NewTech Friday: Ondato – a modern-day compliance solution

Liudas Kanapienis, CEO of Ondato, spoke with Efma’s Boris Plantier about how his company simplifies the complex world of compliance. 

 

Everyday problems often inspire offbeat business ideas. It was when I worked in a financial institution when I first saw that Anti-Money Laundering (AML) and Know-Your-Customer (KYC) compliance were becoming a major headache for the development and growth of the company. Each year, supervisory requirements were getting stricter, until it was almost impossible to keep track and comply. That’s when the idea to create a complete compliance management suite for KYC procedures first came. 

 

In 2019, we launched a service that would take care of all KYC and verification procedures, while our customers could focus on their businesses instead. We started from developing simple compliance solutions for financial institutions and then extended our services to match the needs of all businesses operating online. Over time, our portfolio of services expanded considerably, and so did our company: we moved our headquarters to London, UK, and opened a branch in Poland.

 

Ondato is a simple, secure and cost-effective way to verify, onboard and manage clients in compliance with international AML and KYC regulations. We provide a wide range of regulatory compliance solutions, as well as identity verification, case management and screening tools to validate identities and mitigate fraud, scam and money-laundering in the digital space.

 

Today, Ondato has over 15 KYC solutions, including photo and live video identity verification, data monitoring, screening, due-diligence and case management. From the very first days, our mission was to ensure smooth, simple and completely immune-to-fraud processes within a single and easy-to-use platform, and we have been doing it ever since. 

 

 

Becoming the ultimate compliance service center out there is certainly our primary goal. We are sure that companies should focus on what they do best – develop products and deliver services – and we are here to take care of compliance. Speaking of plans for 2021, there are quite a few: international expansion, new services, consistent improvement of our processes, and that is just the tip of the iceberg. We'll keep you posted!