IDnow launches an automated KYC procedure with AML screening

By Joy Dumasia

IDnow, the European Platform-as-a-Service provider for identity verification, introduced AML (Anti-money laundering) screening to their platform. The feature enables a combined screening of users against specific global watchlists to make risk assessments and avoid violating various sanctions.

The solution can screen a person’s identity against PEP (politically exposed people) lists, sanction lists, global watchlists and adverse media at self-selected time intervals. This makes it possible for the company to monitor multiple AML lists concurrently and in real-time.

IDnow has made such inclusions to reduce complexity and make the KYC (know your customer) process smooth, quick and secure. The automated process spares companies from uploading data for monitoring as the information is already processed during the identity check. The option of ongoing monitoring based on an individually set rhythm lets businesses maintain the current risk profiles of their customers.

AML screening and monitoring will be offered to IDnow Autoldent, the automated identity solution within the platform. In 2021, IDnow acquired Ariadnext and Trust Management AG, enabling them to expand to new industries and offer their services to a broader customer base in Europe.

Vikas Seth, CPO at IDnow, says: “The new streamlined process accelerates the onboarding flow and offers a better user experience. The addition of AML screening and monitoring is further expanding the IDnow platform and marks another strategic step on our way to become the leading European platform for all identity needs.”

Recently, IBS Intelligence reported that Germany-based platform-as-a-service identity verification provider IDnow announced the implementation of NFC reading capability into AutoIdent, offering users an even smoother and quicker verification process.