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Finora Bank automates AML compliance with iDenfy

By Gloria Methri

January 31, 2023

  • AML Compliance
  • Customer Onboarding
  • Finora Bank
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iDenfy, AML Compliance, Lithuania, fraud prevention, identity verification, artificial intelligence, KYCAI-powered fraud prevention and identity verification start-up iDenfy, has announced a new partnership with Finora Bank, the Lithuania-based financial service provider for SMEs. With iDenfy’s IDV and AML solutions, Finora bank will automate compliance and secure the customer onboarding process.

The new partnership will help the bank manage fraud risks more responsibly and gain real-time insights into its financial operations.

iDenfy’s four-step identity verification solution uses selfie biometrics. Liveness detection adds another layer of security, eliminating criminals trying to pass the verification using fraudulent methods.

The verification process takes less than a minute to complete. Users have to select the document issuing country and type. After they upload their passport or ID card, customers snap a selfie so the algorithms can match the face against the document and multiple AML databases.

The KYC service provider’s expert team double-checks verification results 24/7, making sure to prevent fraudulent users from accessing the bank’s network.

By leveraging iDenfy’s solutions, Finora Bank can also conduct AML checks and continue ongoing data monitoring, which consists of scanning global sanctions lists, PEP, and adverse media sources.

The newly implemented verification and AML Screening process will ensure Finora Bank’s compliance with the latest EU regulations. iDenfy is a certified-ISO fraud prevention service provider with its solutions protected by Technology Errors & Omissions Cyber insurance from Lloyd’s.

“The new identity verification solution supports our efforts to provide our clients with an expedited and fully compliant onboarding process. We are happy to partner with iDenfy. With their assistance, our customers can verify their identities in a few clicks,” said Aurelijus Sveikauskas, CEO of Finora Bank.

Domantas Ciulde, CEO of iDenfy, added, “We are happy to join forces with Finora Bank and help them expand into new markets with an enhanced, fully digitized onboarding experience.”

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