https://www.prolificnorth.co.uk/news/tech-news/2023/06/idnow-platform-expansion-encompasses-money-laundering-sanctions-and-gambling

IDnow has expanded its platform to include fully automated document liveness capabilities, data checks and financial risk checks as well as new fraud prevention features.

The platform expansion will also include a central, no-code workflow management tool.

The automated document liveness check relies on IDnow’s expertise in video analysis and requires the end user to record a video of their ID document, thus enabling an automated check on the visible security elements of the document, such as holograms. This feature helps companies in their fight against the rising risk of fraud through forged documents.

IDnow’s new fully automated Know Your Customer (KYC) and Anti-Money-Laundering (AML) services, the latter of which screen against multiple global Politically Exposed Persons (PEP) and sanction lists, ensure real-time AML compliance at the onboarding stage while allowing ongoing monitoring to confirm compliance post-onboarding. Fintechs, crypto providers and more traditional financial service providers can benefit from a complete alert management functionality and audit history with tailored alert matching.

The new data checks enable a frictionless KYC process which takes just a few seconds, particularly for use cases regulated by the UK’s Financial Conduct Authority (FCA) or by the UK Gaming Commission (UKGC). However, they also add an additional layer of security to protect businesses around less regulated use cases, for example, in the mobility industry.

The latest platform expansion also includes Financial Risk Checks that use public third-party and self-declared data. These provide gambling companies with insight into affordability indicators which protect online gamblers and comply with the latest updates to the UK Gambling Act, helping businesses to avoid potential fines and reputational damage. The public and third-party data allows for ongoing monitoring of changes in player circumstances and verification of reported income without the need for additional documentation.

The new data check capabilities are all added to IDnow’s single platform, allowing customers to orchestrate both data checks and document and biometric-based identity proofing workflows. The AML services and real-time data checks are easily configurable via the online self-service orchestration portal which offers complete control to IDnow’s customers. It lets them tailor and optimise data checks and document-based identity verification in one intuitive dashboard via drag-and-drop functionality, thus providing a single entry point for all the new integrated services.

To detect single and serial fraud attempts, IDnow's platform uses proprietary fraud prevention technology that collects risk signals from biometrics, documents, devices and other data sources. IDnow also regularly collaborates with law enforcement agencies, providing the company's dedicated fraud team with the latest knowledge of fraud techniques and methods from around the world.

Bertrand Bouteloup, chief commercial officer at IDnow, said: “With the help of our AI-powered engine, which employs the latest fraud prevention capabilities, we can combat the most advanced fraudsters and allow our crypto, fintech and financial customers to grow their businesses with confidence and be a strong partner for large financial institutions at the same time. Our document liveness feature is clearly a game changer in this market.”

“We are pleased to be able to enhance our platform offering, specifically in the UK, to help our customers fight fraud, achieve compliance and build trust across Europe and beyond. Thanks to these new functionalities and our strong regulatory expertise, our customers can easily expand their services and rely on a platform that achieves compliance according to the most rigid regulatory requirements within the UK, the EU and beyond.”