iDenfy incorporates Anti-Money Laundering Screening and Ongoing Monitoring

iDenfy incorporates Anti-Money Laundering Screening and Ongoing Monitoring

iDenfy, identity verification and fraud prevention company based in Lithuania, has introduced a newly-designed method for risk assessment that notifies when any Anti-Money Laundering (AML) risk database hit occurs during the identity verification process.

With the idea to minimize fines, branch out to wider spheres and make compliance simple, iDenfy introduced Anti-Money Laundering (AML) checks for companies. According to the identity verification and compliance company, its service is designed to maximize security for those who want to make sure that they are partnering up with a transparent, professional organization.

In today’s worldwide scene of complex financial crimes, for many, the goal is to establish efficient security measures for various industries. A recent “Global: 2021/2022 Digital Transformation and Cloud” survey shows that cross-border regulation, tax, cybersecurity, and governance remain top-of-mind issues for digital transformation. iDenfy’s CEO, Domantas Ciulde, agrees with this proactive approach adding that “The goal is to establish efficient security measures for various industries.”

iDenfy’s risk database covers Politically Exposed Persons (PEPs) information, international sanctions, and law enforcement watchlists, such as Interpol, World Bank, FBI, Europol: Europe Most Wanted, alongside reviewing negative media. For instance, a “PEP” is a person with a prominent public position that automatically makes them susceptible to corruption, bribery, or similar money laundering crimes. Companies need to be careful, as such people carry a high-risk profile.

Since not one, but multiple databases are used for iDenfy’s screening, false positives are reduced. The company’s new automated AML Screening provides the needed information and scans entities in seconds. Compared to paper-like traditional banking methods, according to iDenfy, these results are granted due to advanced data and analytics techniques used in iDenfy’s software, such as artificial intelligence. As iDenfy’s Chief Business Development Officer, Darius Sulte states, the latest database screening option is the needed extra precaution that shows more accurate results along with the potential customer risk level.

Due to constantly changing compliance regulations, iDenfy’s new approach suggests protecting businesses from fraudulent activity – to monitor the data lists daily. According to Domantas Ciulde, monitoring allows an organization to maintain a high, consistent reputation proactively. Conducting in-depth background screening of Sanctions and watch list checks helps understand the risk around potential customers or investors.

Since new regulations are frequently published, and news about political figures are constantly updated in the media, iDenfy automated Ongoing Monitoring approach ensures efficiency. Simply put, it’s impossible to follow the news in every media source manually, eventually leading companies to waste time sources.

United Nations was the first to introduce a global measure to tackle one of these problems – money laundering – with the presentation of the UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances in 1988. The issue remains relevant to this day, and according to iDenfy, it’s no longer an arguable subject, but a matter of action, where meeting compliance obligations is a must.

“Scaling your business is vital. Having proper tools that ensure security instantly and automatically should be at the top of your company’s priority list. Monitoring the data daily is essential to detect risky customers or partners at the correct time. Screening during onboarding is not enough since costumes can become risky afterward.” – expressed Domantas Ciulde.

NSUR partners with Shufti Pro

NSUR partners with Shufti Pro

Reward-driven health and wellness-focused platform NSUR and AI-powered identity verification service provider Shufti Pro have entered into a strategic partnership to perform KYC and AML checks on cryptographic token users.

NSUR has collaborated with Shufti Pro for its state-of-the-art Know Your Customer (KYC) and Anti-money Laundering (AML) services to mitigate the risks of identity theft and money laundering. In the wake of the COVID-19 pandemic, as the concept of digitization has spurred great growth, it has also become a magnet for identity theft and online scams. Automated ID verification services offered by Shufti Pro can eliminate the risks of identity fraud while assuring compliance with regulatory requirements.

NSUR facilitates its customers with a vast network of services from reputable health and wellness retailers. Users can book a doctor’s visit and refill their prescriptions through NSUR’s telemedicine network and pharmacy benefit card respectively. NSUR will perform Shufti Pro’s KYC and AML on cryptographic token buyers to verify that the individuals are who they say they are and to prevent money laundering. The value protection program offered by NSUR will protect the token holders’ purchase value and assure them their value will be saved for two years. Not only this but the customer-centric services of NSUR provide token holders with a chance to claim back their lost value if they find that the value of holders’ protected tokens is less than what they paid for it.

KYC solutions rendered by Shufti Pro will monitor NSUR’s customers to ensure the company does not encounter any identity fraud. Shufti Pro’s AML screening identifies cryptographic token users against criminal watch lists, global sanctions, and Politically Exposed Persons (PEP) lists. These services can help NSUR to achieve online identity fraud prevention and compliance targets impeccably in one go.

