KYC Alliance between Dubai Economy and six banks

KYC Alliance between Dubai Economy and six banks

As reported by Gulf News, Dubai Economy along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank (ADCB) and Commercial Bank of Dubai (CBD), has formed a coalition for the exchange of verified KYC (Know Your Customer) data between banks and licensing authorities in the United Arab Emirates. It is believed that customer onboarding and sharing of client data and documents will be eased and facilitated through this new KYC alliance.

The Deputy Director-General of Dubai Economy stated that the launch of Dubai’s first KYC Blockchain platform will attract a greater number of investors to the market. A digital ‘Instant Bank Account’ facility will be provided which will ensure a faster and improved onboarding experience. The KYC platform is expected to be functional by the first quarter of 2020, after which it will be open for qualified financial institutions and licensing bodies.

Michael Gassner also discussed the implications of this alliance on Twitter

The main purpose of the alliance is to serve a greater cause by upgrading business functioning as well as complying with the regulatory policies in the United Arab Emirates. Smart Dubai in coalition with the UAE Central Bank will play a key part in monitoring and regulating the alliance operations. 

Authentic and valid KYC data will concurrently be shared with financial institutions following the launch of the KYC blockchain platform. This will speed up the bank account opening process for new companies as well as reduce the troublesome requirements of KYC for existing companies. 

Bonorum joined hands with Shufti Pro to run a secure trade platform

Bonorum joined hands with Shufti Pro to run a secure trade platform

London, UK – (January 2020) Shufti Pro partnered with Bonorum to help them perform efficient KYC/AML screening on their community of businesses and investors. 

Shufti Pro proved yet again that its solutions hold the potential to serve a diverse clientele. It partnered with Bonorum, a next-generation DLT-based trade finance platform focused on serving corporates and SMEs. Bonorum will align contributors with enterprises by providing a more efficient alternative to traditional trade finance. In this way, Bono will help businesses secure the financing they need while offering contributors access to the trade finance sector. 

Whenever such a diverse community is developed online, the need for strict due diligence measures is necessary. Bonorum’s business model requires onboarding corporates and investors to their digital platform, so it is critical that they implement effective fraud prevention measures. They also have to ensure that their customers are who they claim to be. To achieve this transparency, Bonorum knew that traditional manual KYC/AML measures were too slow and unreliable for their business model to succeed. 

Shufti Pro proved to be the best solution for their need. It provides global coverage in its identity verification services and helps businesses attain a global risk cover. Shufti Pro can verify the individuals, as well as businesses with high accuracy and the customers of Bonorum include both. Shufti Pro will be providing document verification services to Bonorum. It will verify the identity documents in real-time assisting the company in onboarding customers swiftly and safely. 

Expressing the confidence towards this partnership, the founder of Bonorum, Bunty Agarwal said, 

We turned to Shufti Pro to provide Bonorum with the capability of doing automated KYC/AML checks for our users in over 150 countries using multiple types of identification documents. Shufti Pro’s new business KYC service will help us with enterprise verification as we continue to grow our business and expand our services.”

Shufti Pro has proved time and again that it has the potential for businesses with different business models. Its solutions are designed keeping in view the global need for KYC/AML compliance and risk prevention. 

Victor Fredung, CEO of Shufti Pro expressed his excitement towards this partnership and said, “Shufti Pro is very enthusiastic to onboard yet another great customer. We aim to maintain this partnership for a longer period by providing them our best services. Working with diverse businesses such as Bonorum is always a great experience.”

About Bonorum 

Bonorum is a technology platform that assists businesses in secure trade finance. Bonorum aligns Contributors with Enterprises by providing a low-cost alternative to traditional Trade Finance. The Bonorum platform enables contributors to share in the commercial success of Enterprises. Transactions are fully securitized on the blockchain to provide Contributors with transparency and a permanent record of operations and to digitize paper-based processes such as KYC, document authentication, file storage, credit histories, and even payments.

About Shufti Pro

Shufti Pro is an identity verification service provider that offers KYC and AML solutions to worldwide clients. Using a hybrid approach of AI and HI technology, Shufti Pro delivers results within 30 seconds with accuracy as high as 98.67%. Having verified users in over 232 countries, Shufti Pro is a pioneer in IDV services to cover a large number of countries.

Contact to get on board!

Kyc documents for customer verification

Which KYC Documents are Required for Customer Verification?

Name, Rank, Brigade, and Serial Number. That’s the only information military organizations across the globe use to identify their members. Unfortunately, financial institutes can’t use the same simplicity for the identification of customers and businesses. Owing to the increasing number of fraudulent activities, financial firms must follow stringent regulatory laws when onboarding customers or doing business with counterparties.

What is Know Your Customer?

Know Your Customer or KYC is a commonly used term in the banking sector and refers to the process of clients’ identity verification when indulging in business with them. Banks, digital payment service providers, or financial firms are required by banking norms to have customer’s KYC process completed before allowing them complete access to all services.

KYC verification process is deemed necessary to mitigate illegal activities such as money laundering, bribery, or corruption. It assists authorities and businesses to keep track of customer activity and detect fraudsters beforehand. Apart from a legal perspective, performing KYC also helps companies to keep fraudsters out of their systems.

Why is KYC important?

KYC helps bankers to ensure that the application and other identity details provided by the client are real. Owing to instances like money laundering and siphoning money off from bank accounts, verifying the identity of an individual is essential to prevent fraud.

KYC has been in practice for many years now and all customers have to comply with KYC regulations. Without KYC compliance, it is not possible to open a bank account.

However, banks have been practicing manual KYC, which requires a lot of human effort as well as time. Additionally, the risk of human error is always there involved. Error in such processes could lead to a great financial loss to the institute. Banks need to adopt a better approach to KYC verification.

A better way

To enhance the KYC verification process, the financial sector should employ a digital system that could reduce the time required for verification and manual labor. Based on the principles of automation, digital KYC can reduce cost and human effort, while increasing accuracy. The manual process that could take hours and even days can be cut down to seconds by utilizing AI-based verification solutions.

By employing automated systems, businesses can onboard, secure clientele that too in real-time. The tiresome procedure of manual onboarding sometimes results in losing customers. 

Moreover, digital KYC not only helps in identification, but it could also filter and sort customers based on the risks involved with specific individuals or entities. Businesses and banks can remain vigilant and perform ongoing monitoring for high-risk individuals. Also, due to globalization, real-time onboarding and verification are considered a basic requirement.

How is Digital KYC performed?

Same way as the manual KYC, the digital verification process involves the collection and verification of user information. However, the process is performed digitally and doesn’t require a user to be physically present at the time of verification.

Digital KYC Verification Process

While manual verification demands the user to fill out long forms and attach documents, the digital KYC just requires the user to upload a picture of a valid identity document. 

The information from the document is automatically extracted using Optical Character Recognition (OCR) technology. This extracted data is sent to an artificial intelligence-powered system, which analyzes the information and verifies if the information is correct or not. Some cutting edge systems such as Shufti Pro’s, even synergize artificial and human intelligence to further improve the accuracy and deliver perfect results.

Find more resoures on KYC.

Which KYC Documents are Accepted and What Information is Analyzed?  

The documents required for verification vary, depending on the regulatory requirements of a country, however, some generic documents are acceptable in almost every country.

For proof of address, if it’s not mentioned on the above-stated documents the following are acceptable for address verification:

  • Utility Bills
  • Bank Statment
  • Rent Agreement
  • Employer Letter
  • Insurance Agreement
  • Tax Bills

However, the documents must not be more than 3 months old. 

All of the above KYC documents can be used to collect the needed data. The data that most countries and jurisdictions require for verification is:

  • Full Name
  • Document Number
  • Address of Residence (For Address Verification)
  • Image of the Person
  • Date of Birth (Mostly needed for Age Verification)
  • Document Issue and Expiry Date
  • Nationality

To verify that the uploaded document is original and contains the required information, an AI-based document verification system checks for the originality of the document as well.


To sum things up, the KYC verification process is essential for banks and financial institutes and using digital verification for KYC is necessary to demit frauds and scams. Furthermore, it will increase security, ensure accuracy, and most importantly enhance customer experience. 

Digital Kyc

6 Digital Solutions for Banks to Help with KYC

Digital KYC: For banks, streamlining the customer onboarding is essential. The manual way of entering client information into the system is redundant and time-consuming. In this age of ‘do it now’, banks need a tech-based approach for onboarding customers.

Also, technology alone can’t solve these problems. Its implementation needs to be strategic, logical and customer oriented. For example, banks need to comply with regulations such as know your customer (KYC), and the customers want swift and easy interaction with the banking system. AI-based digital solutions can help both the banks and the customers.

Read How Digital KYC Solutions Work in 60 Seconds

Problems Banks Currently Face in Onboarding

According to a KPMG report, a tier 1 bank could easily be spending about $100 million annually on onboarding clients. Despite spending this much, this manual process is error-prone, slow, risky (due to lack of regulatory compliance) and does not enhance the client experience. 

The majority of the problems associated with client onboarding are related to the outmoded manual onboarding. For example;

  1. Manual form filling and questioning are time-consuming.
  2. There is an ever-increasing demand for transparency by the regulators. Keeping up with these demands is arduous.
  3. The process is complicated and slow from the customer’s perspective.

The solution to such problems should consider three main factors; the business side, regulatory compliance, and modern technology. Coordination among these three pillars will exhibit the benefits of digital KYC. 

Here are 6 Digital Solutions to help with KYC

  • Face Verification

Simply put, the user takes a selfie with their smartphone or with a webcam. The software (digital KYC solution provider) ascertains the physical presence of the individual. AI-based methods can differentiate between a picture and a live face using 3D depth perception and color texture. This prevents spoofing attacks. Contemporary solution providers use micro expressions for verification as well.

  • Document Verification

With the camera of a smartphone or computer, the software scans documents for verification. Normally this includes verifying government-issued ID cards, passports, or driver’s license. Smart solutions determine the authenticity of documents and ensure that they are not tampered with. They also check for the format to assure that the document is original. For example, besides checking the apparent format of the passport it checks the machine readable zone (MRZ), which is usually located at the bottom of the identity page.

  •  Address Verification  

Verifying the physical address is a crucial part of the customer’s identity. It acts as a solid deterrence against identity theft. By ‘reading’ the government-issued documents such as ID cards, digital KYC solutions authenticate that the document is genuine, and the address mentioned on it is not forged or tampered with. The best services offer hybrid solutions; first, the document is verified by the machine, then, a trained person ensures that the verification is error free.

  • Two Factor Authentication

The combination of phone and internet is used in the two-factor authentication. The user simply enters their phone number into the app or software, then, a code is sent to their phone. The user is then requested to enter that code into the web interface to authenticate.

  • Anti Money Laundering (AML) Screening 

Banks not only have to ‘know their customers’ but they also have to perform due diligence before they doing any form of business with them. They need to screen them to ensure that they are not listed on the anti-money laundering watch list. This service is also available to banks in a digital form. The best solutions out there update their database every few minutes, so that when they screen, it cross-checks with the most recent data. 

  • Knowing Customers through Customized Documents

Smart digital solutions are capable of reading handwritten notes and custom documents. This is achieved through optical character recognition, which is powered by AI and machine learning. Digital KYC verification is an impetus for comprehensive due diligence. 

Despite the various benefits, tech-based solutions alone are not enough. The integration needs to make business sense for banks. KYC – digital or manual – needs to be in compliance with the regulations. The majority of banks spend huge sums of money on compliance but still, come short on many fronts. Third party services are a cost-effective and feasible option; compliance is met and customers get fast and easy communication with the banks.

Find more relevant resources:

6 Digital Solutions for Banks to Help with KYC

ONTology Signs MOU with Shufti Pro

Shufti Pro signs MOU with Ontology for Technical Collaboration

BATH, UK – (October 11th, 2018) Shufti Pro has recently signed a Memorandum Of Understanding (MOU) with Ontology to work together for KYC and AML integration. Both these companies will collaborate to provide digital identity services all the while building on the trust ecosystem established by Ontology.

Ontology is a digital identity firm that has formulated a blockchain based distributed identity network. ONT IDs from Ontology support individuals, businesses, assets, objects, and affairs to authenticate and verify themselves in this digital age. The distributed identity network allows its users to create multi-factor identity portraits that can be verified, certified and used for identity verification on multiple platforms. On the other hand, Shufti Pro tends to verify digital ends of a person’s identity using a hybrid of Artificial and Human intelligence. It provides real-time verification results for a large number of solutions and services provided for digital identity verification.

Shufti Pro and Ontology shall work together to develop and refine digital identification tools that will enable businesses for online fraud prevention and identity theft protection. The MOU stipulates that both companies will work to provide compliance ready solutions for KYC and AML solely based on Ontology blockchain network. This joint collaboration will also focus on improving the overall accessibility of digital identification services into various markets across the globe.

Ontology’s Co-Founder Andy Ji explained the importance of this joint collaboration in the following words:

“The emergence of blockchain technology creates opportunities to discover potential and promising solutions. Ontology is pleased to begin this journey with Shufti Pro, combining blockchain technology with identity verification services, providing a blockchain-based end-solution for KYC/AML services”.

Speaking on the cooperation, Victor Fredung, CEO of Shufti Pro, said: “We are pleased to be starting our partnership with Ontology. We believe that the combined use of new and innovative blockchain technology with cutting-edge ID and identity verification technology is a powerful combination for global business operations.”

The MOU states following principle avenues of joint collaboration between the two companies for future:

  1. Ontology will provide technical expertise and consultation on Distributed Ledger Technologies.
  2. Both parties will collaborate in the development of KYC/AML solutions on the Ontology distributed blockchain network infrastructure
  3. Joint PR and marketing promotion of products and services.

This joint partnership between the two tech companies will usher in a new era of technological advancement in the field of digital identity verification services. With an aim of making the online marketplace secure against identity frauds, frequent cash-back requests and users with fake financial information, Shufti Pro has taken steps for superior customer service and top-notch data security.

About Shufti Pro

Shufti Pro is an emerging name in ID verification services. It was founded on 31st October 2017 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence to provide ID verification services. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in the United Kingdom with its global office in Sweden.

Please visit Shufti Pro here.

Shufti Pro Limited

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Ontology

Ontology is a diverse, integrated, distributed trust network and the infrastructure for building a trust ecosystem. Ontology encourages trust cooperation and allows projects of all shapes, sizes, and technologies with different business scenarios and compliance requirements to pass through Ontology’s chain networks and take advantage of the distributed trust network how they see fit.

Shufti Pro partners with vconnect

Vconnect to verify new businesses on its platform via Shufti Pro

BATH, UK – (October 8th, 2018) Vconnect, an online marketplace to connect businesses and consumers, will be verifying new businesses on their platform with the help of identity verification services of Shufti Pro. Vconnect will also be using Hosted Verification Page – also known as HVP – feature from Shufti Pro to perform KYC verification of new businesses applying for listing on their website. Shufti Pro offers AI based identity verification services to its clients, with verification results further corroborated by Human Intelligence.

Vconnect is an SME-tech startup based in Lagos, Nigeria. With features like “request a quote”, “message the business”, reviews, photo uploading and business listing, Vconnect creates a virtual connection among businesses and consumers searching for any kind of business or service from the comfort of their home. With a focus to build a relation of trust with their consumers and to safeguard these users from fraudulent business entities, Vconnect wanted to engage a truly innovative identity verification service. They wanted to make sure that businesses and services provider signing up on their platform, must be reliable and should have genuine credentials.

   Shufti Pro was selected by Vconnect for a variety of reasons but the option of Hosted Verification Page stood out especially for the Nigerian startup. It promised greater control of KYC verification to Vconnect and they were able to decide what kind of information was collected to perform a KYC verification. It also allowed for more seamless experience for businesses registering on to their platform. Talking about the collaboration between the two companies, CEO of Shufti Pro, Mr. Victor Fredung said that:

Usually we have customers that want to perform KYC verification for a global clientele but Vconnect wanted to verify local businesses. We were really excited to work with the team of Vconnect, given the kind of repute this startup has generated for itself on the regional and international level, despite having a business model that primarily caters to a local user base.

Commenting on the option of HVP opted by Vconnect, Mr. Fredung said that

We are the only identity verification service provider in the world offering this feature. Our tech team worked closely with Vconnect executives and made sure that each of their requirement is fulfilled in the designing of HVP. Support for both backend and frontend development of HVP was coordinated with Vconnect and we are sure that service delivery standards of Vconnect will surely get a huge boost because of HVP option from Shufti Pro

Shufti Pro offers proof of verification in its back office that will enable Vconnect to receive real-time analytics about the status of verifications being performed prior to business registration. Video and pictorial evidence will give an appropriate idea to Vconnect why a potential business was verified or even declined to be verified by Shufti Pro.

About Shufti Pro

Shufti Pro is an emerging name in ID verification services. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence to provide ID verification services. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in the United Kingdom with its global office in Sweden.

Please visit Shufti Pro here.

Shufti Pro Limited

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Vconnect

A Lagos-based homegrown SME-tech startup that is transforming how businesses access their markets and how customers find and engage with local businesses. Vconnect connects people with local businesses by bringing ‘word of mouth’ online and providing a platform for businesses and consumers to engage and transact.

Vconnect also provides businesses of all sizes in Nigeria with a range of free and paid services that help them engage with consumers and build loyalty.

Web Summit

Catch a Live KYC Demo of Shufti Pro at Web Summit 2018!

BATH, UK – (October 4th, 2018) Shufti Pro is really excited to be a part of the upcoming Web Summit 2018 that will be held from November 5-8, in Lisbon, Portugal. Hailed as “The Largest Tech Conference in the World”, Web Summit 2018 is the place to be if you are interested in the latest trends of the tech world. Shufti Pro will be showcasing its various solutions and services related to Identity verification, KYC and AML Compliance. It will be a perfect platform to get acquainted with new features and services launched by Shufti Pro in recent months. Services like Biometric Consent Verification and integration of OCR-based data extraction technology will be highlights of this AI-run SaaS product at the Web Summit this fall.

