Financial Crime World

AML Software Solutions for Small Businesses in South Korea

Introduction

In a bid to combat financial crimes and maintain transparency, the South Korean government has implemented strict Anti-Money Laundering (AML) regulations. For small businesses operating in the country, adhering to these regulations can be a daunting task.

Shufti Pro: A Leading AML Software Solutions Provider

To ease this burden, Shufti Pro, a leading AML software solutions provider, offers an array of tools and services designed specifically for South Korean small businesses. The company’s advanced software solutions enable businesses to verify customer identities, monitor transactions, and detect potential money laundering activities.

KYC and AML Solutions Under FATF Guidelines

In line with the Financial Action Task Force (FATF) guidelines, Shufti Pro provides comprehensive KYC (Know Your Customer) and AML screening services to ensure compliance. These include:

  • ID Card Verification: Scanning ID cards issued by the Computerized Resident Information Center under the Ministry of Interior and Safety (MOIS) and authenticating them down to the last pixel.
  • Passport Verification: Verifying South Korean passports issued by the Immigration Department – Ministry of Foreign Affairs, checking for accuracy of format, detecting fakeness through font, holograms, and more.
  • Driving License Verification: Checking the originality of a driving license issued by the Road Traffic Authority and verifying licenses of all 9 provinces of South Korea.

Credit/Debit Card Verification

Shufti Pro also offers credit/debit card verification services to help businesses digitize their operations, reduce manual labor, prevent fraud and charge-backs, increase conversions, and reduce drop-offs.

How Shufti Pro Works

The company’s advanced software solutions work by:

  1. Document Verification: Scanning and authenticating customer documents.
  2. Data Extraction: Extracting relevant information from verified documents.
  3. Face Verification: Using facial recognition technology to verify customer identities.
  4. Verification Status: Providing real-time verification status to businesses.

Advanced AML Services for South Korean Businesses

Shufti Pro’s advanced AML services help identify high-risk clients, improve client onboarding with faster PEP screening, and real-time sanction list monitoring. The company uses FATF, EU, OFAC, HMT, Interpol, and other relevant watch lists in the provision of its AML services.

Customer Due Diligence in South Korea

The Republic of Korea is a member of the Financial Action Task Force (FATF), promoting efficient measures for combating money laundering, terrorist funding, and other threats to the integrity of the international financial system. Shufti Pro has expanded its operations to South Korean banks and financial and non-financial businesses to strengthen trustful business relationships.

Start Your 7 Days Free Trial Now!

Shufti Pro offers a 7-day free trial for small businesses in South Korea, providing an opportunity to experience the company’s advanced AML software solutions firsthand.