The RegTech startup will help build a fully automated ID verification and business verification flow while ensuring AML compliance

KAUNAS, LITHUANIA, July 28, 2023 /24-7PressRelease/ — iDenfy, a Lithuania-based RegTech startup offering identity verification and fraud prevention services, announced a new partnership with Mountain Wolf, a web-based international payments platform featuring a multi-currency wallet for FIAT and cryptocurrencies. iDenfy’s KYC/KYB software will help maintain a secure network of trusted crypto actors while ensuring regulatory compliance for Mountain Wolf.

Contrary to common belief, according to iDenfy, the cryptocurrency sector isn’t limited to private individuals. Businesses increasingly embrace cryptocurrencies to facilitate customer payments and engage in business-to-business (B2B) transactions. To comply with Anti-Money Laundering (AML) regulations, crypto players must collect, analyze, and securely store extensive volumes of digital customer and transaction data.

However, iDenfy claims that fulfilling these obligations can be challenging from a technological and compliance standpoint. Mountain Wolf started considering integrating an AI-powered software solution to manage this responsibility effectively. The crypto asset service provider’s goal was to minimize manual workload and automate KYC as well as KYB procedures for smooth onboarding. Consequently, making it easy for platform users and businesses to apply for an account through a simple, streamlined experience.

During the vendor selection process, Mountain Wolf focused on three main requirements: a single platform offering both KYC and KYB solutions, achieving high fraud detection accuracy, and providing a seamless user experience. Mountain Wolf aims to provide a frictionless customer onboarding process through this partnership, ensuring minimal obstacles while adhering to compliance regulations.

iDenfy’s advanced biometric technology enables secure ID verification from any location and at anytime. With the newly integrated built-in AML Screening software, Mountain Wolf can access real-time data, including checks against Politically Exposed Persons (PEPs). By utilizing iDenfy, Mountain Wolf can perform efficient AML checks and remotely onboard clients.

As a result of integrating iDenfy’s identity verification service into their onboarding process, Mountain Wolf has already observed improvements in the customer sign-up experience. To onboard a new customer onto the Mountain Wolf platforms, the crypto company asks users to take a photo of their government-issued ID and submit a video selfie using their smartphone.

Currently, iDenfy also takes care of all Know Your Business (KYB) requirements for Mountain Wolf while automating identity-related questions, helping the crypto platform approve more applications promptly and securely. According to iDenfy, onboarding customers and running identity verification and AML compliance checks allows Mountain Wolf’s customers to trade cryptocurrencies and other digital assets with peace of mind.

“Mountain Wolf prioritizes security and transparency in the crypto sphere, and with iDenfy’s help, we’ve increased our confidence in this area. We now have the ability to screen and review each application in real-time with a complete audit log, and our team is better equipped to showcase compliance processes to regulators,” — commented Marina Kapustina, AML and Compliance Lawyer of Mountain Wolf.

“We’re excited about the partnership with Mountain Wolf. Our job is to give them the needed blocks to build a robust compliance program. With our international coverage, a streamlined user experience, and automation, Mountain Wolf will accelerate its customer onboarding process,” — added Domantas Ciulde, the CEO of iDenfy.

About iDenfy

iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2’s Winter 2023 report. iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.

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