A Global Player in AML, PEP, KYC and Compliance Verifications: Interview with Jori Falkstedt, the CEO of Verifer

Verifer can provide thousands of AML, PEP, KYC and compliance verifications on a daily basis through the platform. The CEO Jori Falkstedt, will be discussing the Verifer project with us in this interview.

1) Please tell us your name and about yourself?

I am Jori Falkstedt and Living in Finland. I am a father of four sons and serial entrepreneur. I have founded several companies since 1997 and all of them are still running or sold out. My biggest exit was when I sold out my importing company for gardening machines in 2011. I am currently focusing entirely on, which I believe is the greatest potential of my career so far.

2) What is Verifer ?

Verifer is a company familiar with remote identification and a variety of business investigations, which currently employs 16 people, including myself. We have created a Platform with many advanced features such as automatic country-specific tracking of legislation and automatic detection of image manipulation.

3) How does the Verifer ecosystem work and what specific products or services do you provide?

At first we focused mainly on researching products and companies mainly for the needs of different importers. Later, however, smaller KYC, AML and PEP verifications took the militia of our operations and we have been focusing mainly on them lately.

4) Verifer is a Market leader in providing AML, PEP, KYC and compliance verifications, could you share some of your success stories so far?

KYC, AML, and PEP verification orders became more common when we got into Casino industry. We now supply these services to many online casinos in Malta, and Gibraltar.

5) The ICO market seems to be embracing the compliance and KYC requirements, will this recover the lost trust in ICOs?

ICO legislation is tightening and is developing rapidly almost everywhere. KYC and AML verifications are an essential part of avoiding money laundering and are already mandatory in most countries. With the tightening of the regulations, ICOs are safer investment targets and, they will more and more reach investor confidence.

6) What is the market size of the RegTech; AML, PEP, KYC markets and who are your major competitors?

Only KYC, AML and PEP markets are already hundreds of millions of dollars. There are a lot of small companies that do the job manually and have almost never been familiar with the differences in country-specific legislations. This leads to the fact that these companies can not be global players because the customer who buys the service can not be sure if the verifications are done correctly. The biggest competitor would be the companies that make these verifications themselves. In most of the companies there are employees who have so far been doing verifications for company. We are already cost effective enough that of even one employee for this purpose is no longer reasonable, but the customer will find it cheaper to buy the service from us.

7) About SPY Token, how it works and what are the benefits for investors?

We deliberately created our own ICO in a small size compared to our existing turnover. After our ICO ends, we will only accept our own tokens as a payment method, which will lead to the increase of their price when their sufficiency ends. For investor, this opens up a great opportunity and I personally think it’s Win-Win situation. Investor will help us grow to become a global institutional actor, and investors, in turn, will enjoy this with the total inefficiencies of the token.

8) On what stage of development is the Verifer platform, what is next on your roadmap?

We are a lot above comparing to our road map. This is because when new ICOs quickly entered the market, it caused us challenges. However, we decided to continue the project on schedule and I have funded Platform so far by my self. Platform is now ready and we and our clients are using it daily. Our ICO raised 720k usd in spring when the ICO market was still healthy but our smartcontract has been created so that we get the repatriated funds only when we decide to end our ICO or hard cap is reached. We are currently focusing on sales and we are currently recruiting four new employees to strengthen our sales.

9) Could you tell us about your team and customer support?

Because, in past we focused primarily on investigating businesses and products, our team is well versed in investigation businesses. Our team consists of members of the former police to the investigation entrepreneurs. Recently, however, we have focused on KYC, AML and PEP verifications so we have hired more employees for these purposes. Customer service is implemented in Finland and we have two people who answer our customers’ questions and help new customers use the Platform.

10) How Safe is Verifer, would you like to talk about your legal and security measures?

Verifer is a normal and stable company with offices in both Estonia and Finland. We have been in the industry for so long so I feel the company is a safe investment. ICO legislation is unfinished in Finland and therefore we also have operations in Estonia. All ICO related processes and documents have been approved by the Estonian authorities and in Finland we have worked closely with the Finnish Financial Supervisory Authority.

11) Do you have more information for our readers?

As in the past few years, the financial- and investment markets are rapidly becoming globalized. This creates a huge need for an operator like ours and for this reason our entire industry is growing very fast. Our intention is to become an international actor to gain our share of this market. Our growth has been rapid since the establishment of the company and we do not see any reason to slow down growth in the future.

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