UK-based Shufti Pro, a leader in identity verification solutions, today announced it has been selected by art investment platform Mintus to provide leading-edge KYC and AML identity verification solutions.
Mintus is an investment platform that offers users the opportunity to invest in high-value modern and contemporary art. Authorised and regulated by the Financial Conduct Authority - and with almost £150 million worth of paintings lined up to offer - Mintus is the first platform of its kind in the UK.
Due to the value of assets and investment sums transacted on the platform, Mintus requires end-to-end compliance. Additionally, in light of the situation in Ukraine and the resultant economic sanctions, there is a greater urgency for businesses like Mintus to accurately identify the source of funds flowing through their platforms. Also, with the vast majority of Mintus’ customers being high net worth individuals (HNI), there tends to be greater scrutiny as to where their funds originate from. This makes using a solution like Shufti Pro vital.
Shufti Pro with its global capabilities, highly bespoke configurability and advanced automation, is providing Mintus with a quick, accurate and scalable way to safely on-board new customers and process investments. Shufti Pro ensures Mintus remains both compliant but also provides customers with a world-class verification experience.
The HNIs that use Mintus expect leading user experiences and thanks to Shufti Pro’s technology, they are able to be seamlessly verified then successfully transact on Mintus’ platform. With Shufti Pro, Mintus can onboard new customers from all over the world, successfully and safely in under one minute.
“Platforms like Mintus provide an alternative way to invest and create wealth; contemporary art has seen an average annual return of 14% over the last 25 years, versus 9.5% from the S&P 500. As a relatively new brand, we need to absolutely ensure that initial brand interactions between Mintus and our customers are slick and smooth. To achieve this we need technology that is highly customisable to our needs and able to accurately verify individuals from across the globe. Not only does Shufti Pro deliver this, it also does it quickly and easily - something our customers truly appreciate. We estimate that £150m of painting investments will be verified by Shufti Pro this year,” said Tamer Ozmen, Founder and CEO of Mintus.
“We worked very closely with the Mintus team to ensure we were able to deliver the best possible experience for their customers. Our fully automated and configurable solution allows Mintus to swiftly verify new customers while cutting down on false positives. With our technology, Mintus can ensure it knows exactly who its customers are and the origin of funds flowing through the platform - regardless of where in the world they are based”, says Victor Fredung, CEO of Shufti Pro.
As part of an end-to-end compliance solution, Shufti Pro provides Mintus with customer address verification, AML screening, adverse media checks and identification of politically exposed persons.
Including Mintus, Shufti Pro works with over 600 clients across the globe, helping banks and other organisations globally to verify the identity of key individuals. Through Shufti Pro, businesses can on average save 15-40% on costs, onboard on average 20% more customers - all while meeting global regulatory requirements.
Shufti Pro’s KYC solution verifies the identity of customers in real-time during onboarding which helps businesses to avoid identity theft, money laundering, terrorist financing, and other financial fraud.