Action Monkey’s offering consists of automation and regularisation of the alternative investment and financing industry, having access to investor syndication, liquidity, transparency, efficiency, transferability, and scalability. The partnership with Know Your Customer (KYC) and anti-money laundering (AML) provider Shufti Pro follows the company’s need to be in line with regulations, while providing access to liquidity for private capital and debt markets.
Action Monkey is aiming to reduce the threat of onboarding money launderers in the DeFi industry by using Shufti Pro’s KYC verification and AML screening services, which will help assist the company in preventing identity and financial fraud, while simultaneously ensuring it remains compliant with regulatory requirements.
As Action Monkey’s solution offering covers the entire lifecycle of a digital asset and has functionalities such as tokenisation, compliance, custody, exchange, purchase, and sale of tokens, as well as access to a liquidity protocol, Shufti Pro’s AML screening helps identify high-risk profiles against criminal watch lists, global sanctions, and Politically Exposed Persons (PEP) lists. Their identity verification solution will also help promote KYC and AML compliance in the DeFi market, apart from encouraging an expedited customer onboarding rate.
Action Monkey officials have stated in the press release that being a permissioned DeFi platform for crypto assets with a focus on security tokens, it is fundamental to review identities and apply effective AML screening. Shufti Pro’s enhanced AI technology is believed to help them achieve a high level of accuracy in ID verification through means of devoted AI models for each document type and offer customers a quick onboarding experience.
Xponent is a fintech startup that introduces MENA’s first micro-investment mobile application, aiming to allow users to invest in a simple and automated manner by rounding up the customers’ daily transactions. In a region where other applications have prerequisites of capital and pre-existing financial knowledge, the company offers a niche service for investing users’ money. Xponent is looking to ensure that everyone can access the world of investments and is looking to help users attain financial freedom by merging spending and savings and allowing users to take better control of their finances.
As Shufti Pro’s solutions are for businesses in sectors such as finance and banking, ecommerce, cryptocurrency, healthcare, and education, the accuracy rate and global configurability of its solution help onboard businesses with a wide range of use cases. With this partnership, Xponent is looking for a secure and reliable customer onboarding experience, aiming to prevent identity theft and financial fraud threats such as money laundering and terrorist financing, while simultaneously hoping to avoid penalties that might rise due to non-compliance.
Shufti Pro is an identity verification service provider that offers KYC, KYB, KYI, AML, and OCR solutions. The company provides real-time verification to over 700 customers in 150 languages, in 20 countries and territories, through a single API integration that allows access to its 17 IDV services.
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