AML and KYC software for non-banking companies
All your KYC processes. One place. Always under control.

You can improve and streamline your AML checks by standardizing workflows, automating repetitive tasks, and applying risk-based controls across the entire client lifecycle with a single platform like Parallel.

Parallel helps streamline AML checks through the following capabilities:

• Automated client onboarding with Parallel: Parallel provides adaptive KYC and KYB forms that adjust based on client risk and entity type. This reduces back-and-forth emails, ensures complete data collection, and accelerates onboarding from the first interaction.
• Centralized screening and risk assessment: Parallel automatically screens clients against PEP and sanctions lists and consolidates screening results, and supporting evidence in a single place.
• Risk-based AML checks: Using Parallel’s configurable scoring engine, AML checks are adjusted based on each client’s risk profile. Low-risk clients follow simplified due diligence, while higher-risk cases trigger enhanced due diligence workflows.
• Ongoing monitoring and alerts: Parallel continuously monitors clients for new PEP or sanctions matches, tracks document expiration dates, and alerts teams when KYC refreshes or risk reassessments are required.
• Built-in audit traceability: Parallel automatically captures decisions, approvals, scoring logic, and historical changes, creating a complete audit trail that is always ready for regulatory reviews.

By centralizing AML checks in Parallel, organizations reduce manual effort, improve consistency, and maintain strong compliance controls without increasing operational complexity.

You can automate AML risk scoring with Parallel using a configurable, variable-based scoring engine.

Parallel allows you to define a risk scoring matrix composed of weighted variables. Each variable represents a risk factor and is automatically populated from structured data sources and user inputs. These variables are then combined to calculate a final AML risk score for each client.

‍Key elements of the automation include:

• Risk variables: Country of residence/incorporation, business activity, legal structure, transaction profile, PEP status, sanctions screening results, and any custom internal risk factors.
• Data sources: Automated screening results (PEPs, sanctions, watchlists), jurisdiction risk data, and information collected via adaptive KYC forms.
• Scoring logic: Each variable can be weighted and scored based on your internal AML policy, with support for thresholds, conditional logic, and overrides.
• Final output: A calculated risk score (e.g. Low / Medium / High or numeric), with a clear breakdown of how the score was derived.

The entire process runs automatically ensuring consistent, auditable, and policy-aligned risk assessments without manual calculations.

KYC (Know Your Customer) and KYB (Know Your Business) are two related but distinct processes used in anti-money laundering (AML) compliance to verify and assess risk, depending on whether the client is an individual or a legal entity.

• KYC (Know Your Customer): KYC applies to individual clients. It focuses on verifying a person’s identity and assessing their risk profile.
  Typical KYC checks include identity verification, address validation, PEP and sanctions screening, and ongoing monitoring for changes in risk status.
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• KYB (Know Your Business): KYB applies to corporate clients and legal entities. It involves verifying the business itself and the individuals who ultimately own or control it.
  KYB checks include company registration verification, ownership and control structure analysis, identification of beneficial owners (UBOs), director screening, and assessment of business activity and jurisdiction risk.

Parallel supports both KYC and KYB within a single AML workflow:

• Adaptive onboarding flows that adjust automatically for individuals or companies
• Collection and verification of personal, corporate, and beneficial ownership data
• Automated PEP and sanctions screening for individuals, directors, and UBOs
• Risk scoring applied consistently across KYC and KYB cases
• Ongoing monitoring and full audit trail for both client types
  

By managing KYC and KYB in Parallel, teams avoid fragmented tools, ensure consistent risk assessments, and maintain full AML compliance across all client types.