Last year, more than 18 million people tuned in to Facebook to watch the live streaming of Web Summit. This year, more than 2500 media outlets will be attending the Web Summit from more than 100 countries. This 4-day huddle – called “A grand conclave of tech industry’s high priests” by The New York Times – will be held in Altic Arena of Lisbon that is among the largest indoor arenas in the European Union.

Shufti Pro is no stranger to such high-octane events as it has previously attended various other conferences of similar nature in different parts of the world. With stand out features like Universal Language Support and Hosted Verification Page, Shufti Pro has already attracted attention from major businesses around the globe. Shufti Pro will be giving live demos of its real-time verification results for KYC verification and AML screening at Web Summit 2018. We invite you to visit our stall and see for yourself how the next chapter in identity verification services looks, as we introduce the world to a future where online marketplace will be free of online frauds, identity thefts, unwanted financial risk and scamming individuals. Take a trial run of how AML checks by Shufti Pro work, with the help of a large data bank. A Data bank, that contains data from 1000 Watchlists, FATF defined PEPs and +3000 databases maintained by world’s largest watchdogs like OFAC, ASIC, FSA, and FCA to name a few. You can even witness our consent verification service in action at Web Summit 2018 as Shufti Pro’s bespoke Artificial Intelligence identifies and verifies your hand-written consent note.

Pay us a visit and our representatives will be happy to walk you through the process of effortlessly integrating Shufti Pro with your existing applications, software and web portals through our RESTful API, Android and iOS SDKs.

We look forward to meeting you at the biggest tech conference of the year. 

You can also send us an email to book a demo for yourself at Web Summit 2018. Feel free to reach us at:

Shfuti Pro Partners With Swiss ALPS

Swiss Alps Mining partners with Shufti Pro for KYC & AML Compliance

(Bath, United Kingdom – July 16th, 2018) Swiss Alps Mining has partnered with Shufti Pro to avail KYC & AML Compliance services for ICO of its crypto token. A switzerland based blockchain startup, Swiss Alps Mining is a cryptocurrency mining plantation that optimizes electricity consumption in the coin mining process such as Bitcoin, Ethereum, Zcash and Dash.

In order to raise funds for future expansion and product development, Swiss Alps Mining decided to launch a cryptocurrency by the name of Sam. The funds raised in the ICO will be used to finance the development and expansion of the mining facilities and to acquire holdings in hydropower plants. The SAM token is an ERC20 token. It can be used as means of payment within the SAE mining and service universe and will be tradable outside the SAM platform on all relevant exchanges.

In a bid to verify the identity of its investors and to mitigate any financial crime risk posed against its ICO, SAM turned towards Shufti Pro. The swiss startup was impressed by end-to-end ID verification services provided by Shufti Pro. KYC and AML Compliance from Shufti Pro fulfilled all the professional demands of SAM, something that was crucial for the swiss startup. CEO of Shufti Pro, Mr. Victor Fredung had this to say about the joint collaboration between the 2 companies

“Shufti Pro put genuine efforts in understanding the individual needs and demands of Swiss Alps Mining. It was crucial for us to deliver top notch KYC and AML compliance services to make their future venture a success story.”

Shufti Pro’s industry best processing time of 30-60 seconds to perform identity verification ensured a robust customer onboarding process for Swiss Alps Mining. AML compliance from Shufti Pro made sure that the investors showing interest in ICO of Sam were not red flagged by national, regional or international watchdogs. This was made possible with the help of Shufti Pro’s large databank that contains information from 1000 watchlists, sanctions list and Politically Exposed Persons. In addition to that, Shufti Pro performs background checks from 3000 databases maintained by financial law enforcement agencies from around the globe.

SAM was targeting to achieve a global success for its ICO and this also became a vital aspect in selection of Shufti Pro as the verification partner of SAM. Shufti Pro has a global language support which means that documents printed in every language of the world can be verified by Shufti Pro.

Both SAM and Shufti Pro look forward to a mutually beneficial relationship, creating a more vibrant atmosphere for blockchain technologies.

About Shufti Pro

Shufti Pro is an emerging name in verification services and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in United Kingdom with its global office in Sweden.

Please visit Shufti Pro here.

Shufti Pro Limited

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Swiss Alps Mining AG

Swiss Alps Energy AG (SAE) is Swiss Alps Mining & Energy’s operating business. SAE is a Swiss startup company in the area of crypto mining and energy, located in Huenenberg, Canton of Zug. SAE plans to start operating crypto mining farms in the Swiss alps in 2018 – a pioneering project. These farms are situated in buildings no longer used by local farmers. SAE will at the same time operate small hydropower plants to produce the electricity needed for crypto mining.

Digital Kyc Services

Howdoo and Shufti Pro enters into partnership for Digital KYC Services

BATH, UK – (July 4, 2018) – Shufti Pro will be partnering up with Howdoo to provide Digital KYC services that will help the social media platform with efficient customer onboarding and validation of credentials provided by future users.

Shufti Pro is an Artificial & Human Intelligence based end-to-end Identity verification SaaS product. A GDPR and PCI compliant solution, Shufti Pro strives to provide flawless digital KYC services and AML Compliance to a worldwide audience. Howdoo, on the other hand, is a blockchain based social platform providing users with a unique opportunity to take control of their social media content. Howdoo envisioned to bring together a community of global users for better content, smarter communication and enhanced security of data. In order to ensure that access to their highly secure social media platform is not breached by scammers or users with fake identities, Howdoo turned to Shufti Pro.

But even before settling down with Shufti Pro, Howdoo executives made sure to conduct thorough market research. They needed to find Digital KYC services from a company that understood what it takes to secure the interests of users. A company that realises the prowess of blockchain and how it can be utilised in creating a feature-rich social platform like Howdoo. Shufti Pro’s passion to create an online marketplace without a shred of fraud and scam really hit the right note with Howdoo management.

