EBA revised its guidelines on ML/FT risk factors

EBA revised its guidelines on ML/FT risk factors

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The European Banking Authority (EBA) issued revised money laundering and terrorist funding (ML/TF) risk factors as a part of comprehensive AML/CFT concerns. 

This new update reckons changes to the EU Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) legal framework.

The revised guidelines are for the EBA’s to lead the work, regulate and monitor the fight against money laundering and terrorist funding. The guidelines are addressed to both financial institutions and supervisors, setting out the factors that must be considered while assessing the ML/TF risks associated with ongoing transactions or business relationships.

These new amendments in the guidelines assist the financial institutions to conduct customer due diligence (CDD) and enhanced due diligence (EDD) related to high-risk customers and countries to mitigate the ML/TF risks. 

In its revised version, EBA has added new sectorial guidelines for crowdfunding platforms, payment initiation service providers (PISPs), corporate finance, account information service providers (AISPs), and currency exchange firms.

This update public consultation provides more details on the ML/TF risk factors and the CDD measures. It includes the identification of the ultimate beneficial owners, using advanced solutions to verify the customers’ identity, and setting clear regulatory expectations for both individual and business risk assessments. 

It is believed that the proposed changes will strengthen the EU’s AML/CFT measures to combat financial crimes.

Try Shufti Pro KYC Services Free of Cost for 15 Days Now

Try Shufti Pro KYC Services Free of Cost for 15 Days Now

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Shufti Pro is now offering 15 days free trial for all of its KYC services. It is a new offer by Shufti Pro for its worldwide customer base allowing users to test our services without having to pay a single penny. All the major features and KYC verification services of Shufti Pro will be available in the trial period to the users. Shufti Pro believes on the strength of its identity verification services and AI-based system. We invite all and sundry to try our service pack or any Identity authentication solution. With a Restful API and mobile SDKs developed for Android as well as iOS platform, our potential customers can test the flawless service standards of Shufti Pro, regardless of their preferred source of verification. We will describe briefly various aspects of this Free Trial to our customers in the following lines:

No Credit Card Required

Unlike, many free trials Shufti Pro does not require any credit card information from its customers that want to use our free trial. All the ID Verification services can be performed without having to share financial information with Shufti Pro. After all, building trust in the online marketplace is the core vision of Shufti Pro and that is why we want our trial account users to use our KYC verification services without having to share their financial or credit card information with us.

KYC Verification

If you want to sign up for a free trial with Shufti Pro, you will be able to choose any set of KYC verification that you want to try, even if you do not plan to use it in your future partnership with Shufti Pro. You can opt to perform individual KYC checks for each verification service or can even opt to combine all our authentication services in 1 single KYC check.

Supported documents category remains unchanged with Shufti Pro Trial account as well, so that our worthy customers can check our claim of providing Document Verification services for ID Cards, driving licenses and passports issued by 225+ countries and support for 150+ official languages.

AI-Based Services

All the KYC services offered by Shufti Pro in trial period are fully automated and verification results are vetted by our state of the art AI in order to make sure that no facial spoof attack or tampered document can be used for verification. The technology available to our regular customers will be at disposal of our Trial account users as well.

Shufti Pro has made sure that its AI technology is quick at detecting doctored documents not only through textual data displayed on the identity documents but through other crucial features as well. For example, MRZ code of passport is also checked by Shufti Pro in order to verify that only an authentic passport is used to verify the identity of a user.

Feature Rich Back Office

Trial Account Users will be given access to Shufti Pro Back office as well so that they can check the verifications performed by Shufti Pro on their behalf. Real-time results are displayed in Back Office and an analytical approach helps our users to understand the KYC verifications performed by Shufti Pro. Trial users will be able to get not only real-time updates about verification statuses of their customers but the reason for declining a verification request will also be displayed against declined results.

Proof of verification will also be displayed not only for declined verification requests but for verified requests as well. Country of origin and other vital information will also be displayed to understand the trail users about the origin of verification traffic. Not to mention that the date and time of verification will also be mentioned against each verification request.

GDPR Compliance

Shufti Pro is a fully GDPR compliant service provider. It means that we fully understand our responsibility as per the guidelines defined under GDPR. All the data collected during the verification process is kept secure under strict data protection protocols. Additionally, even if after the expiry of the trial period, the user account and the information used for verification will remain to save with Shufti Pro and can be deleted upon request. The data collected during KYC verification or Identity authentication will never be used for any other purpose by Shufti Pro or any other third party.

So, in case you want to run a trial of how beneficial Shufti Pro can be for your business and how it can secure you from identity theft, stolen financial information and other digital scams, then Sign Up for our 15-days Free Trial period. We assure you that it will totally change your opinion about KYC services and will be surely worth the effort. You can sign up for our free trial version by filling out the trial account form here or can contact our sales team directly to have your trial account customized according to your individual needs.