iDenfy brings AML services to SupplierPlus

Thursday 24 November 2022 13:13 CET | News

Lithuania-based identity verification provider iDenfy has partnered with fintech SupplierPlus to offer its anti-money laundering (AML) screening and monitoring solution.


By leveraging iDenfy’s solution, SupplierPlus will be enabled to automate compliance and ensure a straightforward customer onboarding process.

As per information provided in the company’s press release, the Financial Action Task Force (FATF) states that USD 281 billion are laundered on a yearly basis, oftentimes through means of shell company schemes and trade-based fraud. Furthermore, according to iDenfy, regulations are increasingly complicated and create new challenges for regulated entities. As a result, the company believes that following a strict fraud prevention programme that requires AI-powered AML solutions can help with ensuring compliance, preventing fraud, and helping companies detect illegitimate transactions attempts. 

As SupplierPlus is in agreement with this type of approach, the company made the decision to extend its fraud prevention system’s scope by partnering with iDenfy and decided to automate and simplify compliance by having iDenfy carry out screening and monitoring for the prevention of illicit activities. As a result, the company is now leveraging iDenfy’s AML Screening services both when onboarding new clients and when monitoring compliance. 

Lithuania-based identity verification provider iDenfy has partnered with fintech SupplierPlus to offer its anti-money laundering (AML) screening and monitoring solution.


SupplierPlus offering and further details on the iDenfy collaboration

SupplierPlus is a buyer-led supply chain finance (SCF) platform looking to enable corporate buyers to release working capital from optimal payment terms, while simultaneously accelerating the cashflows of their suppliers, meaning that it aims to simplify invoice financing between buyers, suppliers, and financiers. The multi-bank platform gives larger buyers the option of financing its entire supply chain, with buyers being able to improve their terms and pricing, whereas suppliers can get paid earlier. 

As iDenfy specialises in helping organisations meet AML and Know Your Customer (KYC) requirements without creating friction or compromising the user experience, SupplierPlus, being focused on global markets, saw the value associated with efficiency and, by making use of iDenfy’s automated AML checks and machine-translated Adverse Media monitoring, the fintech can now monitor cross-border clients in a more effective manner. 

Adverse Media checks enable the optimisation and building of robust AML compliance, while automatically detecting high-risk entities. Due to this, the newly implemented AML screening solution can scan and monitor a multitude of international databases to help detect either a person’s or a company’s involvement in criminal activities. iDenfy’s algorithms make possible the review of data in real-time, flagging any inconsistencies and alerting SupplierPlus through notifications, should the system detect any pattern of suspicious activity. 

Speaking on the collaboration, SupplierPlus officials have stated that, with the company being focused on expanding internationally and diversifying its services, partnering up with iDenfy as a compliance partner enables them to make use of automated AML checks which provide the necessary assurance and guarantee that the network is secured. iDenfy representatives added that their belief is that closing the security gap with robust AML compliance tools is necessary in the digital age, not only for regulatory obligations, but also for ensuring a company’s operational efficiency.

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

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Keywords: partnership, AML, fraud detection, fraud prevention, online fraud, compliance, regulation, identity verification
Categories: Fraud & Financial Crime
Companies: iDenfy, SupplierPlus
Countries: World
This article is part of category

Fraud & Financial Crime




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