“We are using ShuftiPro to perform KYC and AML on customers who are purchasing protected cryptographic tokens through NSUR’s Value Protection Program,” said Mark Peters, CEO of NSUR, “This program is one-of-a-kind, it is the first program we have ever seen in the cryptocurrency sphere to protect token holders’ purchase value. In short, through NSUR’s Value Protection Program, holders of protected tokens have peace of mind that the purchase value of their tokens will be protected against loss for two years. If at the end of two years, the value of holders’ protected tokens is less than what they paid for it, they can claim back the lost value from NSUR’s website,” he further added, “Thanks to ShuftiPro, we also have peace of mind that the people who are purchasing with NSUR are who they say they are and that they are not engaged in nefarious activities.”

Commenting on the partnership between two companies, Victor Fredung, CEO of Shufti Pro said, “We are delighted to provide KYC and AML services to NSUR’s clients. The services delivered by Shufti Pro will definitely help NSUR to verify users in less than a second thus ensuring the best customer experience.”

AI-Powered identity verification solution provider, Shufti Pro currently offers its KYC and AML services to 500 businesses worldwide. Employing a hybrid approach of AI and HI technology, Shufti Pro has extended its services to 230+ countries and territories.

WISEKey partners with ScaleSwap

WISEKey partners with ScaleSwap

WISeKey International, a cyber security, IoT, and AI platform company, today announced that it has joined forces with Scaleswap for the IDO launch of the WISe.Art TrusteCoin expected to start in November 2021. The next generation scalable IDO Launchpad of Scaleswap provides an improved experience for users thanks to its use of Ethereum Layer 2 scaling solution. The project will benefit from unparalleled community building and a unique loyalty scoring system.

“After the successful launch of the WISe.Art platform, we are now set to take the next steps, starting with a purpose-built token launch planned for November 2021. For this, we collaborate with Scaleswap, the Layer 2 Launchpad, known for its fair principles and smart ScaleSCORE loyalty system, endorsed by Polygon. WISeKey has selected Polygon for the commercial launch of its Trusted NFTs solution. WISeKey’s high-value NFTs, designed to test the appetite of the art and collectible community requires someone like Polygon, whose ultra-low transaction fees and sustainable Proof-of-Stake (PoS) consensus mechanism are essential in meeting the demands of WISeKey’s high-volume marketplace,” said Carlos Moreira, WISeKey’s founder and CEO.

WISe.Art will be Scaleswap’s flagship IDO launch, will be setting the tone going forward, and will provide an anchor for future project launches on the platform. The selection is also an infrastructure decision that reflects a commitment to longevity, compatibility, ownership, and value at every level of the ecosystem.

Scaleswap is taking an interesting and exciting approach to IDO launchpads, one that is based on shared goals of making blockchain and cryptocurrencies as accessible as possible and doing so in a scalable way using Layer 2 solutions.

WISeKey is announcing a series of important partnerships ahead of its launch with leading Blockchain players as Polygon and CasperLabs. The WISe.Art platform and technology stack allows tokenization of digital and physical assets in form of NFTs with platform governance and utility managed by WISeKey’s own TrusteCoin utility token (TEC DAO Token). Latter allows to unlocking different functionalities and community driven decisions. Also, for instance participants can choose to stay anonymous, while ensuring the necessary KYC processes to avoid unwanted activity on the marketplaces powered by WISe.Key. The TrusteCoin plays a central role for the Wise.Art ecosystem and brings a variety of utility and is used to incentivize the community. WISeID is a trusted identity service that enables access to the web and mobile applications with strong authentication techniques. WISeID supports online KYC onboarding, OTP and digital certificate login, and an innovative “hands-free” secure login based on QR-Codes which users can read using the WISeID suite of mobile applications without even having to type any passwords.

ComplyCube reveals KYC solution

ComplyCube reveals KYC solution

ComplyCube, the London-based AI company has unveiled Flow, a cloud-based Know Your Customer (KYC) solution that enables businesses to reduce their AML/KYC compliance and fraud risks significantly. The solution will complement ComplyCube’s market-leading Software as a Service (SaaS) and API platform.

The Global KYC firm has recently reported a growth of 500 percent growth of biometric KYC business. The launch of Flow capitalizes on the current biometric security boom amid the substantial global digitalization drive caused by the pandemic.

