Viena Moneta partners with iDenfy

Monday 23 October 2023 10:35 CET | News

iDenfy, has partnered with Viena Moneta, a currency exchange services provider, to automate the latter's AML compliance. 
With this partnership, iDenfy’s AML solution is expected to screen customers against various databases, including sanctions lists and global watchlists, to help Viena Moneta identify suspicious activities swiftly. 
Viena Moneta integrated iDenfy’s AML screening tool into its internal IT infrastructure, CurrExchanger. Therefore, the company’s in-house customer service specialists can receive real-time notifications during currency exchange transactions, confirming the completion of the AML check. Consequently, Viena Moneta wanted to increase its level of security, identify criminal threats, and pinpoint risks at an earlier stage in the customer journey. By partnering with iDenfy, they are able to address the core issue of complying with the Law on International Sanctions.  

iDenfy, has partnered with Viena Moneta, a currency exchange services provider, to automate the latter's AML compliance.

iDenfy's full-stack AML check service verifies all potential customers during onboarding, cross-referencing their details with global politically exposed persons (PEPs), sanctions lists, and other relevant watchlists. This will enable Viena Moneta to identify suspicious customers while maintaining trusted individuals promptly.  

Moreover, iDenfy’s AML screening software will help in keeping up to date with regulatory standards, minimising the need for manual checks. Thus, Viena Moneta is able to customise and automate custom AML rules, risk thresholds, and alerts to align with its desired risk levels and exposure. 

AML compliance in the forex market 

The foreign exchange market is one of the biggest financial markets globally, with a daily trading volume exceeding USD 5.4 trillion. According to iDenfy, this is a progressive trend as an increasing number of international businesses are participating in currency trading to facilitate cross-border transactions. Additionally, more customers exchange currencies for travel or remittances while currency traders buy and sell currencies to generate profits. However, the growing interest in such services presents opportunities for forex traders, but it has also given rise to an intensely competitive global market. iDenfy emphasises that to succeed in this competitive landscape, businesses must place a strong focus on both Anti-Money Laundering compliance and the implementation of a fast, user-friendly onboarding process. 

As per the press release, Viena Moneta supports this security-first approach, stating that the currency exchange businesses started looking for an automated AML system to employ data analysis and assess risks associated with new customers and their transactions in real-time. The licenced financial institution operates under the supervision of the Bank of Lithuania. With the primary services being currency exchanges, Viena Moneta plans to expand its service offerings in the near future.  

About the companies  

Based in Lithuania, iDenfy is a regtech offering AI-based identity verification and fraud prevention tools. The company provides AML, KYC, and KYB compliance solutions to a wide spectrum of businesses, no matter their size. 

Also based in Lithuania, Viena Moneta is a financial company offering currency exchange services, recognised as "One Coin" in English. The company exchanges currencies of 50 countries at a favourable rate. 

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Keywords: AML, identity verification, online security, regtech
Categories: Fraud & Financial Crime
Companies: iDenfy
Countries: World
This article is part of category

Fraud & Financial Crime


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