written and last updated by
Sam Smith at
22 Feb 2022
Journalist, Editorial Department
Lithuanian company IDenfy, specializing in identity verification and fraud prevention, has announced the launch of a new type of anti-money laundering (AML) verification system. This innovative system can alert website administrators when a client is flagged in AML risk databases during the verification process. The product leverages original continuous monitoring technology.
IDenfy claims that the system is designed to minimize the risk of incurring fines from regulators and to simplify compliance with anti-money laundering laws. The company hopes that this new technology will aid its growth and encourage more clients to utilize its services.
Furthermore, IDenfy views the AML control system as a means to enhance its own reputation. The developer asserts that any company wishing to use IDenfy's services will be partnering with a fully "transparent, professional organization."
IDenfy's CEO, Domantas Čulde, expressed optimism that the company's products can "implement effective security measures across various industries," providing comprehensive protection against money laundering. IDenfy utilizes data from a range of official institutions to populate its risk database, including Interpol, Europol, the FBI, information on politically exposed persons (PEPs), and individuals in prominent public positions.
The company claims that the multiple databases involved in the verification system reduce the likelihood of false positive threats during analysis. IDenfy states that its technology employs advanced data research methods and artificial intelligence (AI).
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IDenfy also emphasizes that the system is continuously updated, as governments introduce new regulations for financial transactions and information about political figures is regularly revised. This approach allows IDenfy to maintain the relevance of the data in its software.
In related news, Crown Resorts is set to open its Sydney casino in the coming weeks.
