Interview With Kiya Boyd - Senior Sales Representative at Cellbunq

Shauli Zacks Shauli Zacks

In a recent interview with SafetyDetectives, Kiya Boyd, Senior Sales Representative at Cellbunq, shares insights into the cutting-edge KYB, KYC, and AML solutions provided by the company. Based in Sweden, Kiya emphasizes Cellbunq’s standout features, including a 1-minute business onboarding system driven by AI and conversational AI. The discussion covers the transformative impact of recent technological advancements, challenges posed by cryptocurrencies to traditional KYC and AML processes, and effective strategies in AML compliance. Kiya also highlights how digital technology, including machine learning algorithms and biometric authentication, has evolved to prevent and detect financial fraud.  

Could you start by sharing a bit about your professional background and your current role at Cellbunq?

My name is Kiya Boyd and I am a Senior Sales Representative at Cellbunq. I’m from Michigan (USA) and attended college in the States (bachelor’s and master’s degrees in Information Technology, with a specialization in IT Project Management). Still, I’ve been living abroad for almost a decade.

I moved to South Korea for my professional career and now I’m settled in Sweden, which is where my company, Cellbunq, is located. Throughout my career, I’ve honed my skills in understanding client needs and providing tailored solutions to meet their objectives. Joining Cellbunq has allowed me to leverage my expertise in promoting innovative solutions, particularly highlighting our KYB, KYC, AML, and other onboarding solutions.

What are the flagship features of Cellbunq and what makes it stand out in the industry?

Cellbunq stands out in the industry due to its cutting-edge features. The 1-minute business onboarding system, driven by AI and conversational AI, is a true game-changer. The extensive coverage of 10,000+ connected data sources, seamless eSignature integration, dynamic risk scoring, and the rapid KYB Express for business onboarding collectively position Cellbunq as a comprehensive and innovative end-to-end verification platform. These features not only streamline processes but also set a new standard for efficiency in the industry.

What recent technological advancements have significantly impacted KYC and KYB processes?

Recent technological advancements, particularly in AI and machine learning, have significantly transformed KYC and KYB processes. These technologies enhance data analysis, providing quicker and more accurate insights into customer and business profiles. The integration of blockchain has contributed to secure and transparent record-keeping, bolstering the overall reliability of the verification process.

For KYC advancements have been occurring for the past 5-7 years, AI played a big part in this whereby computerized vision could be used to verify ID documents globally. The problem with KYC has been that it has always been a very manual process due to a lot of different factors. This is where we have developed a complete onboarding solution that not only uses the standards of AI and ML but also our in-house logic that can map documents, perform automated extractions, and understand where pieces of the puzzle are missing.

What impact have cryptocurrencies had on the traditional KYC and AML processes?

Cryptocurrencies have introduced challenges to traditional KYC and AML processes due to their decentralized and pseudonymous nature. Identifying and verifying individuals involved in crypto transactions has become a challenge. However, the industry is adapting to advancements in blockchain analytics and regulatory frameworks to ensure compliance and address these unique challenges posed by the crypto landscape.

Cryptocurrencies have benefitted compliance and regulation in general. Given that a lot of people try to hide transactions through cryptocurrencies, regulators have had to make the requirements more stringent with harder KYC/AML regulations.

What strategies are most effective in Anti-Money Laundering (AML) compliance today?

The most effective strategies in AML compliance today involve a multi-faceted approach. Thorough customer due diligence is paramount, complemented by real-time transaction monitoring and the implementation of risk-based policies. Continuous surveillance of suspicious activities, coupled with proactive collaboration with regulatory bodies and peers in the industry, forms a comprehensive AML strategy. This approach ensures adaptability to evolving threats and adherence to regulatory standards. Staying up to date with news, trends, and fraudulent patterns is key to ensuring a safeguard against AML risks.

How has digital technology evolved to better prevent and detect financial fraud?

Digital technology has evolved significantly to prevent and detect financial fraud. Machine learning algorithms, powered by artificial intelligence and big data analytics, analyze large datasets in real-time, identifying intricate patterns indicative of fraud. The integration of biometric authentication, behavior analysis, and anomaly detection further fortifies fraud prevention measures. This holistic approach ensures a robust defense against emerging threats in the ever-evolving digital landscape.

About the Author

About the Author

Shauli Zacks is a tech enthusiast who has reviewed and compared hundreds of programs in multiple niches, including cybersecurity, office and productivity tools, and parental control apps. He enjoys researching and understanding what features are important to the people using these tools.

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