Viena Moneta joins forces with iDenfy to elevate AML checks with automation

iDenfy's AML screening solution will help the financial company quickly identify PEPs and customers listed on Sanctions or other global watchlists

Kaunas, Lithuania (October 20, 2023) - iDenfy, a global RegTech startup offering AI-based ID verification and fraud prevention solutions, announced a new partnership with Viena Moneta (One Coin), a licensed Lithuania-based currency exchange operator. iDenfy will be key in assisting Viena Moneta in establishing a fully automated Anti-Money Laundering (AML) system. This will eliminate the need for manual checks and significantly reduce the time dedicated to detecting potentially fraudulent users.

In today's global economy, businesses, particularly financial institutions, face several challenges when dealing with sanctioned entities. According to iDenfy, the impact of such associations can be devastating, encompassing reputational damage, loss of customers, and non-compliance fines. For this reason, the fraud prevention enterprise has built its AML screening solution - a fully automated Anti-Money Laundering (AML) software designed to safeguard the interests and integrity of financial institutions such as Viena Moneta, iDenfy's new partner.
The financial service and currency exchange service provider has incorporated iDenfy's automated AML software into its operations. This integration will help Viena Moneta ensure secure and efficient AML checks on customers and partners, utilizing various watchlists and databases to significantly lower the risk of interacting with sanctioned entities. By continuously screening users in real-time, the company will swiftly flag any fraudulent activities and, if needed, take immediate action. According to iDenfy, this will significantly reduce the potential chances of fraud on both customers and the business. Additionally, iDenfy's software will offer the flexibility to approve or reject customer users, which will streamline Viena Moneta's operational workflows, enhancing the efficiency of its internal compliance team.

By partnering with iDenfy, Viena Moneta claims to have resolved its company's fundamental problem, which is fulfilling the AML compliance requirements, particularly the Law on International Sanctions. Viena Moneta integrated iDenfy's AML solution into CurrExchanger, its internal IT system. Now, during a currency exchange transaction, Viena Moneta's customer service specialist will receive an automatic notification from the IT system about the completed AML check. The financial company anticipates that this enhancement will significantly reduce the time and expenses dedicated to fraud prevention.
According to iDenfy, this partnership aims to enhance Viena Moneta's compliance-related operations and improve user experience by employing automated AML processes that identify and screen potential customers during the onboarding stage. This means cross-referencing their personal data with global databases containing politically exposed persons (PEPs), sanctions lists, and other international watchlists. This proactive approach will help Viena Moneta maintain AML compliance standards without adding unnecessary friction to the overall customer experience.

It's worth noting that Viena Moneta is a financial institution licensed by the Bank of Lithuania, offering favorable rates for currency exchange in over 50 different currencies. It currently operates two customer service branches and intends to expand its presence to various cities in Lithuania by the end of the year, including starting expansion into trading investment-grade precious metals in the near future. The financial company prioritizes security and has committed to compliance by constantly searching for new ways to utilize technology. That also can be seen in Viena Moneta's collaboration with iDenfy.
"Due to our partnership with iDenfy, we'll make more timely and informed decisions. Most importantly, our AML workflows have been automated, which reduces the time required for user evaluation and status checks against various global databases," commented Sonata Mickiene, Viena Moneta's AML Specialist.
Domantas Ciulde, the CEO of iDenfy, added: "As a RegTech business, we take care of all compliance-related concerns with the highest accuracy standards. That means we'll ensure that Viena Moneta scales its AML compliance and fraud operational efforts quickly and securely."

For more information and business inquiries, please visit https://www.idenfy.com.

Contact:
Eva Azaraviciute
Phone: +37066673822
Email: eva.azaraviciute@idenfy.com

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 Summer 2023 report. iDenfy has also won the "Enabler of the Year'' category at the Lithuanian Fintech 2023 awards.

This release was published on openPR.