Identification and verification of customers, partners, and employees are key compliance requirements of Anti-Money Laundering (AML), Combatting the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulatory framework, aiming to reduce money laundering (ML), financing of terrorism (FT), and proliferation financing risks and other financial crimes. Designated Non-Financial Businesses and Professionals (DNFBPs) should employ the ID verification Application Programming Interfaces (API) to enable automated and efficient ID verification processes.
ID verification APIs streamline the process, providing efficient solutions that, along with meeting compliance standards, drive operational effectiveness. In this infographic, we will explore the key benefits of relying on these identity verification APIs, emphasising how they can transform the business operations for DNFBPs.