Lithuania-based iDenfy has partnered with global cryptocurrency and digital payment service provider Mountain Wolf.
iDenfy is a specialist in ID verification and fraud prevention solutions, while Mountain Wolf is known for its comprehensive suite of crypto and digital payment services.
The partnership aims to enforce and streamline Know Your Customer (KYC) and Know Your Business (KYB) compliance. The backdrop of this partnership lies in the burgeoning need for robust security measures and strict regulations, given the rise of advanced fraudulent attacks across digital platforms, especially in the cryptocurrency realm.
Operating in the RegTech sector, iDenfy is a key player offering artificial intelligence (AI) powered fraud prevention tools. These tools play a dual role: they not only automate compliance tasks but also stabilise the digital asset market by ensuring rigorous adherence to KYC regulations. On the other hand, Mountain Wolf is a pioneer in the realm of digital payments. Their mission to revolutionise this sector aligns well with their ambition to exceed the capabilities of traditional banks. Catering to over 90,000 clients globally, the company is at the forefront of shaping financial transactions’ future.
Seeing a daily client increase of 200, Mountain Wolf handles a significant volume of digital and crypto transfers as well as virtual exchanges. The company understood the need to lessen manual workload, thereby automating compliance workflow. To address its KYC/KYB requirements effectively, Mountain Wolf chose to collaborate with iDenfy.
Over the years, iDenfy has built a multifaceted identity verification and business verification software, specifically tailored for crypto platforms, owing to its partnerships with various crypto companies. With its new alliance with Mountain Wolf, iDenfy aspires to aid the latter’s global expansion by eliminating laborious manual data entry. Instead, iDenfy’s solution will automate the extraction of relevant information from a vast variety of documents.
Given that crypto-licensed companies are obligated to request information such as the welfare status of Politically Exposed Persons (PEPs), proof of income sources, identity of ultimate beneficial owners (UBOs), and other legal activity-related documents, Mountain Wolf implemented iDenfy’s AML screening solution. This solution automates data collection, screens multiple databases, and detects suspicious data in real-time — ensuring AML compliance.
Mountain Wolf claims that this partnership will improve customer experience during the onboarding process, thanks to iDenfy’s clear on-screen verification instructions. By integrating iDenfy’s business verification solution, Mountain Wolf anticipates significant time and cost savings, with around 70% of the required company data being obtained in less than a minute.
Mountain Wolf’s AML and Compliance Lawyer, Marina Kapustina said, “iDenfy was a great pick for us due to its feature-rich approach. iDenfy’s KYC/KYB and AML software streamlines complex processes, resulting in a more user-friendly experience for our customers.” iDenfy’s CEO, Domantas Ciulde, commented, “While regulatory compliance is a key concern for crypto companies, for us, it’s equally important to provide a convenient user experience during customer onboarding. We’re happy to partner with Mountain Wolf and help them strike a balance between security and user experience.”
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst
