Identity verification company Jumio has launched its new fully automated AML screening solution which has been built through a new partnership with ComplyAdvantage.
Through the new partnership, Jumio customers will be able to access a global database of structured risk profiles which cover enhanced sanctions, regulatory and enforcement watchlists, politically exposed persons (PEPs) and adverse media. When new customers are onboarded, if they are on any of the databases they are automatically flagged.
This new solution will also provide proactive alerts and ongoing monitoring after the onboarding phase, ensuring financial institutions maintain compliance. Flexible configurations, search profiles and filters are available to tailor the solution to each customer’s individual risk-configuration and lower the number of false positives.
Jumio Screening streamlines the process with ID verification and AML screening from a single location. The integration of ComplyAdvantage’s automated watchlist/PePs screening and monitoring will give an enhanced compliance review. Through a single dashboard, users will enable businesses to take a risk-based approach with improved due diligence for high-risk customers and avoid re-screening an existing user.
Jumio chief product officer Philipp Pointner said, “As more and more companies onboard new customers remotely, it’s increasingly important for online businesses to flag individuals who appear on sanctions lists in order to help tackle money laundering and terrorist financing.
“This integration equips our clients with market-leading data and best-of-breed digital identity and screening technologies to make the right AML risk decisions with automated customer onboarding and ongoing monitoring.”
Earlier this month, Jumio opened a new sales office in Brazil to support its move into the Latin American market.
Real-time database for risk decision-making ComplyAdvantage, recently formed a partnership with Aqubix’s KYC Portal in order to enhance KYC processes. The goal of the deal was to automate manual subject screening, and improve traceability of actions taken by internal compliance teams.
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