Offers for Shufti Professional to offer AML checks with selfie biometrics in Nigeria, UAE

Capital markets buying and selling fintech Newton International has chosen Shufti Pro to carry out know your buyer and anti-money laundering screening for customers being onboarded to its platform. Shufti Professional will present selfie biometrics with liveness detection, in addition to checks towards sanctions, opposed media, politically uncovered individuals and different vital databases for regulatory compliance.

The outcome, the businesses say, is a course of which ensures safe onboarding whereas lowering the time the method takes from days or perhaps weeks to seconds or minutes.

Newton International operates in Nigeria, offering buying and selling options for foreign exchange, commodities, shares and indices.

This invitations important danger of identification fraud, nevertheless, and the announcement notes that the FBI counts $10.2 billion in identity-related fraud losses in 2022.

“Shufti Pro has bolstered the client onboarding procedures by automating the verification process of a wide variety of documents starting from international passports to local and region-specific identification cards. It allows us to spend less time and effort on verifications, allowing us to focus and specialise on the core activities of our business,” says Shreya Cherian, operations director of Newton International.

UAE-based funding administration group Mascap has additionally chosen Shufti Professional’s face biometrics and identification verification in an try and eradicate fraud from the onboarding course of.

Shufti Professional will perform KYC and AML checks for Mascap, much like Newton International, performing danger assessments in addition to doc and biometric verification.

“A lack of false positives, and a user-friendly dashboard with useful insights help us manage and strategically direct Mascap on the path to success. The ability to create and export clear reports as well as obtaining a bird’s eye view of our database, turned Shufti Pro into one of our most valued tools,” says Elza Iorga, chief compliance officer, Mascap Group.

The Center East has been a buyer progress space for Shufti Professional these days, with legal and business advisory firm Thinc one other instance from earlier this month.