Identity verification
Articles
Aug 04, 2021
Regulatory expectations are evolving: How robust is your AML program?
Managing financial crime is very complex and presents several challenges for financial institutions to develop robust anti-money laundering (AML) programs and meet compliance requirements. AML compliance officers understand the importance of keeping one step ahead of criminals trying to find weak points in their financial systems to exploit. Continuous discussions by industry leaders at the forefront of combating financial crimes agree that more needs to be done sooner to detect and prevent money launderers from misusing systems. Thought leader Kevin Buehler from McKinsey wisely points out that “the stakes in this fight have never been higher
Articles
Aug 02, 2021
A closer look at the ever-changing anti-money laundering landscape
In the fight against financial crime, the anti-money laundering landscape is ever-changing. The global battle against financial crime is a challenging one fought by governments, regulatory bodies, and industries. Every financial institution and organisation that provide financial services must better equip themselves against the growing threat of money laundering. Financial institutions are the most significantly impacted by money laundering and terrorism financing year on year. The United Nations Office on Drugs and Crime estimates that the amount of money laundered globally is between 2 – 5 per cent each year, which in USD is between
Articles
Mar 19, 2021
Practice guide 81: digital identity verification for conveyancing
On 12 March 2021, Her Majesty’s Land Registry (HMLR) published its first digital identity standard, practice guide 81 (PG81). The standard is aimed at encouraging the use of digital identity to reduce the inconvenience and inconsistency of manually verifying a client’s identity during the homebuying process. Reducing the need for physical document checks performed by non-specialists can mitigate opportunities for fraud, increase convenience and lower costs for all parties involved in the home buying process. The standard follows the draft set of requirements, published in November 2020, which Yoti provided feedback on. Practice guide 81:
Articles
Nov 16, 2020
GPG 45 guidance on identity checks opens up for the private sector
In April, we wrote about the significant changes made to the Good Practice Guide (GPG) 45, the UK government’s standard for checking and verifying someone’s identity. If you’ve ever had to verify your identity with the government, it’s likely the process followed GPG 45. The guide is made up of five parts: Get evidence of the claimed identity; Check the evidence is genuine or valid; Check the claimed identity has existed over time; Check if the claimed identity is at high risk of identity fraud; Check that the identity belongs to the person who’s claiming it.
Press releases
Nov 03, 2020
Online gaming innovators MrQ speeds up KYC with digital verification technology from Yoti
3rd November 2020, LONDON — Online gaming operator MrQ.com is enhancing the customer experience while tackling identity fraud using Yoti’s advanced identity verification technology for KYC. Yoti’s integrated solution brings a simple, private and secure identity verification flow to MrQ.com’s games on the web, mobile, and tablet. MrQ.com built its platform from the ground up to deliver a fluid customer-led experience, which eliminated all wagering requirements and led with a product-first strategy delivered through modern technology and a pulse across all data points. Yoti is now embedded into the MrQ.com platform to deliver know-your-customer (KYC) and anti-money laundering (AML) checks.
Articles
Oct 19, 2020
Project Endeavour: eKYC and customer acquisition platform
Project Endeavour is our partnership pilot which combines our best-in-class digital identity technology with anti-fraud and AML risk screening data services from Synectics Solutions. Our shared tool is designed to enable customers to onboard instantly with a financial institution using their phone. Low risk customers, who make up roughly 90% of a customer portfolio of a Tier 1 UK bank, will be identified and granted instant access to products and services via a third-party marketplace.