How Zillow Fights Real Estate Fraud – Page 7 (Feature Story)

NOVEMBER 2019

Bank of Thailand to test Can video KYC solve FIs’ biometric KYC for new remote onboarding woes? account holders – Page 17 (Deep Dive) – Page 11 (News and Trends) TABLE AML/ OF KYC TRACKER® CONTENTS

WHAT’S INSIDE DEEP DIVE A look at how governments are An investigation into video- 3 tightening KYC requirements 17 based KYC’s potential for online gambling companies benefits and limitations in and certain securities market helping FIs securely onboard participants global customers

FEATURE STORY ABOUT An interview with Justin Farris, Information on PYMNTS 7 Zillow’s director of product 20 and Trulioo development, on real estate security and how home purchasing and rental platforms can thwart money laundering and other forms of fraud

NEWS AND TRENDS The latest headlines from the space, including why SEBI is urging KYC ACKNOWLEDGMENT 11 The AML/KYC Tracker® was done in collaboration with registration agencies to improve Trulioo, and PYMNTS is grateful for the company’s support cybersecurity procedures and how and insight. PYMNTS.com retains full editorial control over Bank of Thailand’s biometric KYC the following findings, methodology and data analysis. tests could lead to greater financial inclusion 3 WHAT’S INSIDE

Governments worldwide are increasingly con- increase their protections against bad actors. cerned about companies falling victim to SEBI recently informed agencies that maintain fraudsters and tightening know your customer KYC records for investors that they must create (KYC) requirements, especially for industries detailed cybersecurity plans to report attacks that had embraced customer anonymity or more and reduce chances for staffers to abuse their relaxed identity verification approaches to pro- network access. vide faster onboarding. Such procedures will no Companies that fail to adhere to KYC and anti- longer be allowed in some countries. money laundering (AML) regulations face The United Kingdom enhanced its customer potential customer losses and serious finan- authentication requirements for online gambling cial punishments. Five Tanzanian banks recently and gaming earlier this year, and these platforms felt the brunt of a collective $800,000 worth of continue to adopt new solutions like biometric fines for such violations. Financial institutions verification to shore up their protections. The (FIs) wishing to escape those pains must main- Securities and Exchange Board of India (SEBI) tain strict compliance — an effort often helped by — the country’s securities market regulatory adopting KYC and AML software. body — similarly called for industry players to

The November AML/KYC Tracker® details how from provider Sum&Substance (Sumsub). The the latest security policy changes are impact- former sought compliance management sup- ing companies around the globe as well as port for its two entities, as they are located in how organizations are tapping new solutions to jurisdictions with different regulations. Sumsub strengthen their defenses and compliance. will provide technology to help Exness juggle its compliance obligations and streamline its AROUND THE AML/KYC LANDSCAPE KYC processes. The Bank of Thailand recently announced plans For more on these stories and other notable to test online biometric KYC checks for custom- AML/KYC headlines, check out the Tracker’s ers seeking to open savings accounts. Ten FIs News and Trends section (p. 11). will test the technology, and the Bank of Thailand will create regulations guiding the method’s use HOW ZILLOW SHUTS THE DOOR ON and adoption if the pilot is successful. Secure, FRAUD

online KYC could help FIs better provide account Real estate platforms are often targets for openings to remotely located customers. would-be money launderers, who often see Solutions provider NEC XON is also examining potential to hide illegal funds’ origins by fun- biometric KYC options to support FIs and mobile neling them through rental payments or home network operators. The company released purchases. Related businesses must therefore self-service identity verification kiosks to col- diligently search for suspicious activity indicators lect customer biometrics and personal details and ensure customers are who they say they are. for KYC checks that can then issue and activate KYC and AML checks cannot be too onerous, users’ bank and SIM cards. The technology is however, or users may depart for other ser- intended to save companies time and money. vices. In this month’s Feature Story (p. 7), Justin Farris, director of product development at Zillow, Other companies are boosting their own AML explains what it takes to protect customers with- and KYC efforts with management and workflow out making security measures feel burdensome. automation tools. Retail brokerage company Exness recently adopted these types of solutions

