The new tool enables businesses to access and compare data from a wide array of global sources with internal KYB information, designed to streamline onboarding procedures by improving speed, accuracy, and security.
The Data Crossmatch tool integrates data from over 540 million global business records across 160 countries, sourcing information from government registries and credit bureaus. This broad database supports compliance with regulatory requirements, particularly for tasks like Ultimate Beneficial Owner (UBO) verification, by offering a comprehensive cross-referencing capability.
By automating these verification processes, iDenfy’s tool significantly reduces the need for manual checks, helping compliance teams identify missing or erroneous information quickly to improve onboarding accuracy.
Beyond verifying UBOs, the Data Crossmatch tool improves Anti-Money Laundering (AML) measures by sourcing records from international government and regulatory databases, including those from Europol, the Financial Crime Enforcement Network, Interpol, and more. This multi-layered approach aims to detect potential financial crimes early in the process, providing a safeguard for businesses navigating complex regulatory frameworks.
Officials from iDenfy noted that the platform’s focus on precision in onboarding addresses these growing regulatory demands by reducing compliance risks. He described the feature as creating a more user-friendly KYB process that helps businesses verify client data efficiently and effectively.
The Data Crossmatch tool also retains detailed records of each verification step, along with timelines and decisions, for up to eight years to support regulatory audits and ensure that businesses are prepared for compliance reviews. By securing long-term data storage, the tool aims to help companies mitigate non-compliance risks, maintaining comprehensive records for future auditing.
Representatives from iDenfy further highlighted the operational benefits, stating that Data Crossmatch can reduce due diligence time by up to 30%, cutting down on manual, error-prone verification tasks.
To address growing cybersecurity threats, Data Crossmatch also features protections against document fraud, offering protection against the submission of false documents aimed at illicitly registering businesses or engaging in fraudulent activities. By adding this layer of security, iDenfy’s tool supports businesses in countering cybercrime risks more effectively.
For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.
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