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Mongolia’s Financial Sector Boosts Fraud Detection with Cutting-Edge Technology

Ulaanbaatar, Mongolia - In a move to strengthen financial regulations and combat fraud, Mongolia’s banking and financial institutions are adopting advanced fraud detection software.

Shufti Pro Launches Services in Mongolia

Shufti Pro, a leading provider of real-time KYC (Know Your Customer) and AML (Anti-Money Laundering) solutions, has launched its services in Mongolia. The company offers a comprehensive suite of identity verification tools designed to help businesses detect and prevent fraudulent activities.

Advanced Fraud Detection Software

According to the Financial Action Task Force (FATF), Mongolia is committed to combating money laundering, terrorist funding, and other financial crimes. To achieve this goal, Shufti Pro’s advanced fraud detection software uses a combination of AI-powered facial recognition, document authentication, and machine learning algorithms to verify customer identities in real-time.

Features and Benefits

  • Detects various types of fraud, including identity theft, credit card fraud, and account takeover
  • Reduces the risk of fraudulent transactions
  • Maintains compliance with regulatory requirements
  • Scalable, secure, and easy to integrate into existing systems

Verification Capabilities

Shufti Pro’s technology can verify various forms of identification, including:

  • Mongolian identity cards
  • Passports
  • Driving licenses
  • Credit/debit cards

The company uses a combination of machine learning algorithms and human verification to detect fake or tampered documents.

OCR Technology for the Mongolian Language

In addition to its fraud detection software, Shufti Pro offers OCR (Optical Character Recognition) for the Mongolian language with an accuracy rate of 98.67%. This technology enables businesses to extract and verify customer information in real-time, reducing manual labor and increasing efficiency.

AML Services

Shufti Pro’s AML services also help financial institutions:

  • Identify high-risk clients
  • Improve client onboarding with faster PEP (Politically Exposed Persons) screening and real-time sanction list monitoring

Compliance

The company’s solution is designed to be compliant with global regulatory requirements, including:

  • FATF
  • EU
  • OFAC
  • HMT
  • Interpol
  • Other relevant watch lists

Shufti Pro updates its AML source data every 15 minutes to ensure the most accurate and up-to-date information.

Conclusion

In conclusion, Shufti Pro’s advanced fraud detection software is a game-changer for Mongolia’s financial sector. By adopting this technology, businesses can detect and prevent fraudulent activities, maintain compliance with regulatory requirements, and improve customer onboarding efficiency.