The new AML solution will ensure compliance while enhancing security for IboxPay
Kaunas, Lithuania (November 18, 2022) – the global ID verification and fraud prevention startup identify, announced a new collaboration with IboxPay, the Poland-based network of cash-in payment kiosks. iDenfy’s AML checks and Ongoing Monitoring will screen customers against global watch lists to prevent fraud.
The current geopolitical situation has influenced the compliance landscape, increasing restrictions, and the complex rules behind anti-money laundering (AML) regulations. According to identify, due to the constantly changing volume of issued sanctions, it’s hard for businesses to ensure compliance without worrying about penalties and security issues.
Asked about the solution to this issue, idenfy explains that, except for heavily regulated entities, other financial institutions that are new to the market must search for efficient solutions to prevent fraud and ensure regulatory compliance effectively. Consequently, a similar need for more robust fraud prevention solutions pushed IboxPay to partner with idenfy and implement AML Screening, daily sanctions, and watch list monitoring.
IboxPay is a financial company with a license for money transfers. With the mission to make cash payments accessible and fast, the company developed a vast network of cash-in payment kiosks with different services to ease cash usage. The kiosks carry various customer opportunities, including the option to pay bills, replenish bank cards, or buy online games. Alternatively, customers that don’t have local bank accounts can use IboxPay’s terminals to top up mobile, Internet, and banking accounts with cash.
It’s worth mentioning that IboxPay’s team arrived from Ukraine and is now situated in Poland. The financial network installed cash-in payment kiosks throughout the country after discovering that there aren’t any self-service payment terminals in Poland, unlike in Ukraine. This type of payment solution has become integral to the Ukrainian consumer’s financial habits:
“In any supermarket, cinema, railway station, and airport in Ukraine, you can find a payment terminal and top up your mobile, Internet, and banking account with cash. Therefore, we saw a great opportunity and decided to develop this financial instrument in Poland,” — stated Irina Tsybulnik, the CEO of IboxPay.
identify is currently responsible for AML verification, which means checking all customers using IboxPay’s terminals against global AML databases, such as law enforcement watch lists and sanctions lists, and PEPs (Politically Exposed Persons). Along with individual AML checks, idenfy now provides IboxPay with AI-powered ongoing monitoring. Enabling the screening of multiple databases daily allows IboxPay to collect data in real-time and spot fraudulent patterns easier.
As iDenfy’s CEO, Domantas Ciulde, explained, AML tactics have become more than a universal way to fight money laundering, as the modern AML solutions can be used to avoid reputational damage or prevent costly non-compliance fines:
“Our goal is to help organizations increase transparency and visibility in their network. AI-powered AML services guarantee the ability to promptly mitigate money laundering and similar risks. That said, we appreciate the new partnership with IboxPay, and we’re happy to contribute to the ongoing battle against fraud,” — added Domantas Ciulde.
“Before starting this project in Poland, we held meetings with many companies providing
similar services to iDenfy. Namely, prompt answers, consultations with experts, and the full AML service package made us choose iDenfy. We’re excited about what this long-term partnership will bring next.” — said Irina Tsybulnik.
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.