The RegTech company will provide ID verification and AML screening services for its new partner, P100

KAUNAS, LITHUANIA, June 30, 2023 /24-7PressRelease/ — iDenfy, full-stack identity verification and compliance solutions hub, announced partnering with P100, an innovative cryptocurrency and financial service platform where users can buy, sell, deposit, and swap different digital currencies instantly. iDenfy’s ID verification and screening services will ensure compliance and help P100 maintain a seamless, user-friendly experience.

Money laundering is a complex process where the origin, identity, and ultimate destination of illicit funds are obscured to give the appearance that money comes from legitimate sources. In the United States alone, criminals are believed to launder nearly $300 billion annually. According to iDenfy, traditional financial systems and cutting-edge cryptocurrency solutions are the primary targets for fraudsters looking to conceal their identities and commit fraudulent activities.

As claimed by iDenfy, the importance of seamless onboarding and straightforward ID verification processes for crypto users lies in the fundamental nature of cryptocurrencies. These digital assets are founded on the principles of decentralization and inclusivity, seeking to provide individuals with convenient financial freedom and control over their assets. iDenfy proposes a solution to both provide a seamless customer journey and combat fraud by emphasizing multi-level security, encompassing both Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

P100 agrees with this security-first approach. Hence the financial service provider decided to implement iDenfy’s full-stack ID verification and AML screening software. P100 officials claim that the new identity verification integration will add confidence to the company’s proactive approach designed to safeguard users’ accounts, who are more inclined to maintain their engagement with fully secured and compliant services.

During the new account creation process on the P100 app, iDenfy’s solutions will verify users’ identities and conduct cross-checks against various databases, including global sanctions lists, watchlists, politically-exposed person (PEP) lists, and other relevant sources. With this partnership, P100 aims to enhance its comprehensive anti-money laundering program without adding friction to the end-user.

iDenfy’s AML screening solution provides instant notifications to P100, alerting them if a customer belongs to a high-risk category, such as being on a sanctions list or being identified as a known money launderer. As a result, P100 can take proactive steps to prevent these customers from opening an account. iDenfy emphasizes that this automated workflow significantly reduces the burden on compliance officers, who are already faced with the difficulties of keeping up with evolving regulations and handling large amounts of data, thereby minimizing the need for labor-intensive manual database checks.

The primary objective of P100 is to empower users and give them complete control over their assets while simultaneously revolutionizing how individuals interact with traditional financial systems and cutting-edge crypto solutions. Through the P100 app, users gain access to a personal IBAN, a debit card, and a currency exchange, enabling them to manage their finances and cryptocurrencies in one centralized platform effortlessly. According to the company, its state-of-the-art encryption technology and the implementation of iDenfy’s software will guarantee unbeatable security, instilling confidence in users that their cryptocurrencies are safeguarded against any potential threats.

“By prioritizing automation, businesses can enhance conversion rates, optimize internal processes, and maintain compliance with evolving regulations. We’re happy to partner with P100, a company that’s demonstrating thorough KYC and AML due diligence, effectively mitigating the risks of fraud and legal challenges,” — commented Domantas Ciulde, the CEO of iDenfy.

iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2’s Winter 2023 report. iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.

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