Parallel Streamlined KYC and AML Compliance Software

What is Parallel?

Parallel provides a comprehensive software solution designed to streamline Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) processes. It aims to simplify compliance operations by automating Know Your Customer (KYC) and Know Your Business (KYB) procedures through user-friendly forms and a centralized review dashboard, effectively reducing the need for back-and-forth communication and consolidating customer information management.

The platform facilitates risk-based due diligence, enabling businesses to conduct enhanced checks and continuously monitor customers against Politically Exposed Persons (PEP) and sanctions lists to accurately assess risk levels. Parallel also supports periodic KYC reviews with automated alerts for document expirations and streamlines the updating process. Furthermore, it automatically captures essential evidence and maintains a detailed audit trail, ensuring businesses remain prepared for AML compliance audits. Beyond compliance, Parallel enhances client onboarding by integrating proposal and contract generation features.

Features

Automated KYC / KYB: Streamline customer and business verification with user-friendly forms and a central dashboard.
Risk-Based Due Diligence: Conduct enhanced checks using a risk-based approach.
PEP & Sanctions Screening: Monitor customers against global PEP and sanctions lists.
Custom Risk Scoring: Define and apply tailored risk scoring methodologies.
Periodic KYC Reviews: Manage KYC updates efficiently with automated alerts for document expirations.
Audit Trail Automation: Automatically capture evidence and audit logs for compliance readiness.
Contract Generation: Prepare and sign proposals and contracts within the platform.
Mike AI: Leverage AI capabilities for enhanced compliance tasks (available as add-on/higher tiers).
Performance Reports: Access reports to monitor compliance operations.
Integrations: Connect with other systems via Zapier, API, and Webhooks (API/Webhooks on paid plans).

Use Cases

Automating Anti-Money Laundering (AML) compliance workflows.
Streamlining Know Your Customer (KYC) and Know Your Business (KYB) verification.
Enhancing customer onboarding processes for regulated industries.
Conducting risk-based customer due diligence.
Screening clients against PEP and sanctions lists.
Managing periodic KYC reviews and updates.
Ensuring audit readiness with automated record-keeping.
Generating client proposals and contracts alongside compliance checks.
Centralizing compliance tasks for legal and operations teams.