EXECUTIVE INSIGHT

DEEP DIVE: CAN VIDEO KYC SOLVE FIs’ REMOTE ONBOARDING WOES? What are some of the key AML challenges facing FIs seeking to serve global customer bases the real estate industry? What should real estate need to quickly and securely onboard users who companies keep in mind as they seek to miti- live anywhere. Companies are showing interest gate these risks?

in employing video KYC solutions, which can “In the U.S., the federal government has already put enable remote ID verification by comparing cus- in place strict AML requirements, which are a crit- tomer videos to the images on their identification ical part of the Bank Secrecy Act . However, these only cover about 78 percent of real estate trans- documents. The method provides greater secu- actions. Why? [Real estate companies making] rity than selfie-based KYC approaches, and most all-cash deals — which account for the remaining customers already have devices equipped with 22 percent of real estate deals and often circum- vent a lending financier or are made through shell the necessary cameras. companies that obscure the true owner’s identity Companies may discover some complications to — are under no legal obligation to monitor transactions in real time nor flag and report suspicions implementing video KYC, however, and will have ones. This gap between compliance requirements to make careful decisions about handling video for all-cash and mortgaged real estate deals leaves calls and detecting deepfakes. This month’s an open playing field for money laundering. Deep Dive (p. 17) explores the complexities, lim- To mitigate risk and compliance fines, many of itations and benefits of using such technologies which are never made public, real estate companies transacting both types of deals must take to onboard remote customers. AML into their own hands. They should seek out technologies developed specifically for AML compliance, [ultimate beneficial owner] identification and watchlist screening and integrate them into their transaction processes for sellers and buyers. They should treat all-cash and mortgaged transactions with the same high level of adherence to the BSA’s AML requirements, [which are] only technically required of the latter. And they should become data hungry by tracking and flagging [activity in] areas of the world considered high risk for money laundering, terror financing and other illicit activities.”

ZAC COHEN general manager at Trulioo

FIVE 2.5M FAST Number of Americans affected annually by fraudsters using identities belonging FACTS to the deceased 34% $800K

Portion of European customers Amount five Tanzanian banks who want FIs to use biometrics were fined for KYC and for faster onboarding AML violations

24% 74%

Share of Asia-Pacific banks that Year-over-year increase say managing KYC compliance in FCA investigations into issues is a top challenge cryptocurrency firms

How Zillow Fights Real Estate Fraud

ome is sometimes where the fraud is, as criminals often consider purchasing properties or making rental payments to launder ill-gotten gains. It is estimated that real estate money laundering costs $1.6 trillion worldwide each year, representing a major challenge for home purchasing, rental and mortgage companies that must detect bad actors without creating Hfriction for legitimate customers.

Companies like real estate platform Zillow are in exchange for a share — through rental pay- working hard to juggle tight AML and KYC secu- ments on the property. Criminals can then rity with easy onboarding, knowing if that if present sources for their newfound incomes that it is successful, it will secure a reputation as a look legitimate. Real estate companies are also safe and convenient site for customers. Justin required to check that all rental or home purchas- Farris, the company’s director of product devel- ing funds are not transferred from countries on opment, recently spoke with PYMNTS about the the United States’ sanctions list. money laundering and fraud threats facing the “We review the source of all funds that are sought industry, the variety of attacks that rental and to be used in a mortgage transaction, not just to home sale platforms must prepare for and how detect money laundering, but also to deter the Zillow aims to stop crime without deterring hon- financing of terrorist activities,” Farris said. est customers. Digital real estate platforms must be vigilant THE FACE OF DIGITAL REAL ESTATE against not only signs of money laundering and FRAUD terrorist financing, but also cyberattacks. It is crit- Bad actors abuse home purchasing and rental ical that platforms protect themselves against transactions in myriad ways. Common attacks phishing and malware, Farris said. Defending include structuring schemes, where criminals against such threats means encrypting sensitive obscure large sums of stolen funds’ origins data both in storage and transit, applying multi- by dividing them into many smaller real estate factor authentication (MFA), using penetration investments, Farris explained. testing, accessing continual attack monitoring and more. Other real estate scams see fraudsters purchasing properties, providing some of their illicitly RAMPING UP PROTECTIONS obtained money to third parties and then hav- Customers looking to quickly search for rental or ing those parties pass the funds back — often home purchases on real estate listing platforms

may not have much patience for lengthy AML, password along with a few key shopping details. counterterrorist financing (CTF) and KYC checks, ... As a customer gets more serious, they will be despite their ever-growing desires for enhanced asked to disclose more information and, toward security. Busy would-be buyers and renters the end of the process — [whether the user is] buy- often just want to complete their activities with ing, selling or both — [the] user is connected with minimal hassle. a real estate agent or a Zillow Group employee.”

