Onboarding Verification

As more and more people move online, financial crime is increasing – subsequently increasing the opportunities for cases of money laundering. As industry players continue to search for the silver bullet to tackle financial crime, RegTech firm Lucinity is focused on helping to clean up the financial world.

Managing any financial services company can be fraught with risk. Many FIs require close to constant risk analysis to make sure the company is remaining compliant and proper, as well as looking out for being targeted by criminals.

More than half of consumers (68%) abandoned a financial application during the onboarding process in 2021, up from 63% in 2020, research from Signicat claims.

RegTech firm Know Your Customer has partnered with business expansion specialist Tricor to simplify and digitise Tricor’s onboarding and AML processes across Asia.

UK RegTech firm eflow Global has teamed with surveillance consultant GRRS to introduce a holistic market abuse surveillance solution to the market.

Shufti Pro, identity verification solution provider, has raised $20m in Series A funding led by Updata Partners.

German RegTech Hawk AI has partnered with IXOPAY, a payment orchestration platform, to provide the former clients with a better fraud prevention offering.

With more people digitally onboarding that ever before, the risks surrounding this process have become clearer and in the spotlight.

Detected, a compliance API, has received £1.5m in its latest funding round, which it managed to raise in just three weeks.

Founded in 2011, IDmission helps businesses verify customers’ identity remotely. The enterprise’s platform supports face scans, fingerprints, video conferences, iris scans, selfies, voice recognition and a number of other ways of using biometrics to verify customers’ identities.