iDenfy, a Lithuania-based RegTech company best known for its identity verification solutions, has announced a new partnership with BlueMonks, a Dutch anti-financial crime boutique specializing in end-to-end compliance solutions.
This partnership is a pivotal step towards elevating security standards in response to the increasing frequency of financial fraud.
In the past decade, the world witnessed a concerning rise in Anti-Money Laundering (AML) breaches, reaching a staggering 16,150 cases globally. Notably, the United States led the pack with over 11,472 incidents per capita, equating to a startling 3.5 events for every 100,000 people. The Netherlands also faced 17 recorded AML events, securing a spot among the top 12 nations dealing with this global issue. Responding to these unsettling data numbers, BlueMonks, a prominent Dutch anti-financial crime boutique, took proactive steps to strengthen its Know Your Customer (KYC) operations to reduce potential risks arising from suspicious business activities that could lead to financial fraud, including AML.
In response to the evolving threat landscape, BlueMonks made a strategic decision to enhance the safety of its business clients and improve its overall performance. To achieve this, the company partnered with iDenfy, a leading RegTech firm specializing in KYC/AML and Know Your Business (KYB) solutions. BlueMonks primarily employs iDenfy's ID verification solution, crucial for global legal services and businesses to identify valid identities, prevent fraudulent registrations, and thwart cyber attacks.
Currently, the registration process with BlueMonks consists of a few straightforward steps, and iDenfy has played a key role in simplifying the KYC process. This new partnership ensures a secure and smooth identity verification experience for BlueMonks' clients, enhanced by 3D liveness detection technology. According to the company, the onboarding process has become straightforward as iDenfy efficiently manages all administrative tasks.
However, this strategic collaboration goes beyond addressing historical technological gaps; it positions BlueMonks at the forefront of emerging threats. iDenfy met the specified criteria because of its extensive range of accepted ID documents. Additionally, the seamless integration with BlueMonks' internal system and white-label services was a crucial aspect of the KYC solution.
This collaboration not only addresses the immediate concerns posed by AML events but also positions the partners to anticipate and thwart future threats, ushering in a new era of trust and resilience in financial technology. Consequently, recognizing the critical importance of securing financial transactions and protecting sensitive customer information, BlueMonks is pleased to establish a robust partnership with iDenfy, aiming to deliver high-end security not only now but also in the future.
Mark van Wijk, Managing Director of BlueMonks, stated: "Choosing iDenfy as our partner is a strategic decision to leverage their expertise in KYC/AML solutions and enhance our security infrastructure to combat the growing challenges of financial cyber threats."
Domantas Ciulde, the CEO of iDenfy, added: "Our partnership with BlueMonks underscores the shared commitment to fortify financial cybersecurity. Together, we aim to provide high-end security measures that not only meet current challenges but also anticipate future threats in the dynamic landscape of financial technology."