iDenfy to fight money laundering through shady companies

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Lithuanian identity verification company iDenfy has launched a new KYB platform to investigate how criminals transfer money through shady companies.

iDenfy, the European fraud prevention startup, has launched fully customizable business verification services. iDenfy’s approach to Know Your Business (KYB) will scan government and commercial databases to detect shell companies and prevent money laundering, all in one platform. The services will help organizations screen their partners in real time, eliminating the risk of fraud, non-compliance fines and reputation loss.

iDenfy’s business verification services will show if the business being scanned is legitimate, showing its activity records from start to finish. The software will display company ownership data, registration records and credit rating by reviewing various business registers and major credit bureaus.

Asked about the idea behind the new KYB project, company officials noted that the fraud prevention startup had conducted internal research for better results and had noticed alarming changes in the market: “The number attempts to open shell companies and corporate bank accounts has increased by 35% since the start of 2022, as well as the use of false identity documents.

Following the situation, the startup decided to upgrade its customer identity verification system by adding a business identification approach to its AI-based fraud prevention package. According to Ciulde, the large number of new applications for obtaining bank accounts complicates the work of employees of financial companies and reduces the emphasis on the distinction between fictitious companies and real companies.

The startup has developed new algorithms specifically for its business verification service and has integrated 4 major credit bureaus as well as 180 state registration centers to provide access to data from over 200 million businesses. iDenfy says filtering and monitoring multiple data points is critical, as fraudulent parties mask their activity using fictitious addresses, offshore accounts, and even using the private homes of unsuspecting residents.

For more information about iDenfy, please see the company profile in the Paypers Company Database.

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