Press Release

Shufti Pro – Pioneer in automated Digital KYC and AML Processes

Ashley Williams
May 27, 2018
4 minutes read
4281

Shufti Pro has become a leading identity verification service in a small amount of time because of its robust digital KYC services and AML process. With Artificial Intelligence set at the heart of Shufti Pro, automated verification has reduced the processing time to verify the identity and credentials of users. Employing modern day tech and machine learning techniques, Shufti Pro has established a full-proof Digital KYC system that can make every person on the face of planet 100% verifiable within 30-60 seconds.

Shufti Pro focuses not only on an automated system but also ensures safety of data collected for verification. PCI compliance and GDPR authorized services of Shufti Pro puts it at position of strategic advantage which can be leveraged for higher productivity without compromising quality of services. 24/7 access available in all countries of the world with Universal Language support means that Shufti Pro services are unmatchable when it comes to Digital KYC.

Automated Digital KYC

Shufti Pro provides its Digital KYC services through various means like

ID Check
Identity Check
Documents Check

Digital KYC Services from Shufti Pro not only covers all the above aspects of customer’s identity verification but it also provides proof of verification to ensure transparency. A recorded video stream, sequence of images and 24/7 access to customer data ensure that Shufti Pro’s clients are always in control of the identification services that they are paying for. Flawless API and SKD integration means that Shufti Pro will merge with your online portals and apps without causing any hassle for your users.In order to provide multi-faceted digital KYC services, Shufti Pro offers both Video Verification and Still Verification. Shufti Pro have made a comprehensive system of identity verification and left it on its valued clients, that what kind of identity verification services their business require.

AML Compliance

Real time background checks performed by Shufti Pro makes it a reliable AML Compliance tool for organizations operating in Banking & Finance domain. Instead of wasting human resources on manual verification, financial sector can make use of end to end verification services by Shufti Pro. AML Compliance services from Shufti Pro are cost effective and comprehensive at the same time.

Banking on the huge data compiled from 1000 checklists and 3000 databases, Shufti Pro enables organizations to forecast and identify financial risks and frauds. Thorough cross-checkings from huge data bank – updated every 14 minutes – ensure a durable oversight for customer onboarding and funds transfer. Shufti Pro reduces the risk of earning penalties or monetary fines from regulators due to lack of diligence against laundering activities. It provides protection against financial crime risk by:

Filtering customer data
Checking for Politically Exposed Persons (PEP)
Verification of sudden increase in funds
Flagging of suspected users

Technologies that make Shufti Pro Top of the Line

Shufti Pro is a power house when it comes to governing technologies. Not only does it encompass Artificial Intelligence but it also incorporates Human Intelligence, creating a Hybrid Intelligence for an error-free Digital KYC System. Machine Learning Algorithms are used to convert images, text data and credentials into binary data that is then cross-checked with the original source. This intelligently designed system of Shufti Pro can detect

Photoshopped / Counterfeit Items
MRZ Codes from Passports
Hologram Detection using artificial neuron vision
Picture Edges to verify authenticity of documents
Micro Expressions of the users
Face Liveness to detect a real person
3D Tracking

As a pioneer of end-to-end Digital KYC System, Shufti Pro is pushing the envelope by utilising Artificial Intelligence that has 99.6% precision of verifying the identity of an individual.Chances of false positives is substantially reduced with Shufti Pro as it has the power to detect any discrepancy in format, information or visual data provided by the user. Shufti Pro uses best practices of machine learning to provide superlative Artificial Intelligence making the Digital KYC of Shufti Pro second to none.

Conclusion

Shufti Pro is a full-proof system for companies that want to indulge the services of a Digital KYC provider that understands the challenges of identity verification. Round the clock human intelligence support, verification services for every country of the world and support for every language are all the features that help Shufti Pro to stand out from its competitors. Just pay one time setup fee, without any commitment for minimum number of verifications, and after that pay as you go. Shufti Pro is a comprehensive digital platform covering both KYC services and AML compliance at the same time.

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Shufti Pro – Pioneer in automated Digital KYC and AML Processes

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.

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Record-Breaking Fines on Banks for KYC/AML Non-Compliance
Automated Digital KYC
AML Compliance
Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance have been structured to make financial institutions secure. The rising number of illegal activities in the finance sector is raising concerns for regulatory authorities. This year, the KYC/AML regulations have become more rigid and different countries have also amended their state laws for customer due diligence. Why are all the regulatory authorities imposing more stringent laws in 2021?

In 2020, the majority of banks were fined for not complying with KYC/AML regulations. The law violations increased significantly and record-breaking penalties were imposed on banks across the globe. This led law enforcement agencies to make certain changes to the regulations and customer due diligence protocols. The record-breaking penalties in the finance sector have changed the game for businesses.

Let’s take a deep dive into the largest penalties of 2020 and how can KYC/AML regulations help the finance sector to avoid them in 2021.

How to Comply with KYC/AML Regulations?

