- iDenfy launches AI KYB tool, automating company verification and document cross-checking for fraud prevention.
- AI Reviewer streamlines compliance, reducing hours to seconds for regulated industry onboarding processes.
- Tool configurable for instant decisions, flagging critical failures, enhancing anti-money laundering checks.
iDenfy, a global RegTech firm known for its identity verification and fraud prevention services, has introduced the AI Company Reviewer, an advanced Know Your Business (KYB) automation tool.
This innovative system functions as a virtual Data Verification Officer, facilitating swift decisions on company approvals by cross-referencing company documents, government registry reports, and fraud signals against customisable rules.
Advancements in KYB automation
The AI Company Reviewer streamlines the compliance process, significantly reducing the time required for checks from hours to seconds. Designed for regulated industries, it simplifies the complexities of KYB compliance by operating within two primary categories. The tool evaluates fraud prevention and compliance rules by cross-referencing main company profile details and related individuals, such as directors or shareholders, as part of a broader Anti-Money Laundering (AML) framework.
The system delivers three possible outcomes: automatic approval if all criteria are met, denial in the presence of high risks, or a flag for manual review when the automated process cannot conclude. Such functionality aids compliance teams in evaluating various flags, sanctions, negative news, and other critical findings. “No coding is required or extra skills in this department,” stated Domantas Ciulde, CEO of iDenfy.
AI intervention for enhanced decision-making
Upon satisfying the specified conditions, companies are immediately approved through iDenfy’s system. Critical failures, like an AML alert, sanctions record, or mismatched Ultimate Beneficial Owner (UBO) document, lead to immediate denial by the AI without needing human intervention.
If partial matches or uncertainties arise, the system flags the company for detailed human review to ensure thoroughness. Businesses can revisit the data to submit accurate documentation.
Data verification categories
The tool’s functionality is divided into two key categories. The first involves data comparison rules that confirm whether the onboarding information aligns with official documents and government records. The second focuses on fraud prevention and compliance rules, assessing the outcomes of iDenfy’s current security measures.
Key assessments include AML analysis for sanctions and adverse media exposure, identity verification for directors and UBOs, and risk assessments for addresses and websites, along with VAT and TIN number validation.
Streamlining the KYB process
According to Domantas Ciulde, CEO of iDenfy, “Manual company reviews have been one of the most resource-intensive parts of the KYB process. Compliance officers are spending valuable time on routine data checks that could be automated. iDenfy’s AI Company Reviewer handles the decisions automatically by itself, and if human judgment is needed, it makes sure that the review is as efficient and targeted as possible. This is what modern compliance infrastructure should look like.”
Customisable and scalable tool
The AI Company Reviewer’s configurability allows it to trigger KYB cases automatically for each new company submission or be activated manually as needed. Results from these reviews can be viewed on the business verification dashboard or by selecting the “Get AI reviewer insights” button for detailed insights into each onboarded company.
Adomas Vitkauskas, CPO of iDenfy, emphasized, “We designed the AI Company Reviewer to reflect the real operational challenges that compliance officers face every day. It’s not just about speed; it’s about giving businesses a scalable, consistent, and auditable way to manage KYB risks without expanding their team.”
About iDenfy
iDenfy is an identity verification company that helps businesses comply with regulations and directives. Online ID verification service powered by artificial intelligence and human supervision care minimises fraud. iDenfy supports over 1300 different types of identity documents in 200 countries and territories.
Source: sourcesecurity.com