Farris said that the trick to keeping security pro- OPENING THE DOOR TO STRANGERS — cesses as painless as possible is for companies BUT NOT FRAUDSTERS to not get ahead of themselves. They need to be New features generate security challenges for aware of just how much authentication they need real estate companies. Zillow’s ongoing pilot from customers at each point to avoid asking of a self-serve home tour app means the com- users to undergo too much too soon, he added. pany has to be ready to bring remote verification Consumers who search on Zillow and ultimately efforts from the website to the front door. Its find homes they want to buy may turn to the Tour It Now service enables prospective home- platform for mortgages as well. Mortgage pro- buyers to visit Zillow-owned properties without cedures require firms to impose more rigorous scheduling tours in advance, provides directions authentication steps to verify the individuals, and unlocks front doors. Letting strangers wan- assets and incomes involved, but such informa- der a building is not without risks, however, and tion is not needed when customers start their Zillow must feel confident that users will be safe searches. Zillow does not know which custom- while in the property and not create problems for ers will end up needing mortgages and seeks to future visitors. keep onboarding as simple as possible. It ramps “We verify the ID of anyone entering the home up security only as users progress to more sen- before unlocking the door, both for their pro- sitive activities. tection and for all the customers that follow “We believe in only asking users to disclose key them,” Farris said. information when it’s necessary,” Farris said. The company places motion sensors in the “To browse, most users just need an email and homes to monitor for unexpected activity and

Zillow staff can shut down tours and inspect the Today’s consumers want everything — includ- site should anything suspicious be detected. ing home purchasing and renting — to be as fast and seamless as possible, but that ease cannot Farris also said that Zillow must verify the iden- come at the expense of safety. The real estate tities of anyone entering or exiting the property. market is a key target for money launderers, and The company requires app users to provide companies that adopt digital services to make phone numbers, home addresses and other key property searches and transactions more conve- details that it verifies through its own resources nient must implement additional security, AML, as well as third-party services. The system also CTF and KYC efforts. Platforms will avoid help- connects tricky-to-validate users with customer ing criminals if such initiatives come together, service representatives who can help complete and buyers and renters will be able to have the authentication, he added. peace of mind.

How does one real estate company’s AML efforts fuel UNDER large-scale anti-crime initiatives? THEHOOD

“Because money laundering typically includes the movement of large sums of money, the conspiracy can span across numerous transactions. Therefore, [the U.S. Financial Crimes Enforcement Network] requires that all financial institutions that might be a part of the money laundering chain file reports when they have a reasonable suspicion that money laundering might be occurring. [It] then analyzes the reports from the various financial institutions to detect larger schemes and patterns of money laundering activities. While it might be unusual for one entity to see the entire conspiracy, our reports become a part of the larger investigation conducted by the government. We must therefore be attuned to the suspicious indicators in each transaction, on a very transaction-specific manner, in order to help the government uncover the larger conspiracy.”

Justin Farris director of product development at Zillow 11 NEWS &TRENDS

BIOMETRIC KYC existing electronic ID credentials or integrating validation and smart document scanning tools THIRTY-FOUR PERCENT OF that reduce the amount of information that must EUROPEANS WANT BIOMETRIC KYC be entered manually. The survey found that 34 FROM THEIR FIs percent of customers thought FIs should accel- A sizable share of European customers are erate onboarding with biometrics, as the method clamoring to onboard via biometrics, according provides a way to assess consumer identity that to a recent survey that found that 28 percent of is less reliant on data entry. adults from several European countries said that credit card, insurance and retail bank account NEC XON RELEASES SELF-SERVE onboarding takes too long to complete. This BIOMETRIC KYC KIOSKS FOR BANK CARD, SIM ISSUING creates a challenge for financial services providers, which must still take the time to complete Other companies are trying to accelerate KYC KYC checks. Companies must find ways to do during customer onboarding with self-serve and so quickly or lose out on the 55 percent of con- biometric technologies. Systems integration pro- sumers who will abandon applications after 14 vider NEC XON announced a new KYC kiosk minutes and 20 seconds. solution to aid financial services’ and mobile network operators’ compliance efforts. The devices Consumers have complained about having to can gather biometrics and customer details, fill in time-consuming applications with many send the acquired information to a central repos- personal details. Signicat, the digital identity itory and confirm that the customers and devices company that wrote the report, suggested that are not blacklisted, then issue and activate bank a faster way to handle KYC could involve using

