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Treat Your Fraud and Compliance Needs like an Orchestra

Admittingly, going to the symphony or participating in an Orchestra concert is not something I have had time for of late. With 3 kids under the age of 10, I usually attend such events infrequently and really appreciate them when they are performing themes such as “Game of Thrones”, “Harry Potter” or “Star Wars” night making it a fun for all situation. This said, those who have heard me speak about identity have often heard me use the analogy of an orchestra as a way describe identity verification and the other pieces or instruments in a compliance risk solution or fraud stack.

The analogy to the modern orchestra goes something like this – Each identity solution is 1 of the 4 groups of musical instruments which make of the orchestra or symphony. This “Symphony of Compliance” consists of: • Woodwinds ~ Biometrics • Strings ~ In-Person Identification Check • Percussion ~ Document Validation • Brass ~ Electronic Identity Verification And of course, the customer is the Maestro that guides, trains, and conducts the different sections. Each individual Maestro uses their experience to orchestrate and interpret the sheet music to create something useful and compliant solutions to identify customers, mitigating risk/fraud and complying with regulatory statutes. The sheet music, in the identity world, is very analogous to regulatory compliance, Fraud and Risk mitigation strategies. Let’s take a look at a few of the types of “sheet music” we must read in our journey of regulatory compliance specifically related to money transfer: Fourth Anti-Money Laundering Directive (4AMLD)

Australian Transaction Reports and Analysis Centre (AUSTRAC)

Cyprus Securities and Exchange Commission (CYSEC) / Cypriate Law

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Conducting the Orchestra – Making the “right” choices for 1st Chair

You want the best vendor for the particular need. In the Brass Section, for example, GDC is definitely a consideration for 1st chair. We only focus on Brass. Doing eIDV only and achieving the best coverage on the market for 50+ countries vs. attempting to do eIDV, Document Validation, and Biometrics to varying degrees of success. 1st chair requires focus.

Don’t let the “Strings Section” try to play French Horn or Tuba

You can’t play Beethoven’s “Choral” without woodwinds, violin, and brass. The music “sounds the best” or regulations are best met when each area plays its part correctly and with skill. Grand Finale GDC wants to be 1st chair in our area or “Brass Section” in contrast to others that want to have a seat in multiple musical groups of the orchestra. How well can a company that has played “woodwinds” all its life suddenly play 1st chair in the Strings Section? Not well, I imagine. GDC believes being best at our instrument is of most benefit to our customers and as our Maestros, they seem to agree. Do you want to know more about the “Brass Section”, eIDV and how it can augment your AML and compliance needs? Take a deeper dive with this guide: GDC – AML & eIDV ebook