Estonian identity verification firm Veriff has launched its new Anti Money Laundering (AML) compliance to aid companies in complying with AML regulations.
The new product will provide its customers with a wide range of tools to help them comply with AML regulations. These tools include identity verification, politically exposed person (PEP) checks, adverse media screening and ongoing monitoring of persons and sanctions services.
According to Veriff, the new product – developed in collaboration with financial crime detection firm ComplyAdvantage – will cover the essential Know Your Customer and AML checks that are required by companies in order to comply with identity-focused financial regulations and tackle financial crimes.
Following the verification of the true identity of an individual, the company will screen for potential matches in consolidated PEP and Sanctions lists as well as offering automated ongoing monitoring.
Veriff co-founder and CPO Janer Gorohhov said, “With our AML product, Veriff offers its customers a one-stop-shop to comply with financial sector regulations, relieving them of the previous challenge to build multiple layers into their own systems. Financial fraud continues to threaten corporations and individuals on a global scale, Veriff is committed to protecting our customers with the technologies and capabilities they need to keep their identities safe from fraud.”
ComplyAdvantage CEO and founder Charlie Delingpole added, “One of the unforeseen challenges that many transacting businesses face is making sure they’re not onboarding a prospective customer who later turns out to be a business liability. Through our collaboration, we are delighted to work with Veriff as they develop a world-class identity verification solution designed to reduce risk so their customers can transact with trust and grow with confidence.”
Veriff recently closed a $69m Series B financing round led by IVP and Accel. The company claimed the funding will aid it in building on the ‘fast-growing’ market opportunity in the US as well as delivering on its promise of building a stronger source of identity online than government-issued IDs alone currently provide.
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