Global: iDenfy augments its AML screening with ongoing monitoring

Lithuania-based fraud prevention company iDenfy has introduced a newly designed method for risk assessment during identity verification processes.

With the idea to minimise fines, branch out to wider spheres, and make compliance simple, iDenfy introduced anti-money laundering (AML) checks for companies. According to the identity verification and compliance company, its service is designed to maximise security for those who want to make sure that they are partnering up with a transparent, professional organisation.

iDenfy’s risk database covers politically exposed persons (PEPs) information, international sanctions, and law enforcement watchlists, such as Interpol, World Bank, FBI, and Europol, alongside reviewing negative media. For instance, a ‘PEP’ is a person with a prominent public position that automatically makes them susceptible to corruption, bribery, or similar money laundering crimes, according to the press release.

Compared to paper-like traditional banking methods, according to iDenfy, these results are granted due to advanced data and analytics techniques used in iDenfy’s software, such as artificial intelligence. Due to changes in compliance regulations, iDenfy’s new approach suggests protecting businesses from fraudulent activity by monitoring and updating the data lists daily.