Lithuania-based iDenfy has partnered financial service provider Finora Bank to provide identity verification (IDV) and anti-money laundering (AML) services to reduce fraud. Through this collaboration Finora Bank aims to leverage iDenfy’s IDV and AML solution in order to automate compliance and secure the customer onboarding process.

Fraud prevention and how the partnership falls into place As per press release information, iDenfy’s four-step identity verification solution leverages selfie biometrics. Liveness detection helps add an additional layer of security, looking to eliminate criminals aiming to pass the verification using fraudulent methods of the likes of deepfake technology, masks, fake pictures, amongst others. The four-step biometric verification takes less than a minute to complete, with users being asked to select the document issuing country and type.

After their passport or ID card is uploaded, customers need to take a quick selfie so that the algorithms can match the face against the document and multiple AML databases. Furthermore, the KYC service provider helps ensure accuracy by powering its in-house expert team, who double-checks verification results 24/7, looking to ensure that fraudulent users are prevented from accessing Finora Bank’s network. By leveraging iDenfy’s solutions, Finora Bank is also enabled to conduct AML checks and continue with ongoing data monitoring, which consists of constant scanning of global sanctions lists, PEP, and adverse media sources.

The implementation of the verification and AML screening process is set to help ensure Finora Bank is compliant with the latest EU regulations, as iDenfy is a certified-ISO fraud prevention service provider and its solutions are protected by Technology Errors & Omissions Cyber insurance from Lloyd’s, as per press release information. Finora Bank officials commented on the collaboration and advised that the identity verification solution helps support their efforts in providing their clients with an onboarding process that is both expedited and fully compliant. Context of the partnership Based on information provided in the press release, throughout the years, financial institutions have been struggling with issues related to know your customer (KYC) and AML compliance.

Due to this, a multitude of financial players have been pushed by a stricter regulatory landscape and modern technology to rethink their fraud prevention strategy and have efficient digital solutions implemented. Being in agreement with this strategic mindset, iDenfy believes that although banks are pressured to have their security budgets increased, carrying out investments into AI-enabled tools is set to help them achieve sustainable growth, while simultaneously decreasing numbers in financial crime. As it was looking to ensure both effective fraud prevention and a better understanding of its clients, Finora Bank was searching for digital solutions and decided upon iDenfy’s identity verification.

Furthermore, the bank believes it vital to have clients protected and complete transparency guaranteed when offering financial services. As per the announcement, Finora Bank had obtained its banking license from the European Central Bank in May 2022, which enabled the financial service provider to expand its operations throughout Europe. According to the bank, expedited scalability required increasingly robust security measures.

Looking to offer high levels of AML and terrorist financing compliance measures to their clients and partners, Finora Bank decided to form long-term business relationships with a remote ID verification provider, with iDenfy now assisting the company in having customer due diligence automated. The collaboration is set to enable Finora Bank to manage fraud risks a more responsible manner and gain detailed, real-time insights into their financial operations. For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.

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