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Sumsub selfie biometrics and ID doc check chosen for investor onboarding, SmartSearch launches AML solution

Innov8tiv CEO sees Malaysian market benefits for digital KYC
Sumsub selfie biometrics and ID doc check chosen for investor onboarding, SmartSearch launches AML solution

Investor onboarding company Valk has selected Sumsub’s biometric identity verification technology to power the KYC, KYB, and AML checks for its white-label end-to-end digital solution for private markets built on the Corda open-source blockchain business platform.

The partnership enables Valk to provide investment banks, asset managers and fund managers with a way to onboard clients with automated compliance checks and offer document signing, instant on-chain settlements, data and document storage and communication through a single tool. According to the announcement, the solution reduces costs by 50 percent and the time that would otherwise be spend on manual processes by 80 percent.

“We are delighted to seal this partnership with Sumsub,” state Valk founders Antoine Loth and Elie Azzi. “Their solution perfectly fits our clients’ needs and has already greatly reduced the time spent on KYC processes while giving them a second to none digital experience. We are looking forward to working together for the long term and highly recommend their solution and services to any player in the market that wants to combine digital efficiency with excellence in compliance.”

Sumsub’s document check and selfie biometric authentication service allows Valk to verify investors across multiple channels and screen them for suspicious signals. The company announced this week it had raised $6 million to expand its market reach and customer base.

“We see the incredible results that VALK has achieved in terms of customer experience, cost reduction and time optimization and so we are naturally delighted to provide a secure and compliant environment for many of the businesses that use VALK for the more efficient management of unlisted assets,” says Jacob Sever, co-founder of Sumsub.

SmartSearch launches AML screening with video selfie biometrics

SmartSearch has launched the new TripleCheck service to provide biometric facial recognition and digital fraud checks with AML screening. The company says the resulting three-level anti money-laundering digital identity solution can replace customers’ entire customer identification program (CIP).

The first level of the service consists of an AML verification, sanctions and politically-exposed persons (PEP) screening based on credit reference data and more than 1,100 global watch lists. The advanced artificial intelligence automatically triggers enhanced due diligence when necessary, and returns results in under two seconds.

The facial recognition aspect of the solution includes biometric liveness detection via a customer video selfie, and OCR for document reading. The third level involves information like cell phone numbers to email addresses to build a risk score for the individual, and create a “Composite Digital Identity,” or CDI.

“We are always looking for ways to improve our service and make things as easy as possible for our US clients,” says SmartSearch CEO John Dobson. “TripleCheck is the most advanced piece of technology we have ever created and will make customer verification quicker, easier and more reliable than ever, giving all our clients peace of mind that they’re meeting all their BSA/AML requirements.

“It is simple, effective and can be used anytime, anywhere – from your desktop, cell phone or tablet – with results delivered in seconds.”

Innov8tif CEO on Malaysia’s new eKYC rules

The recent move to allow the use of digital KYC checks with facial biometrics by Bank Negara Malaysia in June represents an opportunity for the countries BFSI sector to become more efficient through the use of AI and machine learning, Innov8tif CEO George Lee tells Fintech News Malaysia.

Lee discusses how AI compares to humans at identifying faces, and the need for Malaysian financials to improve their digital services, including remote onboarding, to compete with the virtual banks that will soon arrive in the market.

Banks CIMB and HSBC have launched digital account opening in Malaysia, and the former has onboarded a million customers in the Philippines to its digital-only service in the last ten months, according to the report.

Innov8tif has been refining its “EMAS eKYC” modular solution to meet the growing demand for digital ID verification in the domestic market.

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