Wonkyu Lee, Founder and CEOAdditionally, the burgeoning virtual currency market also meant there would soon be regulations around virtual KYC to curb money laundering and other financial frauds. Driven by this realization, Lee put his accumulated knowledge of the digital ID, blockchain, and cryptocurrency to change the way companies use digital IDs for KYC/AML. And, he finally established ARGOS, a market-leading KYC/AML solution that allows virtual currency exchange in compliance with industry regulations and financial institutions’ specific standards.
With the Financial Action Task Force (FATF) declaring cryptocurrency a virtual asset and tightening the AML regulations, ARGOS’s expertise and technical capabilities have now become the linchpin of success for many financial institutions. ARGOS helps organizations develop in-house KYC/AML capabilities with its cutting-edge patented solutions that efficiently respond to the increasingly challenging and ever-modifying global regulations. Lee underscores, “In a landscape where regulations are continuously being introduced and tested, ARGOS aids clients stay ahead of the regulatory curve and focus on their core business.”
To this extent, ARGOS’s services offer seamless automation in customer on-boarding, KYC, money laundering and financing terrorism risk assessment, and AML screening by combining OCR and AI’s strengths.
ARGOS’ state-of-the-art solutions help clients effortlessly screen individual and corporate customers for associated criminal or prohibited activities in real-time. They kick-off the user identification process by screening and extracting the necessary information, including the name, photo, document number, and more—from the applicant’s government-issued ID. The relevant data is then verified from the company’s global ID document database to determine whether it is a genuine or fraudulent ID.ARGOS also leverages deep learning software for enhanced fraud detection. Lee claims, “Our solutions can help screen 2800 types of different international ID documents from 180 nations.” However, if the applicant’s AML screening results in ‘high money laundering risk’, the clients request enhanced due diligence (EDD)and ARGOS moves forward with the process by obtaining additional identity information from a wider range of sources and carrying out exhaustive searches. Furthermore, ARGOS also performs bank letter screening to prevent money laundering and terrorist financing. “We strive to provide the most reliable and efficient identity verification. We build trust in blockchain technology,” adds Lee.
Owing to such expertise and seamless services, ARGOS was approached by a company with a suspended bank account due to inadequate KYC/AML policies and procedures in place. With a swift KYC/AML screening process, ARGOS provided an in-depth report to the client. And, with its consistent guidance, the client was able to unfreeze the account. In another circumstance, when a client in Singapore wasn’t able to open a corporate bank account, ARGOS provided their KYC/AML solution with a consultation. After getting the documentation in proper order, the clients were able to open the business account. These demonstrated successes of ARGOS’ accurate and reliable KYC/AML solutions have now become a subject of interest in various mainstream universities. At present, the SouthKorean company has signed memorandum of understanding (MOU) with several universities for industry-academic cooperation.
Besides, today, as the pandemic has accelerated the rate of digitization for many businesses to pivot their operations online, including client on-boarding, ARGOS is poised to grasp the entirety of the situation. Already being a frontrunner in the industry, ARGOS has made necessary upgrades to its system to handle the upcoming massive demand. As a regtech market leader, ARGOS also has plans to expand its footprint in Singapore, and, by and large, the Southeast Asian market once the pandemic is in check.
Our Services Offer Seamless Automation In Customer On-Boarding, KYC, Money Laundering And Financing Terrorism Risk Assessment, And AML Screening By Combining OCR And Ai’s Strengths
Besides, today, as the pandemic has accelerated the rate of digitization for many businesses to pivot their operations online, including client on-boarding, ARGOS is poised to grasp the entirety of the situation. Already being a frontrunner in the industry, ARGOS has made necessary upgrades to its system to handle the upcoming massive demand. As a regtech market leader, ARGOS also has plans to expand its footprint in Singapore, and, by and large, the Southeast Asian market once the pandemic is in check.
