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.