OFAC Sanctions Screening for US Institutions
The Office of Foreign Assets Control (OFAC) requires US financial institutions to screen all customers, transactions, and counterparties against the Specially Designated Nationals (SDN) list and other OFAC sanctions programs. Failure to comply can result in fines of up to $1 million per violation. KYC2020 screens against the OFAC SDN list, OFAC consolidated sanctions, and 1,500+ additional global watchlists in real time - with full audit trails and explainable decisions that satisfy OFAC examiners.
FinCEN & BSA Compliance Automation
The Bank Secrecy Act (BSA) and FinCEN regulations require US financial institutions to implement robust Know Your Customer (KYC) programs, conduct customer due diligence (CDD), identify beneficial owners, and monitor transactions for suspicious activity. KYC2020 automates the KYC and KYB components of your BSA/AML program - reducing manual workload, lowering false positives by up to 75%, and generating audit-ready documentation for FinCEN examinations.
KYC Identity Verification for US Regulated Entities
US financial institutions must verify the identity of every customer before opening an account or processing high-value transactions. KYC2020 identity verification (IDV) covers 193+ countries and 10,000+ document types, with document authentication, biometric face matching, liveness detection, and real-time sanctions screening - all in a single workflow that meets FinCEN Customer Identification Program (CIP) requirements.
KYB Business Verification for US Entities
FinCEN`s CDD Rule requires covered financial institutions to identify and verify the beneficial owners of legal entity customers - any individual owning 25% or more, plus one control person. KYC2020 KYB covers 220M+ business entities across 145 countries, including all US states, with automated registry checks, UBO identification, sanctions screening of all related parties, and consolidated risk scoring.
Built for US Banks, Fintechs, MSBs, and Payment Processors
KYC2020 serves US regulated institutions across multiple sectors: commercial banks and credit unions subject to FinCEN and federal banking regulators; money services businesses (MSBs) registered with FinCEN; fintech companies subject to state money transmitter licenses; payment processors and acquiring banks subject to card network AML requirements; and broker-dealers subject to FINRA AML rules. Our platform is SOC 2 Type II certified, ISO 27001 certified, and has been deployed by Fortune 500 companies and fast-growing fintechs alike.
Frequently Asked Questions — AML Compliance Software USA
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