Canadian regtech company iComply Investor Services announced earlier this week the launch of its new $2 million COVID-19 relief grant, the iComply for Good Services Grant. According to iComply, iComply for Good‘s purpose is to strengthen the resilience, continuity, and remote operations capacity of our community organizations and social services. The full description of the grant states:
” Due to COVID-19, many organizations are scrambling to ensure their core functions can be safely and securely completed remotely. Governments need to identify and serve their citizens digitally. Universities, schools, and workplace education have moved online. Reporters and healthcare workers are battling misinformation and need to validate subject matter experts at scale. Charities need to accept donations and verify the source of funds without physical paperwork or face-to-face meetings. iComply for Good is here to help these organizations survive and thrive despite the unique challenges of this new landscape.”
The grant focuses on the following:
- Building capacity through technology
- Scaling impact through business process automation
- Empowering organizations to support remote operations
- Inspiring our peers to find creative ways to give back to our communities
iComply also reported that the grant’s funding may be used to support client-side identity verification and document authentication, and e-signatures for remote operations, government subsidy claims, witnessing e-signatures digitally, source of funds or source of wealth, KYC process automation, and AML risk intelligence data.
iComply further noted that the following organizations are prioritized in the grant’s assessment process:
Meet “Know Your Patient” requirements. Support virtual consultations. Protect patient identities and personal data according to local data and privacy regulations.
Protect citizen’s personal information with client-side identity verification. Reduce fraud in subsidy claims processes. Directly and securely integrate verification programs into government datasets.
- Online Education Move classrooms and tests online. Avoid the “streamlined onboarding” fallacy and ensure the user behind the screen today is the same person that was originally verified.
- Charitable Organizations
Verify the identities of new staff, volunteers, donors, and more. Perform enhanced due diligence, source of funds, and source of wealth checks according to your policies and procedure
- Community Organizations
Support community services and relief efforts such as verifying employees, volunteers, or stakeholders directly through your social media channel, website, email, or mobile application.