Anti-Money Laundering Screening and Ongoing Monitoring is the combination of compliance and customers’ trust

Updated October 6, 2023

The identity verification and fraud prevention business, iDenfy, presented a screening service allowing companies to scan and monitor their customers or potential partners in real-time. The service will identify the risks and target suspicious patterns to prevent fraud.

The Know Your Customer (KYC) solution, compliance and fraud prevention business isn’t an exception, as the company continues to branch out and follow the global mission to battle fraud. By developing a new version of AML Screening, iDenfy suggests scanning customers through multiple Sanctions, PEPs, and Watchlists.

Many industries are seeking digital solutions to these issues, and the platform to create new services for fraud prevention is in high demand. As per Financial Times, there’s a new tendency to adopt AI technology or automated processes in general to detect money laundering. iDenfy’s CEO, Domantas Ciulde agrees with the technology-based approach by stating that “AML Screening is an automated process that saves time and answers legal questions.”

The company’s AI-powered risk assessment prevents reputational damage and informs automatically if an anti-money laundering risk database hit occurs so that compliance officers can act accordingly. Since risk levels might change over time, as an extra step, the CEO of iDenfy says that Ongoing Monitoring, a daily real-time screening service ensures that you are dealing with legitimate individuals or companies throughout the whole time your service is provided.

With the record of $8.9bn in 2014, the bank of BNP Paribas was obliged to pay for violated sanctions, the pressure hasn’t eased off ever since. In 2021, the average cost of data breaches among businesses reached $4.24 million per incident, which, according to the IBM and the Ponemon Institute’s report,  is the highest number in 17 years.

This leads to many factors that impacted such statistics, the main one being the global pandemic. With many businesses switching to remote work, data breach opportunities widened. Special tools continue to help battle fraud and reduce data breach costs. Today, with the wide range of cyber defense programs, businesses struggle to find the best mechanism to match their needs.

According to iDenfy’s Chief Business Development Officer, Darius Sulte, efficient, safe solutions are on the rise, and iDenfy’s AML Screening and Ongoing Monitoring is one of them. With the approach to scan more data; its service reduces false positives, and improves accuracy.

“Fraud prevention is critical, and the tendency remains, as it’s not getting easier to uphold cybersecurity standards,” – said Domantas Ciulde, adding: “That’s why we’re working harder to provide new solutions in the battle with fraud”.

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