Jumio partners with ComplyAdvantage to offer automated anti-money laundering screening
Jumio has announced the launch of a new, fully automated anti-money laundering (AML) screening solution to reduce customer’s risk exposure and ease regulatory compliance by integrating the ComplyAdvantage dynamic financial crime risk database.
Identity verification and AML technologies have traditionally been distinct technologies, Jumio VP of Marketing Dean Nicolls told Biometric Update in an email. With the launch of Jumio Screening, companies will gain compliance benefits, he says, but more importantly separate themselves from the low-hanging fruit likely to be targeted by criminals. Leveraging identity verification with AML processes protects against composite identities by requiring a valid government-issued ID document and selfie video with liveness detection, providing a disincentive to criminals who will seek out a bank with less rigorous identity proofing that allows them to use an alias, Nicolls explains.
ComplyAdvantage is a real-time database of people and companies the pose a risk of financial crime, according to the announcement. The partnership gives Jumio customers access to the global proprietary database of structured risk profiles taking in enhanced sanctions, regulatory and enforcement watchlists, politically exposed persons (PEPs), and adverse media. As customers are onboarded, the integration automatically flags new customers on any of the databases. The service also includes proactive alerts and ongoing monitoring after that to help financial institutions maintain compliance, and search profiles and filters can be tailored to the customer’s risk tolerance with flexible configuration options to reduce false positives.
“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,” says Jumio Chief Product Officer Philipp Pointner. “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.”
Jumio’s Netverify dashboard also has ComplyAdvantage’s automated screening and monitoring embedded to enable customers to drill down into particular matches to streamline compliance reviews, and identity verification and watchlist, sanctions, and adverse media screening are all available from a single dashboard.
Virtually all financial service customers have a legacy AML solution in place, Nicolls says, in order to meet compliance requirements. These solutions, however, are not necessarily effective.
“Many still utilize very manual processes for AML screening that adds a ton of friction to the new account onboarding process. Many of their boards are demanding that they figure this problem out without sacrificing new customers who often abandon the account set up process because of delays associated with AML screening,” Nicolls comments. “The ongoing monitoring and alerting is often a big gap for banks as they have to ensure that the status of current customers has not changed over time so they end up batching up lists of current customers to pinging various watchlists/sanctions lists. This is usually a very manual process.”
In the last decade, $26 billion in fines for non-compliance with AML and related regulations, according to Nicolls, including many major financial institutions.
Jumio recently opened a sales office in Brazil to support the rapid adoption of its technology in Latin America, particularly in the financial services sector.