Forex | Shufti KYT Services to Safeguard Online Exchanges

Trading currencies with security, ease, and convenience: the challenge of IDV for forex

Forex trading platforms operate exclusively on electronic devices, making them vulnerable to identity thieves and other individuals with malicious intent. Fraudsters exploit vulnerabilities or employ phishing to gain access to trading accounts, or they use emerging technologies like deepfakes to impersonate traders. These threats impact a trading platform’s ability to build a loyal customer base and prosper in the thriving forex market.

Forex is also a global industry that operates under a patchwork of laws and regulations from multiple governing bodies. For example, in the European Union, financial markets are regulated by the European Security and Market Authority (ESMA). Forex and brokerage firms in the U.K. are regulated by the Financial Conduct Authority (FCA), and the Securities and Exchange Commission (SEC) regulates forex in the U.S. These regulatory bodies – and many others – use different approaches to combat identity theft and money laundering. Businesses must bear the burden of navigating a compliance landscape rife with countless regulations.

An effective and seamless solution for forex must satisfy several criteria. The solution must meet compliance standards, offer strong fraud resistance, continuously adapt to new forex scams, integrate with a multitude of devices, and adapt to global regulatory changes.

Break through industry
challenges to achieve your
organization’s full potential

Ensure complete regulatory compliance with Shufti’s AI-powered AML screening

AI-powered AML monitoring ensures compliance with the global network of forex industry regulations. For example, we continuously screen adverse media databases issued by the Office of Foreign Assets Control (OFAC), Financial Action Task Force (FATF), United Kingdom’s HM Treasury (HMT), among others. Shufti also screens Politically Exposed Persons (PEP) lists and sanctions watchlists.

Rapidly onboard new users within the thriving forex industry

A forex trading platform’s success is often determined by the speed and convenience of its onboarding process. Shufti’s simplified user interface typically completes onboarding and verification within seconds. The end result is a fast and hassle-free experience that provides greater customer satisfaction while keeping your forex platform secure and compliant.

Reduce fraud with Shufti’s comprehensive IDV solution

Expert user verification effectively reduces forex trading fraud. Shufti’s powerful IDV solutions help companies seamlessly prevent a wide range of fraudulent activities and streamline customer verification. Shufti's multi-layer authentication includes facial recognition and liveness detection to defeat identity theft and deepfakes.

How it works

Verify users

Users begin the verification process by uploading documents such as passports, driver’s licenses, and national ID cards. Shufti uses liveness detection, 3D technology, and facial expression analysis to ensure the user is a real person. For countries that require a live KYC session, Shufti makes it easy to create real-time video verification. Shufti makes it easy to reuse stored identity data with multiple verification options (including FastID).

Verify identity data

Shufti’s due diligence forms allow you to collect user data with predefined or custom industry models to ensure regulatory compliance. As part of the verification process, we make it easy to verify a user’s age to Identify minors and restrict their access to protect your business from non-compliance fines. Shufti also extracts address information from multiple documents with sophisticated OCR technology to ensure the accuracy of all provided addresses.

Assess risk

Shufti rapidly evaluates user identities for any associated risks using our AI-driven platform. Our reach spans over 240 countries and territories and 150+ languages, ensuring global verification that checks applicants against 1700+ global watchlists to mitigate fraud.

Verify and monitor businesses and investors

Shufti helps you access global databases to verify business information –including addresses, business statements, and Ultimate Beneficial Owners (UBOs). We also continuously screen users against global watchlists, PEP lists, and adverse media databases to uphold multiple regulatory standards using AI-powered AML monitoring.

Unlock opportunity with next-generation capabilities

Document Verification

Use advanced data extraction and AI-powered verification to process 10,000+ document types worldwide rapidly.

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Facial Biometrics

Leverage advanced facial mapping and deep fake detection for secure customer identity confirmation and authentication.

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eIDV

Verify customers remotely and paperlessly using e-IDs checked against government databases for quick, accurate results.

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Business AML Screening

Screen businesses against PEP lists, sanctions watchlists and monitor media databases to support know your vendor, trader, or supplier requirements.

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Investor Verification

Quickly and accurately vet investor identities and credentials to establish trust and achieve compliance with AML and CFT directives.

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Transaction Trust Screening

AI-driven decision-making empowers companies to deliver low-friction interactions, ensure compliance, and confidently conduct high-value transactions.

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