Lithuania-based regtech provider iDenfy has announced the launch of its AI-enabled Customer Risk Assessment solution, completing its KYC/KYB/AML compliance suite. In a bid to enable businesses with an automated and customisable approach to risk management for Know Your Customer (KYC) and Know Your Business (KYB) compliance, iDenfy, which provides identity verification and fraud prevention software, introduced a customer risk assessment feature for its platform.

Through this, the regtech intends to allow firms to establish the risk levels of an onboarded company or individual, with compliance teams being able to leverage it to create custom rules. In addition, the feature is set to be beneficial for high-risk industries and businesses that manage an increased volume of onboarded entities and want to guarantee Anti-Money Laundering (AML) compliance by leveraging automation. More information on the announcement According to iDenfy’s officials, the methods utilised by criminals have become substantially more advanced, with them knowing how to manipulate the marketplace and launder money, as well as find new ways for tax evasion. The company developed the tool based on requests from partners who needed an automated solution located on the same dashboard that can deliver a flexible and adapted approach to several compliance-related tasks. Moreover, iDenfy’s Customer Risk Assessment solution intends to allow businesses to simplify their risk management processes efficiently by enabling them to enter risk assessment names and descriptions on the company’s dashboard, create risk channels, and customise automation rules.

Businesses can tailor rules based on particular customer risk factors, including identity data, address info, countries of incorporation, and Politically Exposed Person (PEP) status, among others. By utilising iDenfy’s tool, companies can develop their own verification rules and retain historical data records leveraging the same updated dashboard. By doing so, the performance of KYC and KYB risk assessments remains in compliance with legal standards and internal protocols customised to various jurisdictions. .