Compliance with KYC/AML regulations require robust Anti-Money Laundering (AML) screening and Know Your Customer (KYC) identity verification measures. These measures verify the identity of every customer and ensure that legitimate customers are onboarded. With the help of document verification and biometric authentication, it gets easier to follow the laws.
Recommended: The Future of Customer Onboarding Post-COVID-19 Pandemic

A Summary of 2020 Bank Fines

2020 brought several inconveniences to life and the most distressing challenge was fighting fraudsters. Identity theft and money laundering were the most reported crimes last year. Unfortunately, the inability of financial institutions to verify identities of customers increased money laundering and other illegal activities. Here is a summary of fines imposed in 2020:

Goldman Sachs Tops the List

The US was ranked number 1 with the highest number of bank fines enforced in 2020. 12 cases of AML non-compliance were reported and the sum of all these fines was €9.39 billion. The fine on Goldman Sachs alone was €3.30 billion. The settlement was made by the bank with Malaysia against the Wall Street Bank for its role in assisting to raise millions for a sovereign wealth fund.

Commerzbank Fined £37.8 Million by FCA

The Financial Conduct Authority (FCA) imposed a £37.8 Million fine on the Commerzbank, London. The fine was a result of the bank’s violation of AML controls. According to reports of FCA, the violations will result in huge risks and stability issues of the UK’s financial system. The audit from FCA shared the following reasons on the basis of which the bank was penalised:

Periodic due diligence failures

Insufficient money laundering control procedures

Inadequate risk management systems

Westpac Paid $1.3 Billion for AML Breaches

Last year, Westpac bank in Australia was number 5 on the list of banks with the highest penalties. The court penalised Westpac with a fine of $1.3 billion. AML laws were breached at different intervals. Westpac not only violated AML/CFT laws but also failed to employ transaction monitoring and did not submit IFTI reports to AUSTRAC. Furthermore, the bank did not perform enhanced due diligence for high-risk transactions as suggested by FATF.

SEB Bank Fined $107 Million for Poor AML Measures

Next in the list of KYC/AML non-compliance is Lloyds Bank that was fined $107 million by the City watchdog for unfair treatment of mortgage customers. According to the executive director of enforcement and market oversight of Financial Conduct Authority (FCA),

“Banks are required to treat customers fairly, even when those customers are in financial difficulties or are having trouble meeting their obligations. By not sufficiently understanding their customers’ circumstances the banks risked treating unfairly more than a quarter of a million customers in mortgage arrears.”

Reasons Behind Hefty Penalties on Banks

The major reason behind all these hefty penalties is the banks’ inability to follow the regulations imposed by higher authorities. However, there are several other reasons resulting in increasing fines and growing rigidity of regulations. They include,

Consistent failures to comply with the Anti-Money Laundering laws

Lack of proper customer due diligence

No transaction monitoring measures taken

Overseen cases of compliance monitoring

Did you know that the highest number of cases of AML law violations have been reported in 2020? Here’s an overview of the number of cases reported last year:

82 cases of transaction monitoring

109 cases of poor AML compliance

115 cases of lack of customer due diligence

If banks continue to lack robust verification and AML systems, the numbers will increase this year as well.

Suggested: A Comprehensive Guide to AML Compliance [2020]

What Can You Do to Prevent Fines in 2021?

Other enterprises in the finance sector must comply with the KYC/AML regulations at all costs. Otherwise, heavy penalties will be their fate in 2021 as well. How can banks and other financial enterprises prevent fines this year? Well, here’s what you should do:

Take a look at the amended laws from regulatory authorities

Audit your current identity verification protocols

Ensure robust KYC/AML compliance measures within the company

Never onboard any customer without verification

Always perform enhanced due diligence (EDD) checks for high-risk customers

Ongoing transaction monitoring must be employed to prevent money laundering

Read more: Shufti Pro’s Ongoing AML Solution to Prevent Transaction Laundering

How Can Shufti Pro Help You?

Penalties on financial institutions are increasing every year and 2020 broke records. The major reasons for hefty penalties included poor customer screening and inefficient AML compliance procedures. Furthermore, damaged brand reputation is another setback for companies. In order to protect your organisation from criminal activities and heavy penalties, it is better to employ KYC/AML verification.

Shufti Pro is a one-stop solution for all your needs. With AI-powered identity verification and AML screening, you can verify all the customers during the onboarding process. Moreover, the ongoing AML screening allows you to screen the backgrounds of high-risk customers as per your requirements. With 98.67% accuracy of our solutions, you can get in touch with the right customers.

Talk to our experts and add robust identity verification protocols to protect your company.

Talk to us

Shufti Pro – Pioneer in automated Digital KYC and AML Processes

Automated Digital KYC

AML Compliance

Technologies that make Shufti Pro Top of the Line

Conclusion

A Summary of 2020 Bank Fines

Goldman Sachs Tops the List

Commerzbank Fined £37.8 Million by FCA

Westpac Paid $1.3 Billion for AML Breaches

SEB Bank Fined $107 Million for Poor AML Measures

Reasons Behind Hefty Penalties on Banks

What Can You Do to Prevent Fines in 2021?

How Can Shufti Pro Help You?

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.

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Shufti Pro – Pioneer in automated Digital KYC and AML Processes

Automated Digital KYC

AML Compliance

Technologies that make Shufti Pro Top of the Line

Conclusion

How to Comply with KYC/AML Regulations?

A Summary of 2020 Bank Fines

Goldman Sachs Tops the List

Commerzbank Fined £37.8 Million by FCA

Westpac Paid $1.3 Billion for AML Breaches

SEB Bank Fined $107 Million for Poor AML Measures

Reasons Behind Hefty Penalties on Banks

What Can You Do to Prevent Fines in 2021?

How Can Shufti Pro Help You?

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.