and SIM cards, according to Grahame Saunders, software tools for managing KYC and AML business head of biometrics for NEC XON. This workflows, enabling compliance specialists to will enable companies to securely onboard cus- view customer histories and more. This granted tomers faster and at lower costs. Exness greater visibility into its KYC and AML processes across both jurisdictions. NEC XON’s KYC kiosks can also be modified to adhere to different jurisdictions’ compliance laws. The solution is expected to be particularly helpful for international travelers, who can use the kiosks to quickly attain local SIM cards and make calls while overseas more cheaply than with international SIM cards or roaming capabilities. HANDLING KYC, AML IN INVESTING EXNESS TAPS SUMSUB FOR KYC, AML SUPPORT

Companies can also run into frictions if they operate in two countries, as they are required to comply with each one’s AML and KYC regulations. Retail brokerage company Exness faced this challenge with its Cyprus and U.K. operations. Having operations licensed in each location enables the firm to serve different markets, but also means it must ensure it complies with the U.K.’s Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

Exness turned to London-based KYC and AML technology provider Sumsub to cut down on compliance confusions. The latter provided

INDIA EASES KYC REQUIREMENTS Panomwan. Biometric-based digital KYC is FOR FOREIGN INVESTORS expected to improve identity verification pro-

Exness is working to better handle its compli- cesses’ security and expand financial inclusion ance in Cyprus and the U.K., but investors in by enabling residents of remote areas to open India may find their own regulatory challenges bank accounts online.

eased because of AML policy changes. The Earlier reports stated that the bank plans to use country’s government recently announced plans facial recognition and fingerprint scans, and to relax authentication requirements for foreign recent news attests that the method will be investors, particularly those seeking to acquire piloted with small-scale, live testing under regu- depository receipts. These receipts allow over- latory supervision with select commercial banks seas investors to gain equity shares in Indian and non-bank FIs. These tests were slated to companies while trading on their home coun- complete during Q4 2019, but technical issues tries’ stock exchanges, rather than international had delayed their completion as of early October. markets, simplifying their trading and Indian The Bank of Thailand intends to produce guide- companies’ fundraising. lines, policies and regulations based on the trial

The Indian government previously required for- that would enable FIs to use biometric KYC with- eign investors to undergo local KYC processes out receiving permission for similar tests. before purchasing companies’ depository BANK OF TANZANIA FINES FIVE FIs FOR receipts. The rule change now enables investors KYC, AML VIOLATIONS to bypass those measures, instead relying on Tanzania’s central bank recently punished FIs identity authentication already established with that did not keep up with the authentication pro- their home countries’ regulators. cedures expected of them. The Bank of Tanzania ASIAN AND AFRICAN issued a collective fine of 1.88 billion shillings BANKS ON KYC ($800,000 USD) to five commercial banks for fail- ing to file required suspicious transaction reports BANK OF THAILAND TO TEST and conduct sufficient due diligence procedures. BIOMETRIC KYC The FIs were ordered to change their practices, The Bank of Thailand is looking to streamline review internal controls and discipline involved FIs’ KYC processes when customers open staff, among other steps. new savings accounts. The bank is testing The Bank of Tanzania fined ABC Bank 145 million biometric technology for online identity verifi- shillings ($63,200 USD), Equity Bank Tanzania cation, according to assistant governor Siritida

