Fraud prevention and identity verification firm iDenfy has partnered with Finora to automate compliance and secure the onboarding process.
In recent years, financial institutions struggled with KYC and AML compliance issues. As a result, a stricter regulatory landscape and modern technology have pushed many financial players to rethink their fraud prevention strategy and implement efficient digital solutions.
iDenfy agreed with this mindset and explained that even though banks are pressured to increase their security budgets, investing in AI-enabled tools helps them achieve sustainable growth while significantly decreasing financial crime numbers.
To ensure effective fraud prevention and better understand its clients, Finora Bank started to look for digital solutions and chose iDenfy’s identity verification.
Finora said that it is vital to protect clients and guarantee complete transparency when providing financial services.
iDenfy now assists Finora Bank in automating customer due diligence. The new partnership will help Finora Bank manage fraud risks more responsibly and gain detailed real-time insights into their financial operations.
iDenfy’s four-step identity verification solution uses selfie biometrics. Liveness detection adds another layer of security, eliminating criminals trying to pass the verification using fraudulent methods: deepfake technology, masks, fake pictures, etc. It takes less than a minute to complete the four-step biometric verification.
Users are asked to select the document issuing country and type. After they upload their passport or ID card, customers snap a quick selfie so the algorithms can match the face against the document and multiple AML databases.
By leveraging iDenfy’s solutions, Finora Bank can also conduct AML checks and continue with ongoing data monitoring, which consists of constantly scanning global sanctions lists, PEP, and adverse media sources.
The newly implemented verification and AML Screening process will ensure Finora Bank’s compliance with the latest EU regulations, which of course, played an essential role in the bank’s decision to choose iDenfy as its customers’ data protection partner.
Finora Bank CEO Aurelijus Sveikauskas said, “The new identity verification solution supports our efforts to provide our clients with an expedited and fully compliant onboarding process. We’re happy to partner with iDenfy. With their assistance, our customers can verify their identities in a few clicks.”
Salv, which has built collaborative crime-fighting technology, has raised €4m for its seed round extension.
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst
