Have you ever wondered who is the best online KYC and AML service, provider?
The threat of fraud and malicious activities is imminent for businesses that utilize the internet. A legal entity is required to protect businesses from various online frauds including but not limited to identity theft and financial fraud. Entity that could assist organizations to perform digital KYC before taking customers on board.
KYC and AML screening is not only a need but it has become a requirement. Companies should comply with KYC and AML laws and regulations that are imposed on global scales.
Here is a list of top online Identity verification providers in the industry:
Trulioo
Trulioo provides Identity verification services worldwide. Its major product is Global Gateway. It offers the following Identity verification solutions:
-
Identity verification
-
Document Verification
-
Business Verification
Trulio provides real-time eIDV (electronic-ID verification) and has seamless connectivity with mobile network operators. It also offers business-verification process.
Trulioo claims to have 250 million clients, 500 billion verified people and 400 global data sources. All countries are supported with overall 3500+ identity documents. However, Trulioo lacks in AML screening measures. Its document verification checks are limited when compared with competitors.
IDology
IDology is an age and identity verification provider. The organization was founded in 2003 and is providing identity verification solutions since then. According to its website, it provides the following solutions:
-
ID verification: Through multi-layered verification, Enhanced Phone Verification, International Identity verification
-
Age Verification
-
Knowledge-Based Authentication
-
Customer-Based Authentication
-
Digital Authentication Solutions
-
Contact Center Solutions
-
Document Scan Solutions
IDology’s know your customer (KYC) identifier range is comprehensive. Their solutions also include knowledge and customer-based authentication. Although these solutions are not considered reliable anymore by some regulatory and safety authorities like NIST, but IDology offers enhanced versions of these solutions such as dynamic KBA and CBA.
However, IDology does not offer AML screening compliance. Moreover, IDology services are not multi-language supported, at least it is not mentioned anywhere on their site. Their pricing structure is unidentified.
Jumio
Jumio renders KYC and AML compliance services across the globe through different verification and screening solutions. The solution Jumio offers are:
-
Trusted Identity as a Service
-
ID verification
-
Real-Time Identity verification
-
Document verification
-
Authentication
-
Screening AML and KYC compliance
Jumio’s services range from Identity verification to Document Verification and AML screening. With an AI-powered verification system, Jumio is one of the leading organization in KYC measures and AML screening. Its 3D liveness detection feature in real-time Identity verification, checks if the person holding ID is physically present or not.
Jumio’s AML and KYC compliance screening features verify the end-user against an extensive checklist. This list includes Global Sanctions, watch lists, and PEPs lists. The distinctive feature that Jumio offers to its clients is Transaction monitoring. The transaction monitoring component assist clients to identify and wipe out these transactions.
In short, Jumio has a diverse KYC, AML, and Identity verification techniques
ShuftiPro
Shufti pro provides SaaS products to businesses across the globe. The company has a diverse clientele in many industries including Finance, Gaming, Crowd Funding, Travel, E-commerce, and many more. Company has performed verifications of end-user in 230+ countries. Shufti pro renders these KYC and AML screening solutions:
-
Identity Verification
-
Face Verification
-
Document Verification
-
Address Verification
-
2-factor Authentication
-
Consent Authentication
-
AML Screening
The most prominent feature that Shufti Pro provides is real-time verification. The documents can be verified within 30 seconds. Company’s verification database consists of 3000+ ID verification documents. Moreover, it can verify documents in 150+ global languages. For AML, the company verifies end-user data by processing through 1700+ watch lists to identify a potential high-risk customer for the client. All their customer details are shared with clients with sound reasons for acceptance or disqualification.
Although, Shufti Pro has state of the Art AI-based technology for KYC measures, but AML is limited to screening only, with no defined risk assessment approach.
IdentityMind Global
IdentityMind Global renders a veteran verification solution with clearly defined KYC measures and AML procedures. KYC and AML solutions by IdentityMind Global are:
-
Superior AML
-
KYC
-
Transaction Monitoring
-
Virtual Currency Risk Assessment (VCRA)
-
Sanctions Screening
-
Fraud Prevention
-
Identity Link API
IdentityMind’s patent eDNA (electronic-DNA) technology helps its clients identify particular risks associated with entities they are dealing with. eDNA creates digital identities for end-users and analyzes the risk associated based on the attributes provided. IdentityMind took the transaction monitoring one step further by providing Risk Assessment for Virtual Currency.
However, IdentityMind’s KYC services lack identifier checks and its digital authentication process is time taking.