Limited 580 million shillings ($252,000 USD), potential threats are investigated. These rules go Habib African Bank 175 million shillings ($76,000 into effect on Jan. 1, 2020. USD), I&M Bank Limited 655 million Tanzanian shillings ($285,000 USD) and United Bank REGULATION DELAYS STALL VIDEO KYC IN INDIA Limited 325 million shillings ($142,000 USD). Efforts to improve KYC in India are not limited UPDATES ON INDIA’S to the securities market. Many companies are KYC REGULATIONS looking for new remote KYC approaches, and a number of FinTechs are eager to sell video-based SEBI REQUIRES TIGHTER identity verification solutions to solve this prob- CYBERSECURITY FROM KYC REGISTRATION AGENCIES lem. Video KYC typically involves customers scanning or photographing their IDs and then SEBI recently called for KYC registration agen- using their own mobile phones to make short cies (KRAs) to better protect themselves against recordings of themselves, allowing companies cyberattacks. The agencies work to maintain to compare the two and verify the individuals KYC records for securities market participants, seeking to onboard. Reliance on customers’ and SEBI’s circular stated that the sector’s fast- mobile phones means this type of authentica- paced technological changes require KRAs to tion is low-cost for firms, but providers have not tighten their data and privacy protections. SEBI yet made video KYC solutions available because instructed KRAs to establish detailed cyber they are currently waiting for regulators to resilience and security policy documents that release long-anticipated guidelines on leveraging incorporate the new guidelines and require the technology. annual review and approval. KRAs’ policies must clearly define the responsibilities of anyone given Interest in such solutions has grown since a 2018 privileged access to networks — such as staff Indian Supreme Court decision prohibited private and vendors’ employees — and include plans for companies from using Aadhaar — the country’s monitoring individuals and placing appropriate national ID system — to verify customers, forcing access restrictions on them. them to find alternative methods. The Reserve Bank of India (RBI) was expected to release such The SEBI circular further stated that no staff guidelines “soon”, according to reports from July, should be granted access to confidential data but none have emerged. FinTechs appear to have based solely on position or title. KRAs should video KYC solutions ready to offer but are unwill- also continuously monitor their systems for sus- ing to risk running afoul of upcoming regulations. picious or unauthorized activities and ensure any

CRYPTO AND to improve oversight and prevent abuse. The effort requires exchanges, token issuers and wal- CARPOOLING KYC let operators to gather user information, which UK’S FCA UPS CRYPTOCURRENCY reports say could be challenging for those like OVERSIGHT, CONSIDERS NEW KYC, AML noncustodial wallets, which have little visibility RULES into users’ transactions. Regulations may also be changing in the U.K., The move comes as the FCA increasingly attends where the FCA wants more companies enacting to the digital currency space. The entity probed ID verification and anti-crime procedures. The 87 crypto startups in 2019 and saw a 74 percent agency proposed applying KYC, AML and CTF increase in its cryptocurrency investigations rules to all U.K.-based cryptocurrency companies

over 2018. Wealth management companies a transaction have control and thus only pro- were reportedly among those advocating for vide relevant details, rather than a complete set increased digital currency oversight, with some of identifiers. firms asserting that purchasing digital coins was more like gambling than investing. INDIA’S TRANSPORT MINISTRY ISSUES CARPOOLING KYC, PROFIT-LIMITING DEVERSIFI, IDEN3 PLAN TO TRIAL REQUIREMENTS ‘ANONYMOUS KYC’ SOLUTION Crypto companies are far from the only firms Some cryptocurrency exchanges have been facing new oversight, as regulators in India have working to comply with mandatory KYC checks recently turned to carpooling. The country’s without angering customers that crave anonym- Ministry of Road Transport and Highways issued ity. Decentralized Ethereum exchange DeversiFi guidelines to better regulate apps that connect and identity management platform Iden3 private vehicle owners with passengers seek- recently partnered on an experimental applica- ing to join trips. The department is now requiring tion to thread that needle. The solution grants that carpool aggregator services conduct KYC users identity verification certificates they can on vehicle owners and riders, and that drivers then provide during transactions to prove their list trip details in advance. Additional provisions identities without actually disclosing personal restrict riders to four carpools per day.

details. The solution is called TrustCommunity, The regulations ensure that carpool drivers and a version will be tested later this month. are not able to profit from the services unless This anonymous KYC solution has been the state also receives revenue, the ministry tentatively proposed to regulators, accord- explained. Existing apps like BlaBlaCar and Quick ing to DeversiFi co-founder Will Harborne. Ride will need to adjust their offerings to comply, TrustCommunity allows users to create self-sov- and rideshare firms like Uber will have to create ereign identities — sets of personally identifying separate platforms to handle carpooling with pri- details that are stored and managed by the indi- vate vehicle owners. vidual rather than a third-party administrator. Customers who need to verify themselves in

FIs cannot afford to be lax with KYC and AML hand. Not all have the time or transit access to procedures, and their handling of sensitive infor- do this, and relying on face-to-face KYC prevents mation means they are held to some of the customers from signing on with digital banks highest KYC standards. Collecting and verifying or those based outside their hometowns. FIs data helps banks ensure that the people trying to have thus been seeking out online verification open accounts are legitimate: neither blacklisted methods that are rigorous enough to meet regu- nor likely to be committing illegal activity. latory approval but quick enough for customers.

