Shufti Pro offers Safwa Islamic Bank KYC & AML solutions

Tuesday 6 December 2022 09:44 CET | News

UK-based Shufti Pro has partnered with Safwa Islamic Bank to offer know your customer (KYC) and anti-money laundering (AML) solutions for a secure customer onboarding.


Founded in 2010, Safwa Islamic Bank is a Jordan-based Islamic bank that offers customers banking solutions that are both Sharia-compliant and in line with their banking needs, looking to implement throughout its services the values of diversity, modernity, justice, and transparency. 

By collaborating with the identity verification provider, the banking institution is looking to offer a secure and reliable experience for customers using the ‘Safwa Mobile’ application. Having as a top priority keeping users’ information secure and private, the financial institution decided upon replacing OTP with biometric authentication.

Partnership details, companies’ product offering

Shufti Pro offers businesses in the finance and banking, ecommerce, cryptocurrency, healthcare, and education sectors KYC and AML solutions that have a high accuracy rate and global configurability, with the company serving established businesses across an extensive range of industries. 

Being a financial solution provider looking to enable a convenient user journey, Safwa Islamic Bank partnered with Shufti Pro to deliver to their customers a secure banking experience. Following the collaboration, the bank is now able to prevent money laundering associated threats and other financial scams by carrying out robust identity verification checks of customers in a manner of a few seconds. Shufti Pro’s KYC solution helps verify customers identity in real-time, supporting businesses to tackle fraud to prevent identity theft, money laundering, and terrorist financing, while remaining compliant with global KYC and AML regulations.

UK-based Shufti Pro has partnered with Safwa Islamic Bank to offer know your customer (KYC) and anti-money laundering (AML) solutions for a secure customer onboarding.

Safwa Bank representatives have stated in the press release that the company is focused on their clients’ privacy and is looking for innovative solutions that help ensure a safe banking experience. Following this goal, the company partnered with the AI-powered identity verification solutions provider to further its strategy in providing to the customers that prefer using their online platform an improved and secure digital experience, with the financial institution aiming to improve their online banking offering and to create a safer service through the ‘Safwa Mobile’ application. 

Shufti Pro officials added that organisations of the likes of Safwa Islamic Bank that offer digital banking services have a need for fast, accurate, and compliant identity verification solutions to have their business goals achieved. Through the partnership, Safwa Islamic Bank will be able to onboard and authenticate the identity of its customers, with the KYC and AML solutions enabling the institution to mitigate identity and financial fraud while simultaneously remaining compliant with regulatory requirements. 

An integrated Islamic bank, Safwa Islamic Bank incorporates firm Islamic values with banking services, offering financial solutions to large and medium-sized enterprises through diverse Islamic financing products, services, and innovative solutions that meet the segment’s financing requirements. 

Shufti Pro offers KYC, know your business (KYB), know your investors (KYI), AML, and optical character recognition (OCR) solutions worldwide; it has 6 international offices and has launched since its 2017 inception a suite of 17 identity verification products. Shufti Pro has the ability to verify ID documents in 150 languages and serves customers in 230 countries and territories.

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Keywords: partnership, identity verification, AML, KYC, fraud detection, fraud prevention, digital onboarding
Categories: Fraud & Financial Crime
Companies: Safwa Islamic Bank, Shufti Pro
Countries: Jordan
This article is part of category

Fraud & Financial Crime

Safwa Islamic Bank


Shufti Pro

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