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How Electronic Identity Verification Helps Fight Financial Crime

Electronic Identity Verification

Given the prevalence of financial crime, new software to help fight corruption, bribery, and money laundering is in high demand. Electronic identity verification tools, or real-time identity verification tools, are one of the easiest and most effective ways for companies and financial institutions to quickly and easily verify the identity of their clients.

Verifying the identity of clients, a practice known in financial circles as “know your customer”, is absolutely essential for detecting money laundering. When a financial institution is unaware of certain details regarding its clients, corrupt or illegal activity can easily slip under the radar. The best way to prevent money laundering is for an institution to ensure that their clients are truly who they claim to be.

Real-time identity verification software, such as ComplyAdvantage, can provide important details about clients that are either difficult to obtain or simply unavailable elsewhere. It can also provide users with audit records that assist with a variety of investigations and deeper research on customers. With real-time identity verification software, qualifications, professional certificates, and other important details of clients can be made available in seconds.

Real-time verification is far safer and more secure than regular electronic identity verification. It is reliable, instant, effective, ensuring the safety and security of all parties involved. It can provide information at all times and all across the world without violating security regulations or privacy restrictions. And, unlike other electronic identity verification tools, real-time identity verification can be used on any type of device.

A majority of financial institutions, especially banks, use some form of real-time identity verification software to help verify their clients. Financial institutions are strictly regulated and it is part of their legal responsibility to help prevent and identify money laundering and corruption. To make this process both manageable and effective across the huge amounts of information they store and generate, financial institutions need tools to help them sift through the required data. Real-time verification software allows financial institutions to swiftly determine which clients most need to be monitored and who presents the greatest risk of committing  finance-related crimes.

Real-time identity verification software is also made necessary by the evolving nature of illegal activity in the financial arena. Many contemporary financial crimes occur quickly, across remote locations, and on or using digital platforms. In this climate, manually searching for data and client information takes far too long and can leave windows for criminal activity – and with that, liability for banks. Consequently, electronic identity verification software has become an essential tool, making sure that customer verification is completed in a quick and efficient manner. Innovations in technology allow financial criminals to act quickly and in novel ways, so financial institutions must act even more quickly to catch them.

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