CEO of Shufti Pro, Mr. Victor Fredung highlighted the importance of this collaboration among two tech companies in following words:

“Digital KYC services from Shufti Pro are perfect match to user-centric platform like Howdoo. Our entire team at Shufti Pro is very excited to work with a professional organization like Howdoo and we are hopeful that this will be beginning of a mutually beneficial relationship that will bring lot of opportunities for both companies to learn from each other. Our industry best time of processing an official document in 30-60 seconds will surely streamline the customer onboarding process for Howdoo”

One of the major aspects of partnership between Howdoo and Shufti Pro is the global outreach of this smart verification product, as well as the ability of Shufti Pro to verify official documents in every language of the world. It means that Howdoo will be able to register developers, content creators and advertisers from all over the globe using Digital KYC services from Shufti Pro. As a platform that has the ambition of truly going past traditional barriers of physical borders, this feature of Shufti Pro was truly exciting for Howdoo


About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Howdoo

Howdoo is a new age social media platform developed by utilising the Ethereum blockchain. Not only content creators are invited to showcase their individualistic content on Howdoo but the makers of this exciting platform have also arranged for smooth revenue stream for these creators. Innovative collaboration, secure communication and traceable content are going to be cornerstone of  Howdoo.

cryptocurrency kyc aml shufti pro

Cryptocurrency Exchanges and negative KYC Compliance

KYC & AML Compliances are not being upheld by almost 68% of the cryptocurrency exchanges around the globe. Only 32% have been found to be fully following the compliance rules.

This means that one way or another, once the revised AML directives are in place in the year 2019, these companies will have to completely reform the way they operate, in accordance with the EU Regulations.

An analytics study conducted by the P.A.ID Strategies disclosed the non-compliance of more than half of the cryptocurrency exchanges based in the U.S. and EU region.

Reasons of Non-Compliance

With a sample size of a quarter of a hundred, P.A.ID Strategies proved that many of the crypto exchanges fail to verify the identity of their users. Majority of the Cryptocurrency exchanges take place without requesting any substantial proof of identity or official documentation to screen the user before permitting the exchange. The general practice entails asking the user merely for their mobile number or email address.

This information is nearly not enough to carry out IDV or risk assessment checks. In addition, they can easily be obtained from various other sources. It is not uncommon for people to update their contact information, especially email addresses, on their social media profiles. Being highly prone to identity theft, this data definitely requires substantial refinement and close scrutiny.

AML Compliance for Cryptocurrencies

After May, 2018, the GDPR regulations came into place, which required the companies, ICOs and Cryptocurrency exchanges that are located in the EU region, to update their data protection and access policies. Similarly, in June, 2018, the EU launched a fourth AML directive that was basically directed at combating the cryptocurrency crimes and curb terrorist financing. The directive explained in great detail how the organisations must update and maintain their AML screening processes. If unfollowed by any, strict actions (e.g. they may be sanctioned)  are in place to ensure complete order and protect the virtual marketplace.

A fifth AML directive is also set to come forth in June 2019, which is expected to enhance the security systems by enforcing stricter laws.

Effects of KYC on Cryptocurrencies

Rest assured, the crypto world would be a much better place with secure transactions. Following KYC & AML regulations would limit the number of frauds and prevent huge losses. Crypto crime can be reduced if the identity of the investors for ICOs and users at the Cryptocurrency exchanges is properly and thoroughly verified. Their complete information must be requested and matched against their original, state-issued ID documents. The authenticity of those documents must be checked as well. This will combat forgery and identity theft issues, hence, diminishing incidences of money laundering, terrorism and stolen cards.

If users are to trust the cryptocurrency exchanges, the only way to do that is to ensure that their transactions are safe, their money is not going towards any illicit causes, and that if their identity gets stolen, then their funds are not being wrongly used/accepted at the exchanges. Yet, up until this point, the cryptocurrency exchanges are failing to comply with the KYC & AML regulations, resulting in higher frauds and consequently, higher losses.

The easiest way for companies in the EU to secure their assets and finances is to employ identity management softwares that are easily integrated within their systems.

Shufti Pro solves these issues for you by providing a global service for IDV and AML screening. Our readily integrate-able RESTful API and SDKs make it a complete and hassle free package for your needs.

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kyc solutions for crypto currency shufti pro

Why KYC Solutions are becoming a norm in Cryptocurrency?

KYC Solutions provide a great opportunity for crypto exchanges and virtual currency enthusiasts to earn credibility and legitimate status. These kinds of solutions are rapidly becoming important tools to regulate the cryptocurrency space. With virtual currency becoming host to billions of dollars in investments from a diverse range of sources, it is becoming more and more binding on the regulators and the crypto enthusiasts to adopt strategies and business methods that invite greater trust over the entire operating mechanism of cryptocurrencies. Some traditionalists believe that KYC Solutions tend to undermine the basic philosophy behind virtual currencies that is least regulations and better anonymity in financial sector. However, if cryptocurrencies and crypto exchanges resist such regulatory moves, it will be very hard to get international recognition for this blockchain based financial system. In order to earn legitimate status and witness a continuous boom in the fortunes of virtual currency floaters, KYC Solutions are a must have.

KYC solutions are not some artificial tools that undermine the functional aspects of virtual currencies or crypto exchanges but they will ensure greater transparency and will help to eradicate inherent financial risk attached with cryptocurrencies. As every cryptocurrency enthusiast is aware of the fact that the anonymity of virtual currencies is leading criminal elements from all over the globe, to use this virtual financial system to conduct money laundering activities in addition to risks of terror funding. Efficient and trustworthy KYC solutions help to solve the puzzle of anonymity in virtual currencies without compromising on the technological aspects of this state of the art financial phenomenon.

KYC Solutions and Territorial Borders

Each regulator and nation state follow a unique economic system and each respond differently to the anonymity of cryptocurrencies. Some regulators demand greater checks on crypto exchanges while others have a liberal standing towards crypto exchanges and virtual currencies. But as more and more cases are coming out where crypto exchanges or even regular banking institutions have been found as accomplice to money laundering and terror financing activities carried out by virtual bandits, the most liberal regulators have ordered crypto exchanges to mend their operations by introducing measures that encourage greater transparency.

KYC Solutions are considered to be the best means to the achieve the goal of greater transparency but the demand of KYC differs from country to country and regulator to regulator. As you know that major crypto exchanges have a global market outreach. It means that people from different countries can be trading virtual currencies using the services of a crypto exchange. Regulators are not much concerned in trading or buying/selling of any particular cryptocurrency. They demand from crypto exchanges to install KYC Solutions that don’t only collect personal information of users from authentic documents but that also verify those credentials. Regulators are forcing crypto exchanges to perform these KYC procedures long before a person starts trading on these exchanges. It means that customer onboarding process can be compromised because of not-so-efficient KYC solutions. Users don’t like to wait for hours, if not days, to get their credentials validated before they start trading. So there is always a risk of losing customers in order to comply with  regulators’ demands for greater KYC compliance.

Greater Productivity With Efficient KYC Solutions

With increasing pressures from international financial watchdogs and greater zeal to counter money laundering activities and terror financing, regulators are either forcing crypto exchanges or will start tightening regulations in coming months that will drive crypto exchanges to install more proactive Digital KYC solutions.

Shufti Pro is an ideal solution for crypto exchanges that are in need of fast yet efficient KYC Solutions. This artificial intelligence KYC Solution can verify identity documents issued by every country of the globe. This smart KYC solution can read documents in every language of the world which is just perfect for crypto exchanges whose business model encourages a global client base. Each verification and credential is verified within 30-60 seconds processing time by Shufti Pro which is just perfect for crypto exchanges and their customers who don’t want to waste unnecessary time on verification of identity documents. So with a changing world order that favours KYC solutions, Shufti Pro is perfect choice for crypto exchanges and virtual currency enthusiasts. It has already been used by several world renowned exchanges to verify the identity of their future users.

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Mobile Kyc

How Mobile KYC will revolutionize the Digital World?

Mobile KYC is the next frontier in Identity Verification services allowing greater access to businesses and enterprises to validate the identity of their users. There are billions of smartphone users at the moment in this world, each having the facility of a front-end camera and fast internet connection. This is a unique opportunity for businesses to increase their overall customer outreach without compromising on their credibility or profitability. Here are few ways in which mobile KYC can revolutionize the way cyberspace is utilised by different kind of businesses.

Mobile KYC for Banks

In today’s digitized world, where mobile banking is quickly catching up with normal means of banking and consumers are performing large deal of their banking operations straight from their mobile devices, it seems curious that they should still be required to visit a bank branch to open an account. As regulations are changing across each country based upon technological advancements, each banking organization is bound to follow specific set of Anti Money Laundering (AML) guidelines applicable on it by its specific financial watchdog. In order to cater to these regulations, banks are required to perform identity verification, and some of these territories also allow for remote identity checks. In such scenarios, mobile KYC can come very handy for banks to authentic transactions, open accounts and in order to perform other miscellaneous banking operations.  

If banks are already trusting remote KYC services to authorize payments and account access, it makes perfect sense to use mobile KYC for verifying credentials and identities of bank account holders. Using this method, bank users can perform biometric verification without requiring any human validation. In this model of Mobile KYC, the possibility for human error is heavily reduced and the desired remote customer experience can be achieved.

Mobile KYC for Ecommerce

In a world where nearly everyone is buying and selling on a mobile device, it makes total sense to introduce an intelligent identity verification system using Mobile KYC technology. The ease of e-commerce also comes with a real threat related to fraud and identity thefts. Scammers evolve with technology and thus they are also founding ways to commit online frauds especially in e-commerce field. Connecting with real customers and identifying fraudsters in the mobile world is a challenge for ecommerce vendors.

Although there is a large list of identity verification services available around the globe but each one of them comes with its specific set of limitations. The most efficient of the KYC system make it easier to access mobile data. This pre-accepted access to data can be used as leverage to ensure that specific criteria are met by legitimate customers before any purchase is made or payment is made by them on a certain ecommerce website or portal. This leads to an added layer of protection on commercial ecommerce websites, preventing them from frequent cashback payments for identity thefts of unverified credentials. Simply put, it’s another tool to help you reduce your fraud risk, improve your KYC standards, and just as important, secure an effortless experience for your mobile-minded customers.

What’s the right way to Mobile KYC?

Now that we have given a few test cases for utilisation of mobile KYC services, there needs to be made a clear identification of the fact that by which means mobile KYC will be provided to potential customers. There is always an option of having separate platforms, applications and mobile modules that perform Mobile KYC for businesses. They verify identity of users on their own and after proper verification is performed, they forward the confirmation to original business. This kind of customer verification is time consuming and makes the entire routine of identity verification a heavy load on business as well as customer.

Then there is an option of ID verification services like Shufti Pro that can easily integrate with pre-existing systems and applications. Shufti Pro has API as well as SDK integration options available for its users so that they can perform both web based and mobile based integrations. API for both iOS and Android platforms are available and many of our customers are utilising flawless ID verification services through Mobile KYC services of Shufti Pro.

Shufti Pro utilises Artificial Intelligence based technology in order to verify identity of users on smartphones within an industry best processing time of 30-60 seconds. Shufti Pro is available in every country and can even verify ID credentials in every language of the world. So next time, you are in need of a reliable ID verification service to perform Mobile KYC, feel free to use this out of box verification service.

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digital kyc services shufti pro

Nordic Banks brace for Digital KYC with centralized Database

Five major Nordic banks have formed a partnership to establish a company that will compile a centralised database for Digital KYC services. In order to ensure greater transparency and identify financial risks that can create regulatory penalties for these banks, KYC was considered to be an ideal candidate by the bank executives. A shared facility will not only provide wider data bank for banks to utilise but it is also targeted to reduce development cost and maintenance charges for each banking organisation.

The Joint venture will be known as Nordic KYC Utility and will solely be focused on development of an “efficient, common, secure and cost effective” platform for sharing confidential and personal information. The vetted data will be provided by customers for opening an account or to perform transactions and funds’ transfer.

Why Digital KYC for Nordic Region?

Nordic KYC Utility will be opening shop to provide KYC services not only to the founding banks but to large and midsize nordic corporates as well. The management of the founding banks plans to offer KYC services to third parties as well, once the entire database is fully functional and operational. KYC is the easiest method to verify the identities of future customers and sort out the bad apples before receiving a regulatory penalty for handling business of customers or enterprises that are deemed as financial risks by financial regulators. Financial watchdogs around the globe want banks and financial institutions to tighten their business practices in order to identify their users. It further helps in gathering information about why these customers are in need of banking or financial services and what kind of niche those businesses/individuals belong to. It helps regulators to find out the needles of financial criminals in the haystack of businesses and banking customers.

A Unified Platform for Digital KYC

The approach adopted by Nordic banks, i.e. a unified database for KYC compliance, is also being seen as an efficient alternative to the otherwise time consuming and multi-format KYC services available at different banks. As the founding members of Nordic KYC Utility are already one of the largest banks of the region, customers will be facilitated to perform KYC and get their credentials verified in a robust and uniform manner.

The formation of company is yet to be verified by the European Commission under the Merger Regulations of the European behemoth. It is expected that operations of the company and foundational activities will be charted out once an approval is received from authorities that is expected by the end of Q2, 2018.

When we talk about Digital KYC services, there is a strong case made by an up and coming SaaS product – Shufti Pro. It is an end to end verification service that is perfect for any banking or financial institution, which is looking to adopt KYC services in any part of the world. Powered by Artificial intelligence and machine learning algorithms, Shufti Pro can verify identity of every person in the world and validate credentials of a person within industry best time of 30-60 seconds. KYC services by Shufti Pro can verify identity documents in any language, belonging to any country of the world. Shufti Pro can also integrate easily with the pre-existing systems through its flawless API and SDK integrations. AML Compliance and Customer Due Diligence are added features of Shufti Pro for banks and financial institutions that want to completely rid their operations from any financial crime risk.

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Kyc For Rental Car Business

How Car Rentals can safeguard their interest with Digital KYC?

Car rentals stand to benefit a great deal from Digital KYC as it will enable them to verify the credentials of their users, before renting out their expensive vehicles. It will not only lead to greater transparency but the valuable assets of car rentals will be secured from any stealing. Danger of Identity thefts and use of fake IDs can be minimised as well at car rentals, further streamlining the business operations. Shufti Pro provides perfect Identity Verification services that can help car rental companies regardless of their country or the official language used on that country’s identity documents. A smart SaaS product backed by Artificial Intelligence, Shufti Pro is fully equipped to verify the provided identity of a customer within 30-60 seconds so that a car rental business can secure its interest without making any sacrifice on customer service.

Why Car Rentals need Digital KYC?

Every year thousands of cases are registered across the globe for cars gone missing that were rented out to customers. Even the identity documents provided by the customers for renting out a car are of not much use. In majority of the stolen or missing car cases, identity documents of customer are found either fake or to be owned by an entirely different person. Cash backs on credit cards and huge costs of stolen vehicles add additional burden to an already competitive market, thanks to ride-sharing services like Uber. Insurance might cover the cost of a stolen car but that is just again an additional business overhead that car rental companies have to bear, in the absence of a Digital KYC service provider.

Sometimes, cars rented out on fake IDs are even used by criminals to commit different kind of crimes that can lead to criminal proceedings against car rental companies due to their lack of vigilance at the time of renting out automobiles. We cannot stress enough the damage such incidents can do to the reputation and business of a car rental company. Sometimes, the criminal elements don’t even bother to steal the entire vehicle and are just interested in expensive spare parts. They butcher the entire car for most useful and expensive spare parts and ditch it for law enforcement companies to find the vehicle. Car Rental companies are left with the headache of replacing the spare parts or getting the car sold as a scrap.

In modern times, where technology is overtaking every sphere of life and car rental companies are offering remote services like delivering a car at the doorstep of customer and remotely verifying the identity of customers, Digital KYC presents itself as an ideal solution to reduce risks and maximize profitability. Imagine a business environment for car rentals, where identities of potential clients are actually ensured before handing them the expensive and only true assets of the company. All the risks are properly assessed and background checks are performed to rid the company of any potential legal proceedings. Shufti Pro can give the much needed peace of mind to car rental companies where they can operate their businesses without worrying about unnecessary business overheads by reducing cases of stolen cars or cars rented out using fraudulent documents.

Benefits of Digital KYC for Ride Sharing Services

Ride Sharing services like Uber and many others with similar business model have a lot to benefit from Digital KYC services. These services will not only help to safeguard company’s interest for customer on-boarding process but the captains and drivers of the rides can also be verified against their provided credentials and documents. This will add an additional layer of security to ensure customer trust and credibility towards the ride sharing service.

Why Shufti Pro?

Shufti Pro is an ideal choice for car rental companies for multiple reasons. Services offered by Shufti Pro are available in every country of the world and can verify documents in every language of the world. It means that regional or global car rental services can use the flawless services of Shufti Pro without having to worry about the coverage area or concerning about the language used in different countries of the world. Shufti Pro is easily integratable with pre-existing online systems, android or iOS apps and web applications.

Choose Shufti Pro now to provide Digital KYC for your car rental business and witness an unprecedented growth in your business without spending a fortune.

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shufti pro cryptology partnership

Cryptology partners with Shufti Pro For KYC Services

BATH, UK – (June 20, 2018) – Cryptology is an online crypto exchange that has joined hands with Shufti Pro to utilise cutting edge KYC services provided by Shufti Pro to verify the identity and financial details of its members.

Cryptology is one of its kind start-up company that envisions to make exchange of cryptocurrency hassle free for its users. Currently operating through its web and mobile apps, Cryptology plans to extend its business operations to touch new horizons, in near future. With easy to use interface that supports multiple wallets, Cryptology presents a virtual stock exchange for crypto enthusiasts. Working for a reliable crypto future, Cryptology is looking to resolve issues like complexity of fiat transactions, high commissions and sluggish customer support.

Partnership for KYC Services

To ensure secure transfers and in order to eliminate the risks of fraudulent activities or fake users on their newly launched crypto exchange, Shufti Pro was chosen by Cryptology. Shufti Pro will be providing PCI compliant KYC Services on their web app platform, via its RESTful API. The distinctive features of KYC services from Shufti Pro will allow Cryptology to verify credentials of its users from all around the globe. Shufti Pro also provides universal language support, further enabling the outreach of Cryptology as a cryptocurrency exchange.

Fraud prevention and risk mitigation are not the only features that Shufti Pro brings to this partnership. The Artificial & Human Intelligence Hybrid system of Shufti Pro also provides real time verification so that the users of cryptology don’t have to wait for hours before their identity and financial credentials can be verified. Flawless API integration of Shufti Pro with Cryptology’s web app will create a hassle free UI/UX for the members.

Talking about the partnership with Cryptology, CEO of Shufti Pro, Mr. Victor Fredung said that, “We are proud to have partnered with an upcoming venture like Cryptology. Their business model was in need of a reliable identity verification system that also provided a seamless integration with their system. Shufti Pro ticked all those boxes. Not only that, but the scope of our worldwide services and universal language support means that any person sitting in any part of the globe, having credentials in any language, will be able to buy and sell cryptocurrency on Cryptology app. Now that is what we call a giant leap towards a crypto future.”

On the other hand, COO Cryptology, Mr. Anton Kalinin has this to say about the partnership: “ is a next generation cryptocurrency exchange that makes fiat and cryptocurrency trading easy and secure. Our user friendly web platform provides attractive conditions for professionals and offers an option of a mobile app for those wanting to trade on the go.

Guys from Shufti Pro did exactly what we expected them to do, automating KYC and letting us grow faster. They were the first to respond to our cooperation request! We are totally happy to have chosen them and definitely look forward to continuing our highly productive cooperation.

Implementation of KYC services for a cryptocurrency exchange is a bright sign for people who want to benefit from huge potential of cryptocurrency without risking their investment capital or identity credentials. PCI and GDPR compliant identity verification services from Shufti Pro will also ensure that the data shared by Cryptology customers and members for verification will be fully secure and cannot be breached by any brute force.


About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Cryptology

Cryptology is a team of crypto enthusiasts looking for ways to offer mass access to the crypto market through a marketplace that would cater to all needs at once.Company’s main goal is to simplify the digital & fiat currency exchange transactions for all users. Cryptology strives to create a single platform bringing together fiat transactions and a variety of tokens. Complex procedures will become a thing of the past, as users will be able to buy tokens with fiat currencies. Everything you need will be available on a single platform. You won’t have to deal with high commissions on fiat transactions, difficult KYC procedures and slow support.The key advantage of Cryptology is its own payment system that allows them to manage fiat transactions and offer users, a competitive service fees.

Digital Kyc

South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance

South Korea is soon going to adopt regulatory measures to bring in crypto exchanges under regulatory compliance. Financial authorities like Korean Financial Intelligence Unit (KFIU) and other domestic financial regulators will make sure of the fact that crypto exchanges are using Digital KYC and AML Compliance practices to run their operations. Recently a move was instigated by the financial authorities in South Korea to clamp down on terror funding and money laundering activities. Earlier, they wanted to increase oversight on the operations conducted by banking and financial sector only. They intended to introduce stricter compliance guidelines to make these banks and financial institutes adopt KYC and AML Compliance measures. Later on, they decided that crypto-exchanges must also be brought under the regulatory scrutiny of organizations like KFUI. This official step will surely be in the right direction as it will pave the way for legitimizing of crypto exchanges and crypto currencies in South Korea.

Digital KYC for Korean Exchanges

Korean authorities are concerned by the non-regulatory functioning of crypto exchanges and trading of cryptocurrencies. They consider crypto exchanges and fiat currencies a viable platform that can be easily exploited for financing terror related activities or to launder illegally earned money.

Talks have been going on inside South Korea to introduce much stricter regulations on banks to make them answerable for large scale transactions and unnamed accounts. Proper verification of account holders and transaction destinations was being demanded by financial regulators to introduce a much more effective financial regime. To further the cause of a transparent financial landscape, it was suggested that crypto exchanges should also be brought under the guise of financial regulators as every company in the industry has been performing as a communication vendor after paying a mere $40 license fee.

KYC services for Crypto exchanges operating in South Korea will allow regulators like KFIU to better monitor the individuals trading virtual currencies through these crypto exchanges. With the entire industry being recognized as a regular industry and thus being regulated with necessary guidelines, legitimate status will be earned by the entire sector.

AML/CTF Measures for Korean Crypto Enthusiast

At the moment it is not clear that what kind of AML Compliance will be expected from crypto exchanges and there might be some apprehensions in overall market trading for crypto currencies, but one thing is clear: an AML compliant industry that is committed for CFT will go a long way for greater trust among customers. It will also ensure a global outreach to investors who want to invest or trade cryptocurrencies on a platform that is officially compliant and vigilant against financial risks. It is totally understandable that virtual currency exchanges can carve out a whole new different future for themselves if they decide to not only comply with regulatory guidelines of KFIU but even build on them to adopt a systematic approach to curb out financial risks.

Shufti Pro is an end-to-end verification SaaS product that offers both Digital KYC and AML Compliance. This AI powered ID Verification service can recognize documents and credentials in every language of the world and can verify the identity of a person in every country of the world. Korean crypto exchanges that are looking for a reliable verification products to bring them in line with regulatory oversight of KFIU and other domestic regulators must try Shufti Pro. With an industry best processing time of 30-60 seconds, Shufti Pro has already partnered with some of the most reputable crypto exchanges of the world for providing KYC and AML compliance solutions.

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