IDnow offers control and monitoring of the fight against money laundering

IDnow offers control and monitoring of the fight against money laundering

IDnow, a leading European platform as a service provider for identity verification, introduces automated AML (anti-money laundering) control on its global platform. This feature allows combined control of users against certain global watchlists in order to perform risk assessment and avoid violating various sanctions.

The solution is able to verify a person’s identity against PEP (Politically Exposed Persons) lists, sanctions lists, global watch lists and unwanted media at regular and chosen time intervals by the user. This allows the IDnow platform to monitor thousands of AMLs simultaneously and in real time.

IDnow integrates this extra step into its platform in order to reduce complexity and make the KYC (Know Your Customer) flow smoother, faster and even more secure. The highly automated process eliminates the need for companies to upload data for the check, as the information has already been collected during the identity check.

With the option of continuous monitoring, based on an individually defined rhythm, companies can keep up to date the risk profiles of their customers and perform customer due diligence.

Also Read: Top 5 Strategies to Enhance Data Privacy in the Workplace

“The new, streamlined process speeds up the on-boarding flow and provides a better user experience,” says Vikas Seth CPO at IDnow. “The addition of anti-money laundering filtering and monitoring further expands the IDnow platform and marks another strategic step on our path to becoming the leading European platform for all identity needs. ”

First, AML screening and monitoring will be offered for IDnow AutoIdent , the automated identity verification solution within the IDnow platform. Also, it will be offered for all of our identification methods in the future.

In recent years, IDnow has expanded its role far beyond offering individual identification procedures and has become the global platform for digital identities with several million transactions per year. In 2021, IDnow acquired ARIADNEXT, the French provider of identity technologies as well as the German company Trust Management AG. This allows IDnow to expand into new business sectors and to offer its services to a wider clientele in Europe .

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