With iDenfy’s IDV and AML solutions, Finora Bank will automate compliance and secure the customer onboarding process.

Over the years, financial institutions struggled with Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance issues. As a result, a stricter regulatory landscape and modern technology have pushed many financial players to rethink their fraud prevention strategy and implement efficient digital solutions. iDenfy agreed with this strategic mindset explaining that even though banks are pressured to increase their security budgets, investing in AI-enabled tools helps them achieve sustainable growth while significantly decreasing financial crime numbers. To ensure effective fraud prevention and better understand its clients, Finora Bank started to look for digital solutions and chose iDenfy’s identity verification.

According to the bank, it’s vital to protect clients and guarantee complete transparency when providing financial services. Recently, Finora Bank obtained its banking license from the European Central Bank, enabling the financial service provider to expand operations throughout Europe. According to the bank, faster scaling required more robust security measures.

As Finora Bank aims to provide the highest levels of AML and Terrorist Financing compliance measures to our clients and partners, the company decided to establish long-term business relationships with a well-known remote ID verification provider. iDenfy now assists Finora Bank in automating customer due diligence. The new partnership will help Finora Bank manage fraud risks more responsibly and gain detailed real-time insights into their financial operations.

iDenfy’s four-step identity verification solution uses selfie biometrics. Liveness detection adds another layer of security, eliminating criminals trying to pass the verification using fraudulent methods: deepfake technology, masks, fake pictures, etc. It takes less than a minute to complete the four-step biometric verification. Users are asked to select the document issuing country and type. After they upload their passport or ID card, customers snap a quick selfie so the algorithms can match the face against the document and multiple AML databases.
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The KYC service provider ensures accuracy by powering its in-house expert team, who double-checks verification results 24/7, making sure to prevent fraudulent users from accessing Finora Bank’s network. By leveraging iDenfy’s solutions, Finora Bank can also conduct AML checks and continue with ongoing data monitoring, which consists of constantly scanning global sanctions lists, PEP, and adverse media sources.

The newly implemented verification and AML Screening process will ensure Finora Bank’s compliance with the latest EU regulations, which of course, played an essential role in the bank’s decision to choose iDenfy as its customers’ data protection partner.It’s worth mentioning that the startup is a certified-ISO fraud prevention service provider. iDenfy has its solutions protected by Technology Errors & Omissions Cyber insurance from Lloyd’s.

“The new identity verification solution supports our efforts to provide our clients with an expedited and fully compliant onboarding process. We’re happy to partner with iDenfy. With their assistance, our customers can verify their identities in a few clicks,” — said Aurelijus Sveikauskas, the CEO of Finora Bank.

Domantas Ciulde, the CEO of iDenfy, added: “We’re happy to join forces with Finora Bank and help them expand into new markets with an enhanced, fully digitized onboarding experience.”