iDenfy , a Lithuania-based regtech startup specialising in ID verification and fraud prevention, has launched new automated capabilities for its Know Your Business (KYB) platform. Centring its efforts on supporting the fintech sector in augmenting the business verification process, iDenfy introduced additional automated features for its KYB platform.

The move comes amid rising financial crimes and regulatory pressures, with the company’s team focusing on modifications to traditional or manual KYB processes and allowing firms to accurately verify entities and reduce risks without foregoing operational efficiencies. KYB verification processes have become a significant security measure for firms across several industries, especially those operating in high-risk sectors, such as fintech, virtual asset service providers (VASPs), iGaming establishments, or forex platforms. These require more advanced checks, which often include the verification of individual clients or other corporate organisations, such as potential partners or third-party service providers.

iDenfy’s updates on its KYB platform Considering the current business landscape and its complexity, iDenfy upgraded its KYB solution and implemented advanced sanctions and Politically Exposed Persons (PEP) screening to ensure that companies are not collaborating with fraudulent entities. Through this, the firm plans to support businesses in maintaining a proper risk management strategy, as risk profiles adjust based on modifications in sanctions lists or PEPs status. Also, iDenfy introduced into its KYB platform adverse media checks, which scan worldwide news sources to detect any negative details linked to a business or its owners. When commenting on the news, representatives from iDenfy mentioned that these automated features intend to optimise and simplify the entire KYB process, making it an augmented part of the business onboarding flow.

In addition, the company underlined that a KYB verification system should provide accuracy, compliance, and speed, and enable organisations to conduct checks in real-time. Automating this procedure is set to allow firms to authorise business information and check UBOs efficiently, thus ensuring compliance with FinCEN’s Customer Due Diligence (CDD) Final Rule and similar regulations globally. Furthermore, through its automated KYB solution, iDenfy works towards supporting businesses in conducting comprehensive due diligence without negatively affecting the efficiency of their operations. When developing the newly added capabilities, the company focused on providing a user-friendly and reliable tool that maintains compliance and enables clients to run securely in an ever-evolving financial landscape and a fluctuating regulatory environment. The current news follows iDenfy's partnership with Bitlocus to provide its Know Your Customer (KYC) solution to optimise the latter's verification process, intending to increase user conversions and maintain a compliant flow.

As part of their agreement, Bitlocus integrated iDenfy's automated identity verification and Anti-Money Laundering (AML) technologies, with the company selecting the regtech's solutions due to their ease of integration, market reputation, competitive service package, and support for several compliance processes. .