iDenfy has announced the launch of its new AML solution, designed to screen individuals and businesses against multiple AML databases, such as global sanctions lists.
Following this announcement, the updated framework is expected to improve the manner in which iDenfy’s automated AML system prevents, detects, and monitors money laundering risks, aiming to provide an optimised and suitable tool in order to comply with international regulatory standards and recognise fraud with world-class data sources.
In addition, the new AML Screening platform is set to introduce a fully documented and updated operational workflow, which was designed to ensure consistent, transparent, and auditable compliance settings across all iDenfy products, including Know Your Customer (KYC) and Know Your Business (KYB) verification systems. Furthermore, it will also provide businesses and organisations with improved tools to monitor individuals and entities against sanctions, Politically Exposed Persons (PEPs) lists, adverse media, and other risk datasets in real-time.
Implementing the Acuris risk intelligence tool and improving systems configurations to simplify AML checks for clients
According to the official press release, the newly presented AML Screening software was developed in order to introduce a new configuration structure that allows iDenfy partners to manage AML match thresholds, PEP risk tiers, and sanction filters within a single platform. At the same time, it is expected to enable both manual and automated AML checks, triggered via dashboard or API, that ensure an optimised flexibility for financial institutions, fintechs, and other high-risk, regulated industries that juggle a high volume of corporate clients. Moreover, AML checks will be enabled to be performed instantly during onboarding processes, as well as integrated with other iDenfy’s KYC and KYB systems.
The update is expected to introduce improved logic for handling high-risk clients, such as PEPs. iDenfy’s new classification was designed in order to optimise the way clients evaluate the risk of both foreign and domestic PEPs, their family members, and close associates. With this in mind, the new AML software is set to assign PEP tier levels based on their influence and exposure.
In addition, iDenfy’s AML dashboard page is expected to be able to automatically adjust custom filters and changes based on the partner’s setup. Users and customers will have the possibility to check risk lists and execute search results to get information about a particular person, along with search details and overall AML check status. As a result, instead of ‘AML suspected’ and ‘AML not suspected’ result tags, there will be more accurate results via wording like ‘Flags found’, ‘Flags not found’, as well as ‘True positive’ and ‘False positive’ symbols that aim to simplify detailed AML screening’s results.
