that covers the entire client lifecycle, KYC Nepal seeks to improve operational efficiency, reduce costs, and enhance the customer experience.
The Challenges
The stringency in global Anti-Money Laundering standards and Know Your Customer requirements help collect more customer data and documentation, which further impacts compliance costs, operational efficiency, and customer experience.
The Solutions
Rumsan provided technical expertise and development resources to build and maintain KYC Nepal's online platform. This involved creating the web application, database, and user interfaces for KYC data capture, management, and exchange. Rumsan also integrated the platform with core banking systems, ensuring its security and compliance with relevant regulations. The project aimed to streamline customer data capture and support the Anti-Money Laundering (AML) vetting process. A key component was the development of the KYC Utility Platform, KYC Exchange, which allowed individuals to create, manage, and securely share their profiles across multiple institutions.
Technology
- Database: MongoDB, Redis
- UI: CSS/Javascript with material UI framework, React.js
- Programming Language: JavaScript
- Server: VPS from Cloud Himalaya
- Third Party Services: Sanctions API