IDify
Fighting fraud and money laundering
The fight against fraud and money laundering, or LCB-FT, are processes made mandatory by European and international standards. They require the verification of customer identities and the monitoring of monetary activities in many areas of business.
LCB-FT regulations
LCB-FT: What is it?
Anti-fraud regulations clarify companies' duties with regard to due diligence procedures. These European standards are also known as KYC-AML, which stands for Know Your Customer - Anti Money Laundering. 3 steps are designated as essential: customer identification, validation of digital identity and assessment of associated risks.
Customer identification
The customer identification stage corresponds to the collection of identity information and supporting documents. To do this, customers provide their biometric passport or identity card.
Identity validation
The purpose of this stage is to verify the customer's digital identity by means of a photo or video. This allows us to check the correspondence between the physical person and the identity document submitted in the previous step.
Risk assessment
Finally, risk assessment includes researching information about the customer. We check that he or she is absent from government databases on Politically Exposed Persons (PEPs) and sanctions lists.
What are the consequences of non-compliance with LCB-FT standards?
Companies that fail to comply with anti-money laundering (AML) and anti-terrorist financing (ATF) regulations are taking risks. Between administrative sanctions and heightened vulnerability, the consequences of non-compliance can be severe, especially when the offence is repeated.
Exposure to heavy administrative penalties Increased vulnerability to fraudulent transactions Reduced customer confidence
Different types of fraud
Detect fraud in all its forms
With the advent of online services, document fraud has grown to more than 42 billion euros. Today, fraud attempts are categorized into different methods. Each has its own characteristics in the way it produces a false identity.
Counterfeiting: The most widespread
Counterfeiting is the most widespread type of document fraud. It involves the complete reproduction of an official identity document.
The identification of a counterfeit can be more or less easy, depending on its quality.
Identity theft: scare yourself
Identity theft is particularly frightening for victims. The fraudster uses an identity document belonging to the victim .
As the document is authentic, the identity validation stage provided by the LCB-FT standard is crucial for detecting identity theft.
What is forgery?
Falsification involves the fraudulent alteration of an authentic document. This can involve falsifying a document's validity date, identity details or photograph.
Falsified documents may appear genuine at first glance, making them difficult to identify.
2 lesser-known techniques
Blank stolen documents are genuine documents that have been stolen before being issued. These can be completed by the fraudster.
Fake documents are created from scratch by the forger. They do not exist; they have never been issued.
Relationship entry
Check your customers' identity right from the onboarding stage
Onboarding is a crucial stage in the customer journey. Verifying the identity of your customers shouldn't spoil their experience. Here are a few tips to help you meet your legal obligations in terms of customer knowledge, while offering a smooth and enjoyable digital experience.
Live verification
Offer your customers a seamless and complete experience with live identity verification. Our tool performs all the necessary checks in a matter of seconds to return a decision on the customer's identity.
Seamless integration
Our interfaces integrate seamlessly into your onboarding process. They provide security in compliance with LCB-FT standards. Take advantage of white-label screens customized to your brand.
Conversion boost
Deliver a pleasant customer experience without compromising on the security and compliance of your infrastructure. Bring your onboarding path up to LCB-FT compliance without damaging your conversion rate.
KYC remediation
Ensure reliable customer knowledge over time
Streamline your AML/CFT remediation campaigns with IDify. Take advantage of our AI tool to identify customers for whom new documents are required, and facilitate their collection. Reduce the friction involved in requesting supporting documents.
Identify missing data
Quickly identify customers to enroll in your remediation campaign. Our AI is trained to detect expired data. Increase the relevance of your AML/CFT remediation campaigns.
Automate receipt processing
Save time with automatic voucher processing. Datakeen authenticates, extracts and checks every single receipt.
White paper
Fighting fraud: A complete guide to enhanced security
Learn more about anti-fraud and AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism) standards.
Strengthen your LCB-FT systems
Would you like to set up an identity verification process in line with LCB-FT regulations? Contact our experts for a demonstration.
Find out more about the fight against fraud and LCB-FT standards
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Frequently asked questions
LCB-FT & Anti-fraud regulations
Identity verification tools help prevent fraud and identity theft. Datakeen offers online identity verification solutions to prevent fraud. Thanks to artificial intelligence, it is now possible to check the correspondence between a photo portrait and the image on identity documents. In this way, we can validate or reject identity verification.
Official documents are subject to specific controls. We authenticate them by checking the presence and conformity of multiple control points. We also check that the document has not been altered, in order to validate or reject the identity document.
The fight against fraud is based on 3 pillars:
- Careful control of customer identity at onboarding.
- Online identity verification on request.
- Automated remediation procedures for continuous control.