iDenfy Launches Automated KYB Solution for Sole Proprietors

Lithuania-based RegTech company iDenfy has launched a new onboarding solution specifically designed for sole proprietors as part of its Know Your Business (KYB) platform. The solution aims to simplify compliance processes for individual business owners and small businesses through automated verification tools, building on the company’s recent introduction of its AI-powered Data Crossmatch feature for KYB verification.

The platform features a customizable workflow that allows businesses to adapt onboarding processes to specific client requirements while maintaining necessary compliance standards. Through automated document verification and customizable questionnaires, the system streamlines information gathering and verification procedures, addressing a growing need in the RegTech sector for more efficient sole proprietor verification.

“We’re providing a unified and customizable approach to KYB to help our partners manage compliance effectively while ensuring a seamless user experience,” said CEO Domantas Ciulde. “With our KYB solution for Sole Proprietorships, we can minimize compliance costs and ensure that teams save at least 30 percent time on manual assessment, such as checking collected documents and downloaded government reports.”

The platform incorporates multiple security measures, including credit report analysis, anti-money laundering (AML) screening, and global sanctions checks. These features help identify high-risk individuals, politically exposed persons (PEPs), and those with problematic financial histories. The integration of these security features follows iDenfy’s successful implementations in the cryptocurrency sector, where the company has established partnerships with platforms like Bitlocus and GlolinkOTC.

Additional functionalities include adverse media coverage detection and proxy IP screening tools, enabling businesses to monitor reputational risks and exclude entities with legal or reputational concerns. The system also provides compliance management features such as activity monitoring and automated alerts for missing documentation.

Established in 2016, iDenfy has evolved from a small startup to a global RegTech provider, offering identity verification, fraud prevention, and compliance solutions. The company operates in over 200 countries and implements a fee structure based on successful identifications only, reflecting Lithuania’s growing importance as a European RegTech hub.

–

November 14, 2024 – by Ji-seo Kim