It’s been a busy April for companies focused on anti-money laundering (AML) and Know Your Customer (KYC) products, with adoption growing outside the traditional core market of financial services providers.
Before we dig into each announcement, we look at Shufti Pro’s latest webinar, where the company’s head of Asia Pacific, Barry Wong, discussed AML regulatory compliance and KYC practices from a corporate perspective with Jeremy Platts, CEO of J Platts Consulting.
During the online session, Platts first discussed the early stages of AML compliance, which he said began with the introduction of AML laws in 1989 (through the establishment of the Financial Action Task Force) and the following expansion of the law in 1994 (Money ) Anti-Money Laundering Act) to cover a wider range of offences. That expansion continues today.
Events associated with 9/11 further spurred the need for AML regulation, according to the financial industry veteran, where governments realized that financial systems had failed to detect terrorist activities due to inadequate regulations.
The Patriot Act, created in response to these events, introduced KYC laws and expanded the Bank Secrecy Act of 1970 with new enforcement and requirements. Since then, Platts explained in the webinar; there has been a growing burden on financial institutions to comply with AML and KYC regulations. The same burden is also extended to companies in other verticals.
“If you look, the AML Regulation Act covers a much wider range of institutions that should be reporting,” Platts says, referring to Designated Non-Financial Businesses and Professions, which includes companies in the real estate and gambling sectors.
Shufti Pro chosen by Iuvo
Companies providing various services online, meanwhile, are signing up for selfie biometrics and regulatory checks to meet AML and KYC regulations in emerging markets.
For example, Shufti Pro has been selected by the European P2P (peer-to-peer) platform Iuvo to tackle financial crime.
The firm’s model provides returns to investors, while loan originators can take advantage of the P2P model to support their activities and bypass the need for an official financial institution as an intermediary.
“Eliminating financial fraud from Fintech markets and relevant industries is our main concern,” comments Shufti Pro CEO Victor Fredung. “To do so, our team will put every effort and hard work into delivering the best of our IDV services and successful KYC compliance strategies to Iuvo.”
The partnership comes weeks after Shufti Pro launched its new bug bounty program.
The developer platform chooses Jumio
Jumio provides facial authentication and other integrated technologies for customer onboarding as a strategic partner to developer platform Modyo.
Modyo provides a composite front-end platform for web applications. Case studies on their website show that Modyo’s customer base includes insurance providers and customer loyalty programs.
Customers of Modyo can use Jumio’s identity verification, risk assessment, eKYC and authentication technologies to secure and streamline their user onboarding processes, according to the announcement.
Veriff unveils identity verification product for gaming industry
According to a blog post published by Veriff’s director of global communications, Karita Sall, on Wednesday, the new offering streamlines the identity verification process for players while also establishing age-appropriate content rules.
“Veriff’s verification flow easily identifies whether users meet age criteria by extracting the date of birth from a person’s government-issued identity document and using the data to calculate their age,” explains Sall.
The new software can also reportedly prevent cheating, account takeovers and multi-account practices. It also introduces facial biometric authentication as an option for players to verify their identity upon login.
“The gaming universe is constantly evolving, presenting an increasing number of opportunities for gaming platforms, but also significant challenges when it comes to trust online,” says Veriff co-founder and CPO Janer Gorohhov.
“With Veriff’s latest identity verification feature, we help our customers build trust in their gaming communities and create a safer gaming world for both users and video game platforms.”
Ondato brings KYB protection to Poland
The London-based firm launched an expanded Know Your Business (KYB) offering designed to provide local and international firms operating in Poland with automated tools for corporate client onboarding in compliance with the new Polish sanctions regime and the EU’s 5th AML Directive ( 5 AMLD).
In a release shared with Biometric update, Ondato says the new expanded coverage provides complete data on Polish entities, including updated sanctions lists.
In addition, the software infrastructure reportedly allows online banks, electronic money institutions (EMIs), credit institutions, cryptocurrency marketplaces, gambling service companies, and legal and audit advisors, among others, to verify the legal status and compliance of customers in Poland.
“We have enabled secure automation of customer onboarding processes, removing the burden of manual KYB verification,” comments Ondato CEO Liudas Kanapienis.
“Ondato’s automated KYB verification puts our customers in the fast lane where they can overcome long and difficult onboarding processes, ensure accurate and reliable verification and focus on their core business activities.”
Ondato has also recently released its latest ‘Identity Fraud Report’.
Subjects of the article
AML | identity verification | Jumio | BUY | KYC | Ondata | selfie biometrics | Shufti Pro | Verif