Press Release

Shufti Pro Has Been Nominated for the Nordic Startup Awards 2021!

Richard Marley
June 25, 2021
3 minutes read
905

Originally Published on PR Log.

CANARY WHARF, U.K. – June 25, 2021 – Owing to the entrepreneurial spirit of Shufti Pro, the company has been nominated yet again for an award – the Nordic Startups Award Season 2021.

This award is the Nordic version of the Global Startup Awards – the biggest independent startup-ecosystem competition. The mission of this competition is to find, recognize and connect the future-shapers of the digital age from all around the globe.

Shufti Pro has been providing AI-based digital identity verification services to its clients worldwide since its inception in 2016. The company is globally acclaimed for providing fully automated customer identity verification, business authentication, and anti-money laundering screening services with an accuracy rate of 98.67% – that too in less than a minute. Because of constant innovation, cutting-edge technology, and highly satisfied customers, Shufti Pro has become an emergent leader in the global IDV market.

While Shufti Pro is headquartered in London, it has regional offices in Sweden, Cyprus, Ukraine, and Dubai, enabling the company to meet the growing demand for its digital IDV service.

The nomination for the Nordic Startup Award adds to Shufti Pro’s winning streak this year. The company recently made its way into the World’s 100 Most Innovative CyberTech Companies For Financial Services in 2021 and has also expanded its services into the world’s biggest economies, including the USA, China, Russia, and the UK. Adding to the list, Shufti Pro also bagged the Product Leader Award 2020 and the Happiest Customer Award 2021 for acquiring a customer satisfaction rate of 92%.

“To say that we are honoured and delighted for being nominated in the Nordic Startups Award 2021 would be an understatement,” commented CEO and Co-founder of Shufti Pro, Victor Fredung. “As a startup, we expanded our operations to a global scale and secured 500+ clients within a span of three years.”

This alone speaks volumes about the efforts Shufti Pro has been making to provide seamless digital identity verification services for its global clients.

The Grand Finale of the Nordic Startup Awards, which will be held in February 2022, will feature some of the most important startup ecosystem players, such as active investors, startups, corporates, and government representatives, all selected from Denmark, Finland, Iceland, Norway and Sweden. Public voting and regional announcements are set to open on 2nd August.

For more information on Shufti Pro, visit www.shuftipro.com

About Shufti Pro

Shufti Pro is globally acclaimed for providing a rapid, secure, and compliant means of performing digital identity verification. Its AI-based IDV services have one of the highest rates of accuracy and are offered in 230+ countries and territories. By supporting 3000+ identity documents in 150+ languages, Shufti Pro has proven to be ideal for eliminating the risk of digital fraud while maintaining regulatory compliance with GDPR and AML/KYC obligations. Do you require verification services for your customer base too?

Contact sales@shuftipro.com to get on board!

For more details:
Damien Martin,
Marketing Executive
Shufti Pro
damien.martin@shuftipro.com
+44 1225 290329

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

Latest News

News
AML Program Risks Highlighted by the Pandora Papers Scandal
About Shufti Pro
Experts have advised compliance officers to divert their focus on EDD, CDD, and UBO verification processes, instead of focusing on individual revelations.

Experts are advising compliance officers in financial institutions to concentrate on strengthening the Anti-Money Laundering (AML) program risks highlighted by the recent Pandora Papers scandal, rather than focusing on individual revelations

Their comments are a response to the ongoing investigation of current and former government officials and high-profile individuals who have been exposed by the Consortium of Investigative Journalists (CIJ) for money laundering, tax evasion, and other crimes.

Instead of fixating on any salacious details, financial institutions should pay heed to the information, and the revelations “need to be taken in stride,” stated Lauren Kohr, a veteran compliance officer who now serves as senior director of AML for the Americas with the Association of Certified Anti-Money Laundering Specialists (ACAMS).

“There is a lot to consider, and we do not want to send our AML officers on an ineffective and inefficient wild goose chase for every data point leaked and how that may impact their AFC [anti-financial crime] compliance program,” Kohr added. “Given that it is so early in the leaks and assuming this will go on for days, weeks, and months, AML officers should not have a knee-jerk reaction.”

Kohr stated that financial institutions should pay heed to evaluate the effectiveness of their overall risk-based Anti-Financial Crime program, with particular focus on Enhanced Due Diligence, Customer Due Diligence, and UBO verification. She also advised financial institutions to closely monitor high-risk customers, products, services, geographies, and transactions to prevent the risk of frauds such as money laundering and terrorism financing.

To minimize scandals such as the Pandora Papers in the future, FinCEN is currently working towards the creation of a beneficial ownership registry, implementing the Corporate Transparency Act enacted along with the Anti-Money Laundering Act of 2020.

Suggested Read: Creating UBO Registry ‘Biggest Focus’ for US Treasury’s Anti-corruption Push

Recent Posts

Blog
Analyzing the UK and US Gambling Industry by Numbers
About Shufti Pro
Businesses and people in the gambling sector are aware of the risks involved and what are their possible consequences. A few years back, gambling was illegal, but now countries are moving to make it legal as it is a booming industry and can contribute to the economy. It is closely related with the financial sector as the online payment gateways are used for funds transfer, this makes it vulnerable to money laundering and illegal funds transfer. According to BBC, Star Entertainment – Australian gambling giant alleged for money laundering.

