Shufti Pro has now launched AML compliance in its set of identity verification services to provide comprehensive risk assessment and due diligence to its valued clientele.

Shufti Pro has extended AML compliance to better service its clients, especially those belonging to Banking and Finance sector. Shufti Pro is already an emerging force in Digital KYC services with nearly 40 customers already acquired before the conclusion of its 3rd quarter since inception. With the launch of AML compliance, Shufti Pro has achieved the status of a comprehensive solution to perform identity verification. AML compliance from Shufti Pro will allow banks to provide services like Remote Account Opening, movement of funds and offshore banking with enhanced Risk assessment.

What is AML Compliance?

AML stands for Anti-Money Laundering and it is a practice being adopted by financial institutes, banks and now even by crypto enthusiast conducting ICOs. With central banks and international monetary organizations clamping down on tax evasion, money laundering and related financial crimes, it is becoming more and more important for banks and financial institutions to verify not only the identity of their customers but to also ensure that the sources of their funds & transactions are also legitimate. An AML compliant system is able to perform background checks for risk assessment and due diligence.

How Shufti Pro provides AML Compliance?

AML Compliance by Shufti Pro is powered by more than 1000 checklists and 3000 databases maintained by national and international law enforcement agencies, monetary organizations and anti-money laundry watchdogs.Not only Shufti Pro has such a large data bank to perform background checks but its system updates that data bank every 14 minutes, so that any new entry or removal from these lists or databases is timely updated as well.

AML/CFT takes a new meaning with Shufti Pro as it is not limited to a few countries or some dozen languages. This Artificial and Human Intelligence Hybrid product is available all around the globe and provides Universal Language support as well. So no matter which country a bank operates in or from where their clients belong to and no matter what is the official Language for documentation in that territory, Shufti Pro will be a trusted companion for risk assessment and due diligence.

Shufti Pro will be providing Robust risk assessment through its round the clock available financial crime risk data. Customer onboarding will not be an issue with AML compliance offered by Shufti Pro as it maintains an industry bested processing time of 30-60 seconds. End-to-end identity verification from Shufti Pro is PCI certified and adheres to GDPR standards as well, so customer data will remain secure as well and customers of Shufti Pro will not be liable for any data theft risks, government penalties or 3rd party liabilities.

Shufti Pro aims to create an online marketplace that is free of fraud, identity thefts and malicious activity. Extension of AML compliance services are testament to Shufti Pro’s resolve and it intends to fully optimize its end-to-end verification to usher a new age of due diligence and risk assessment.