The company aims to integrate iDenfy’s AI-driven IDV and AML services to improve its customers’ experience and ID verification flows for a simple onboarding process.
By leveraging iDenfy’s identity verification software, the company can automate its verification methods and increase efficiency, resulting in a better onboarding experience, reduced verification times, and minimised human error risk. The company chose iDenfy for its identity verification system and technology that employs three-dimensional face mapping and industry-standard facial recognition algorithms. This automatically finds users’ faces, thus minimising fraud attempts involving 3D masks and deepfakes.
iDenfy’s platform also integrates technologies such as biometric verification and document verification. It can recognise and validate over 3,000 types of documents from more than 200 countries and territories, including passports, ID cards, driving licenses, and residence permits, thus ensuring efficient and precise global identity verification. By adopting a combination of these RegTech solutions, Business Arena can optimise its compliance processes, ensuring that only legitimate customers gain access to its services.
Additionally, Business Arena is required to check if companies appear on sanction lists or have ties with money laundering activities. Previously, this was a manual process that was time-consuming for the company. Leveraging iDenfy’s AML screening solution, the company gains the ability to access diverse media results through a proprietary filtering algorithm. The solution enables automated checks against global Politically Exposed Persons (PEPs) lists and law enforcement watchlists such as Europol, FBI, and NCA, as well as international sanctions lists from organisations like the World Bank, Interpol, and SECO.
The fully automated AML compliance solution notifies Business Arena instantly if an AML risk is detected during the AI-powered screening process that runs in the background, providing results in real time and ensuring KYC/AML compliance with auditing policies across multiple jurisdictions.
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