The fraud prevalent atmosphere has made the use of anti-fraud solutions a necessity for the financial services sector and businesses in general. The advancements that advanced technology has made in helping to develop solutions that are effective as well as efficient. A number of countries and regulators have made Know Your Customer (KYC) requirements an obligation for companies, especially those operating e-commerce setups. Financial services institutions are additionally required to adhere to Anti Money Laundering (AML) regulations in order to keep financial crimes like money laundering at bay. Thus, over time, KYC and AML solution providers have emerged to fill in the gap created by such requirements and regulations. At present the top KYC/AML providers that are present in the market include;
The company was founded in 2012 and provides automated KYC/AML services to businesses. It is a blockchain based solution that enables users to create sovereign digital identities on an encrypted blockchain. The identities created by the users are created and controlled by them alone and cannot be accessed by anyone, including the Authenteq itself. When verifying their identities, a user can choose to authenticate only the information that is required by a company, while keeping the rest of their identity concealed. They are catering to businesses from e-commerce, online gaming, financial services, and the crypto sector. They can provide document fraud detection and liveness detection features in their services.
Trulioo is an electronic identity verification service provider that has been providing KYC and AML services to businesses. They can verify identities through document verifications and facial recognition for a layered security system for businesses. They can also verify businesses for enhanced due diligence processes and establish ultimate beneficial ownership (UBO) for assets and wealth. Through Trulioo’s business verification services, companies with a B2B model can also verify their clients through official registries for businesses. They also provide AML screenings from global sanction lists and watchlists. This enables businesses to screen for Politically Exposed Persons (PEPs). AML screenings for businesses are also provided by Trulioo. The company promises to mitigate the risk of identity fraud for businesses allowing them to increase customer trust and improve customer due to diligence processes.
- Shufti Pro
Shufti Pro is a rather new but promising UK-based KYC/AML solution provider. The company too provides identity verification services to a global business clientele. They operate on AI-based authentication protocols and can verify users in real-time. Their system is able to verify over 3000 documents from more than 230 countries. They offer universal language support which allows users from all over the world to verify themselves using the platform. They are using a combination of AI and Human Intelligence to verify users. Their services include document verifications, facial recognition, and AML screening checks. Shufti Pro is able to screen users through over 1000 global AML sanction lists. Their RESTful API and SDKs for Android and iOS allows for seamless integration for businesses into their existing web interfaces.