Lithuania-based regtech iDenfy offering ID verification and fraud prevention solutions has partnered with cryptocurrency and digital payment service provider Mountain Wolf . Mountain Wolf is set to leverage iDenfy’s ID verification, business verification, and anti-money laundering (AML) screening tools to automate its customer onboarding process and ensure regulatory compliance.

Mountain – iDenfy collaboration context and details Per the press release information, due to the large-scale and advanced nature of fraudulent attacks, cryptocurrency platforms alongside other companies within the digital ecosystem have recognised the need for enhanced security measures and regulations. According to iDenfy, AI-powered fraud prevention tools help not only automate compliance tasks but also better the overall stability within the digital asset market as Know Your Customer (KYC) compliance requirements have helped ‘enhance’ crypto’s public image throughout the economy. Mountain Wolf is in alignment with iDenfy’s belief that ensuring a secure and compliant crypto business is attainable and has the mission to change digital payments and surpass traditional banks’ limitations.

As an international crypto asset service provider, the company’s current customer base includes more than 90,000 individual and corporate clients. Having an increased volume of transactions, the company sought to reduce manual workload and set up an automated compliance workflow, which resulted in its collaboration with iDenfy to address KYC and KYB requirements. The announcement highlights that iDenfy has been collaborating with crypto companies throughout the past years, which has helped it build a multi-functional identity verification and business verification software targeting crypto-friendly platforms.

Following this partnership, iDenfy seeks to help Mountain Wolf expand globally by having the need for manual data entry eliminated. Instead, its ID verification solution extracts relevant information from over 3,000 types of documents in an automatic manner. As companies licenced to work with crypto assets must request confirmation of the welfare of Politically Exposed Persons (PEPs), proof of the source of income, together with ultimate beneficial owners’ (UBOs) identity and other documents to identify activities and their legal grounds, Mountain Wolf implemented iDenfy’s AML Screening solution which helps automatically collect and screen multiple databases and detect suspicious data in real-time, all while compliant with AML regulations.

What is more, iDenfy is set to assist Mountain Wolf in bettering the customer experience during the onboarding process by offering clear on-screen verification instructions that help improve conversion rates. Based on the press release information, iDenfy’s business verification solution integration will enable Mountain Wolf to save significant time and costs, as approximately 70% of the needed company data is set to be obtained in less than a minute. Commenting on this, Marina Kapustina, AML, and Compliance Lawyer at Mountain Wolf advised that iDenfy’s KYC/KYB and AML software helps simplify complex processes, resulting in an increasingly user-friendly experience for their customers.

For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database. .