The Digital Identity firm says that Flow is a GDPR-compliant web-based solution that businesses can start using “in minutes”, with no coding needed. It allows people to verify their identities by following a secure URL.

The highly customizable Flow guides users through a slick User Interface (UI), securely collecting identity documents, biometrics, and proof of address – all in less than 30 seconds.  Once documents and biometrics are submitted, Flow™ automatically conducts authenticity and identity checks and sends real-time alerts to the business indicating any red flags and providing rich explains.

ComplyCube’s Flow integrates cutting-edge certified liveness detection technology, which prevents face biometric spoofing and presentation attacks, including 3D Masks, without additional user friction. It also allows companies to leverage a detailed audit trail for compliance purposes in line with the Financial Action Task Force (FATF) recommendations.

Flow™ will appeal to businesses that are still undertaking identity verification checks manually, with documents sent via email, which is costly, time-consuming, prone to human error, and not adequately secure. Similarly, businesses with legacy KYC solutions can leverage Flow™ to simplify onboarding processes and reduce the Total Cost of Ownership.

ShareRing to digitise KYC in the Caribbean

ShareRing to digitise KYC in the Caribbean

Technology company ShareRing have today announced a pilot program to digitize the KYC (Know Your Customer) process for financial institutions based in the Caribbean region.

The pilot which began on June 1st, 2021, is part of ShareRing’s long term commitment to the region as they roll out their blockchain based identity and verifiable credentials ecosystem across a number of industries including health, events, financial services and travel. The ShareRing Caribbean team leading the project have over 20 years experience in the technology and financial sectors.

This digital ‘eKYC’ pilot will enable credit unions, insurance companies and other financial institutions to receive their customers ID and supporting documents in an encrypted digital format through their mobile device.  The solution will eliminate much of the time-consuming aspects of account sign-up processes while still ensuring the institutions operate within the regulatory framework.

ShareRing’s scope includes exploring the potential for credit approvals and identity verification checks from one financial institution to be made available to other similar institutions or third parties.

In a quote from the President of the Barbados Teacher’s Co-operative Credit Union Limited, Ms. Sherry-Ann Scott-King stated – “We are metamorphozing our structure to embrace technological advances, and the use of blockchain technology is the solution to our KYC needs. Partnering with companies such as ShareRing reiterates this, and we’re excited to see the fruits of the project both for our members and the credit union, while ensuring we remain compliant with regulatory requirements.”

The key benefit for the credit union’s customer is having a streamlined digital process without compromising their data security. Using ShareRing’s encrypted ID technology, with its self sovereign and privacy-by-design features, means the customers remain in full control of their private and sensitive data.

“We’re very proud to deploy some of ShareRing’s core functionality to financial organizations in the Caribbean region. We are able to provide blockchain based eKYC solutions which facilitate heightened levels of security and trust between financial institutions and their customers” said Tim Bos, CEO and Founder of ShareRing.

Qoobis launches solution for digital verification of identity cards

Qoobis launches solution for digital verification of identity cards

Qoobiss has launched the first fully automated Know-Your-Customer (KYC) solution for identity cards in Romania, which allows companies to verify the identity of their customers in a much more efficient way, without the need for human intervention.

With the Qoobiss solution, companies can automatically verify customer credentials by using ID photos when a new online account is created. The software scans the document, extracts customer data, performs an instant verification of the user’s identity and validates the identity document, maintaining the complete confidentiality of the data.

The KYC mechanism created by Qoobiss is designed to be easily scalable for a large number of users, fast to implement and 100% online. Thus, the identity verification process offered by Qoobiss is automatic and built to maximize the integration process of new customers, with the help of the latest biometric technologies, powered by artificial intelligence. Qoobiss’ investment is 500,000 euros in the development of this technology.

“Our solution can be used by fintech companies, but also by other industries, such as blockchain, e-commerce or medical, because our team understands very well the specific problems of each type of company and the delicate balance between legal obligations and the need of users. have an improved experience of using digital identity verification solutions. Our goal is to offer a scalable solution for a large number of users and a very secure protocol “, explained Alexandru Rizea, Qoobiss CTO, the startup for verifying digital identity.

The Anti Money Laundering (AML) / Know-Your-Customer (KYC) feature also helps reduce the number of frauds by quickly and accurately verifying customer identities. Fintech companies are thus helped by Qoobiss to automatically check the PEP (Politically Exposed Persons) and AML databases to validate customer compliance. In addition, the company’s API allows the use of the advanced electronic signature to validate any approvals converted to pdf and contracts between fintech companies and customers.