Anti-Money Laundering Screening and Ongoing Monitoring - an addition to iDenfy's fraud prevention package

March 05, 2022 (PRLEAP.COM) Technology News
iDenfy, identity verification, compliance and fraud prevention platform, has introduced Anti-Money Laundering Screening and Ongoing Monitoring. The new addition will allow businesses to scan databases in real-time to avoid customer threats and unsafe partnerships.

The new fully automated screening service complies with Anti-Money Laundering (AML) policies. Since many online businesses are ought to meet regulations, iDenfy's solution will eliminate this trouble and also prevent the companies from risks, determining the customers' risk level and possibly saving the business' reputation.

Fraud occurs in unexpected scenarios, and many forget that crime also happens among politicians. While some are known for their amazing work, others in this segment abuse their power to steal public funds or take bribes. That's why this issue of money laundering and corruption is everywhere, from democracies to autocracies.

iDenfy's AML Screening reviews all types of changing business relationships. By conducting customer risk assessment, the service determines whether the clients' activities are consistent with Know Your Customer (KYC) requirements. It follows up with real-time monitoring of constantly changing Sanctions, negative news, and Politically Exposed Persons (PEPs) data lists. This way, companies scan through their customers to determine the risk level. Risky customers need to be avoided, as they tend to expose businesses to financial crime.

By following a system of compliance as per the laws of a specific country and checking for PEP and Sanctions, it is possible to prove compliance and protect the business from any potential penalties if the customer is found guilty of illegal activities. iDenfy's Chief Business Development Officer, Darius Sulte informed that iDenfy can even scan data that's stored in negative news sources or even lost and found documents "for complete assurance".

Ongoing Monitoring is an extra feature that applies controls during the customers' onboarding process classifying them again according to their risk levels. The purpose of monitoring is the same, but, unlike screening, AML Ongoing Monitoring is a daily matter. The process is done automatically, and in case any unusual risks are detected, the business receives an alert informing about the change in reputation. According to iDenfy's CEO, Domantas CIulde, using both - AML Screening and Ongoing Monitoring - helps to gather more information and produces accurate results.

To avoid the risks and lost funds to compliance fines, financial institutions see benefits in maintaining an effective and efficient sanctions screening process; especially larger financial institutions since they are expected to use technology to ensure compliance with regulations and manage their increasing complexity in a speedy, automated manner.

iDenfy's CEO expressed that "The company's monitoring services are convenient because they can be implemented at any stage to de-risk a business from any industry that has money flow implemented," adding: "Companies like financial institutions, law-enforcement agencies, money service businesses, or digital currency exchanges operate across borders and serve various clients. For this reason, they are prone to such risks as money laundering."

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