Post Covid-19 Landscape of Casinos

Like other sectors, the gambling industry is also influenced by advanced technology trends and is now available on the internet. There has been a debate about regulations in the gambling industry. Experts think that the industry’s prosperity is subject to the regulations imposed on it. Recently, it has entered the class of big sectors, being called a billion-dollar industry.

The gross gambling revenue of Europe is forecasted to reach 29.3 billion in 2022. (Statista)

In 2020, online gaming witnessed a 393% increase in players, with the UK exhibiting 261.9% growth. (CNBC)

In the United Kingdom, online casinos accounted for £5.51 billion. (United Kingdom Gambling Commission)

During the fiscal period 2021-26, the online gambling market is forecasted to grow with the CAGR of 11.94%. (Mordor Intelligence)

In 2020, United States gambling revenue skidded 31% to USD 30 billion. (Statista)

During the pandemic, US casinos lost 27% of normal operating days. (American Gaming Association)

Around one half adults of New South Wales gamble. (Responsible Gambling)

The Australian authorities received 6000 gambling scam reports in the first quarter of 2020. (Forbes Advocate)

In 2022, the share of regulated gambling will be 80.1% in Australia. (European Gaming and Betting Association)

Leg-pullers for Online Gambling

Without a doubt, the online casino market is thriving. Nevertheless, it is also true that most gambling companies fail in the initial two years. Although, poor management, research and planning, inadequate structure, and scanty marketing are the reasons behind this. But in modern times, online frauds and scams have become the most crucial leg-pullers for the online gambling sector.

Hackers and cybercriminals use extended and sophisticated means to disrupt the online gambling environment. Let’s discuss what are the vulnerabilities in the digital betting industry.

Multiple Accounts Scam: Biased Gameplay

Fraudsters create multiple accounts over a betting platform using fake and synthetic credentials. This means that the information that is given to the website during account sign-up is completely fraudulent or a mixture of false and authentic user data. For acquiring authentic data, scammers often use phishing techniques.

The intention behind this is to pocket wins for only one particular account. The other players do not get a fair chance of gaming and the service providing platform loses the reputation in this case.

Money Laundering: An Indictable Financial Crime

Everyone in the market knows what money laundering is and how it is done. Because of solid security measures implemented by financial institutions, money launderers have targeted other sectors, gambling being one of them.

As online casinos deal with money directly, it becomes easy for financial criminals to place, layer and extract their illegal funds.

Chargeback Abuse: Fake Claims

Chargebacks are filed by customers where they restrain the (betting) payment by contacting the bank or the card issuer claiming that their card was used without their permission. Fraudsters claim fake chargebacks as it is difficult for gambling sites to fight against friendly frauds because it can damage their relationship with the card issuer.

Enhanced Due Diligence: A Robust Solution for Eliminating Risks

Know Your Customer

Recently the UK and the US have tightened the rules for e-gambling platform providers. This is done considering the increasing cases of online scams and money laundering related activities in the gambling industry. The UK has mandated gambling sites to confirm the ID and age of the players before onboarding them.

Know Your Customer (KYC) is a method of identity verification of online users mostly used by financial businesses. It is a software-based online, automated and AI-powered process in which the users’ (or gamblers’) identity is verified by examining their government-issued identity documents. Below are the verifications performed in the KYC process.

Facial Recognition: Matching the gambler’s live captured selfie with the photo ID

Address Verification: Extracting and validating the residential address from legitimate documents

Age Confirmation: Calculating the age by drawing out DOB from ID documents and confirming that it falls under the specified range

Anti Money Laundering Screening

To counter money laundering or any other illegal transfer of funds, anti money laundering solutions can be used which screen the gambler names against the global watchlist, sanction lists and PEPs (Politically Exposed Persons). It filters the players by their risk profile, where the gambling platform can get to know about previous criminal history of players. Moreover, Enhanced Due Diligence is performed on high-risk customers

In the EDD process, transactions that exceed USD 5000 – USD 10,000 threshold go through transaction monitoring and background screening. In the banking sector, EDD has proved an effective method for combating identity frauds and money laundering.

Gambling sites can comply with KYC laws set by global regulators through enhanced due diligence. It is a robust method and expedites the speed of the onboarding process. Once implemented, the players feel safer since there is a less likelihood of losing funds to criminals and money launderers

Key Takeaways

Today’s tech-savvy fraudsters have found advanced ways of social engineering, making account taker over and identity theft easy. To address this dilemma, governments are planning to regulate the gambling sector. Additionally, rising AML penalties demand automated AML/KYC solutions for compliance purposes. AI-powered AML/KYC solutions that perform identity verification and AML screening in real-time can help gambling industry in combating frauds.

Want to know more about regulatory compliance of gambling sector?

Shufti Pro Has Been Nominated for the Nordic Startup Awards 2021!

About Shufti Pro

Post Covid-19 Landscape of Casinos

Leg-pullers for Online Gambling

Multiple Accounts Scam: Biased Gameplay

Money Laundering: An Indictable Financial Crime

Chargeback Abuse: Fake Claims

Enhanced Due Diligence: A Robust Solution for Eliminating Risks

Know Your Customer

Anti Money Laundering Screening

Key Takeaways

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.