iDenfy partners with Business Arena to improve compliance

This collaboration aims to boost Business Arena’s security measures and simplify its onboarding processes through iDenfy’s advanced identity verification (IDV) and AML solutions.

Business Arena offers various services, including business setup, licensing, visa processing, and administrative support. Its comprehensive solutions cater to multinational corporations, SMEs, and individual investors, simplifying business operations in the UAE.

The company prioritises regulatory compliance and efficient government processes, enabling clients to focus on growth while remaining legally compliant. Before integrating iDenfy’s technology, Business Arena relied on manual, resource-intensive verification methods. The shift to automated IDV has reduced verification times and minimised human error, improving the overall client experience.

Advanced technology for fraud prevention

Business Arena's adoption of iDenfy’s platform introduces advanced technologies like biometric and document verification, automating compliance processes and ensuring only legitimate customers gain access to services. iDenfy’s identity verification system uses three-dimensional face mapping and facial recognition algorithms to detect and prevent sophisticated fraud attempts, including those involving 3D masks and deepfakes.

The technology can validate over 3,000 document types from more than 200 countries and territories, offering global identity verification. Additionally, the integration of iDenfy’s AML screening solution allows Business Arena to automate adverse media checks and monitor global watchlists, including those from Europol, FBI, NCA, and international organisations like the World Bank and Interpol.

Business Arena previously conducted manual checks to identify businesses linked to sanctions or money laundering activities. IDenfy’s AML solution now provides automated, real-time monitoring of Politically Exposed Persons (PEPs) and law enforcement watchlists. The AI-powered system offers instant notifications if an AML risk is detected, ensuring compliance with KYC/AML regulations across multiple jurisdictions.

As the corporate services industry evolves, the risks associated with fraud and financial crime are increasing. Identity fraud losses are projected to exceed USD 50 billion in 2025, with synthetic identity fraud among the fastest-growing threats. In this environment, compliance with AML and KYC regulations is more critical than ever.