Sumsub, iDenfy, Identomat and Plaid each move to ease compliance checks for businesses

A ‘Complete Guide to Business Verification (KYB)’ has been published by Sumsub to help B2B companies mitigate rising fraud rates in the field, as 98 percent of B2B retailers, marketplaces and manufacturers report financial losses from fraud in 2021.

Sumsub finds that jurisdictional loopholes make Ultimate Beneficial Owner (UBO) on of KYB’s biggest challenges, and while UBO verification is required under AMLD5, qualifying as a UBO starts at anywhere from 10 percent to 25 percent ownership.

The guide also highlights differences in compliance in different countries, despite similarities in business verification rules.

Offshore islands and tax havens are commonly used for fraud and money laundering, according to the guide, and the changing geopolitical situation is putting renewed emphasis on sanctions screening.

Sumsub CLO Tony Petrov says the company can complete full-cycle KYB verification in only 3 hours, with automated checks taking only 3 minutes.

UAE and Egypt to collaborate on AML

In light of the jurisdictional gaps referred to in Sumsub’s guide, the United Arab Emirates and Egypt have signed a memorandum of understanding to collaborate on stopping money laundering and terrorism financing, reports Zawya.

The MoU was signed by the UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) and the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU), and will see collaboration on understanding risks, best practices, and stronger responses to shared threats. It also seeks to improve local and regional awareness of AML and counter-terrorism financing (CTF) by convening training courses, workshops, seminars and conferences.

KYC Questionnaire added to iDenfy platform

iDenfy has launched a KYC Questionnaire as a feature of its identity verification platform to allow businesses to build a fully-automated digital identity verification workflow.

The KYC Questionnaire is intended to simplify and ensure compliance, including with AML regulations. It includes pre-built templates for users to customize, and can be integrated with coding.

The company says the feature helps reduce manual labor and human error. Further, it eliminates the need for lengthy emailing processes, while enhancing data security.

“The custom KYC Questionnaire digitally collects and filters all information using the same identity verification platform or just one tool,” says iDenfy CEO Domantas Ciulde. “This enables our partners to create a swift, user-friendly customer onboarding process while minimizing fraud risks and ensuring regulatory compliance.”

Identomat adds 1K database checks to compliance stack

Identomat has partnered with Castellum.AI to deliver risk screening to its clients as part of its identity proofing and AML toolkit.

Castellum.AI is a financial crime prevention solution, and will provide more than 1,000 watchlists for global sanctions, politically exposed persons, adverse media coverage and more to Identomat.

The partnership allows Identomat to offer what it describes as a full compliance stack for identity verification, KYC and AML with its selfie biometrics, implemented with a single integration.

“We are very excited to announce our partnership with Identomat. We’ve been closely working with the team to expand Identomat’s services to enhance global compliance screening within its ID verification platform,” says Castellum.AI CEO Peter Piatetsky. “This partnership is a clear win for clients who can now onboard new customers using a single end-to-end solution.”

Identomat was confirmed compliant to the level 2 ISO biometric presentation attack detection standard in a recent test by iBeta.

Plaid launches IDV products

Canadian fintech Plaid has launched a pair of solutions to help Canadian businesses comply with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations

Identity Verification is a global digital identity verification solution with selfie biometrics and liveness checks. Monitor is its KYC and AML compliance tool counterpart.

Integrating Plaid now allows businesses to verify the identities of users from more than 200 countries, with support for more than 16,000 ID documents, according to the announcement.

Plaid began moving into the space with a blog post previewing the software last year.

Article Topics

AML  |  biometrics  |  Castellum.AI  |  digital identity  |  iDenfy  |  identity verification  |  Identomat  |  KYB  |  KYC  |  Plaid  |  selfie biometrics  |  Shufti Pro  |  Sumsub