FIs consider customers’ locations, occupations, Many FIs are interested in the potential of statuses as politically exposed persons (PEPs) video-based KYC, through which customer-pro- and more when analyzing risks. That informa- vided videos of themselves are compared tion helps maintain security, creating baselines against the images on their ID documents. This of expected behavior that banks use to assess month’s Deep Dive explores the benefits and activity patterns. risks involved with the technology as well as the strategies emerging to handle the process The most secure form of KYC requires would-be more securely. customers to arrive in person at branches with identity documents and proofs of address in

PRERECORDED VERSUS LIVE VIDEO companies to have staff ready to hop on calls whenever customers have time. Serving a global Video-based KYC enables customers world- customer base makes coordinating such calls wide to remotely onboard while providing greater difficult and could even necessitate having to pay security than methods that compare selfies for round-the-clock staffing, which may be out- to scans or photos of ID documents. Moving side some companies’ budgets. Freelancer.com images — complete with audio — are more dif- CEO Matt Barrie told PYMNTS that live video ficult to falsify than still pictures. Several forms calls are among the most secure ways to con- of video KYC exist today, each with its own ben- firm identities, but the platform can only spare efits and drawbacks. Tata Mutual Fund launched enough staff to use this method when high levels such a method in April, requiring customers to of verification are needed. click buttons during onboarding to record themselves displaying their ID documents, saying A firm without the resources to staff frequent “hello” and stating their names and birth dates. live video KYC might instead require customers The company then reviews the recorded videos to adjust their schedules to better align with their for authenticity. employees’. This creates frictions, and companies are well aware that customers are likely to Recordings enable customers to produce videos try a competitor if onboarding experiences are without requiring Tata Mutual to designate staff slow and complicated. Businesses also must to engage in real time, in turn generating speedy decide whether it is more efficient to assign spe- KYC processes that provide the convenience cialists to handle each video call or designate users seek and helping FIs recruit and retain new other staff to participate in calls and then make members. Video KYC that does not involve live recommendations to specialists that ultimately staff interaction may be easier to trick, however. approve and process the verifications. The for- Fraudsters could upload prerecorded videos of mer can take up much of their employees’ time, other people, wear masks or use deepfakes to try but the latter can be slower. to hide their true identities.

Crowdsourcing marketplace Freelancer.com has ADDITIONAL CONSIDERATIONS

customers undergo live video conferences with Both prerecorded and live video KYC methods staff for identity verification. Live video confer- encounter similar challenges. Successful video encing better ferrets out fraudsters but requires

KYC requires customers to have reliable network connectivity and assumes customers will make videos of a high enough resolution that the agents conducting verification can clearly view facial details. Agents must make judgment calls when analyzing videos, which can add the ele- ment of human error. Some companies may instead turn to algorithms to help match faces in videos to those on ID documents, but doing so necessitates that the software is reliable and unbiased.

FIs looking to securely and conveniently serve far-flung customer bases need rigorous ways to remotely verify identities while ensuring onboarding is fast enough to dissuade churn. Video has emerged as an easily accessible tool in the age of widespread camera-equipped devices and stands out as a more secure alternative to still images.

Video KYC is not without limitations, and FIs that find value in the technology must be aware of its shortcomings and consider how best to pair it with other solutions.

PYMNTS.com is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce. Our interactive platform is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of this dynamic sector and make news. Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and quantify the innovation that is at the cutting edge of this new world.

Trulioo, an identity verification solutions provider, aims to create prod- ucts that can solve online identity verification challenges in ways that are accessible to both SMBs and large enterprise customers. The company offers a single portal/API that assists businesses with their AML/ KYC identity verification requirements by providing secure access to more than 5 billion identities worldwide.

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