IboxPay partners with iDenfy to ensure AML compliance

Thursday 17 November 2022 13:21 CET | News

Fintech IboxPay has partnerd with identity verification provider iDenfy to integrate its anti-money laundering (AML) solution to ensure compliance and prevent fraud.


When talking about preventing money laundering and combating illicit activities, regulators have been encouraging banks and other financial institutions to meet their obligations, something that IboxPay is looking to achieve by partnering with iDenfy and using its AI-powered AML services to ensure full regulatory compliance and complete transparency.  

iDenfy’s AML services help ensure the legitimacy of a person that is involved in a transaction, as monitoring watch lists is thought by the company to be necessary for having a compliance strategy that brings security-associated benefits. As of now, the company monitors IboxPay’s customers against law enforcement watch lists, international sanctions lists, and Politically Exposed Persons (PEP) lists.

IboxPay wanted to resort to intelligent and efficient ways to complete single AML checks and was looking to choose a multi-functional solution that offered built-in AML monitoring services, something that furthered their decision to collaborate with iDenfy. 

Fintech IboxPay has partnerd with identity verification provider iDenfy to integrate its anti-money laundering (AML) solution to ensure compliance and prevent fraud

IboxPay offering and further details on the iDenfy partnership 

IboxPay is a cash-in payment kiosks’ network installed throughout Poland, which recently moved from Ukraine, its machines enabling cash payments for the likes of Internet and television services, utility bills, mobile operator services, amongst others. After moving from Ukraine to Poland, the company became a Poland-registered financial company with a license for money transfers (MIP152/2022) and noticed that the region had no payment terminals similar to those in Ukraine. 

As per information provided by the financial service provider, self-service payment terminals are essential when talking about the typical Ukrainian consumer’s financial habits, and payment terminals for topping up mobile, Internet, and banking accounts with cash are available in any store, cinema, railway station, or airport in Ukraine. Having the knowledge that this market is in demand, IboxPay decided to take this niche and have a similar financial instrument developed in Poland. 

IboxPay can leverage iDenfy’s AML solutions to perform one-time AML checks and continuously monitor every individual that must be checked against sanctions lists, a standard AML/CTF requirement for when the payer is either receiving or transferring funds. IboxPay officials have stated that they are also looking to implement iDenfy’s full-stack ID verification to check each payer’s identity, aiming to cover new services and improve user interactions while furthering the company’s expansion within Europe. 

Speaking on the announcement, IboxPay representatives have advised that the company’s priority is that of integrating cash-in payment kiosks into the Polish financial market, as their service is helpful for Ukrainians looking for a solution that would enable them to top up their accounts in Europe and send money to their relatives. iDenfy officials added that they’re looking forward to collaborating with a financial provider who aims to help customers access services in an easy and secure manner, advising that detecting high-risk customers and monitoring data against global watch lists are necessary when it comes to ensuring proper risk management maintenance. 

iDenfy company information

iDenfy is an identity verification services and fraud prevention tools provider, looking to ensure AML and KYC compliance for every company, be it a large-scale business or a small organisation.

For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: partnership, fraud management, fraud prevention, identity verification, identity fraud, AML, compliance
Categories: Fraud & Financial Crime
Companies: IboxPay, iDenfy
Countries: Poland
This article is part of category

Fraud & Financial Crime




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