Financial Crime World

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Fraud Detection in Banking Takes a Giant Leap Forward in Costa Rica

In a major breakthrough for financial institutions in Costa Rica, Shufti Pro, a leading provider of real-time KYC and AML solutions, has announced its expansion to the Central American nation. With its cutting-edge technology, Shufti Pro is set to revolutionize fraud detection in banking by providing swift and secure identity verification services.

Real-Time Identity Verification

Shufti Pro’s solution allows businesses to verify identities and onboard new customers in mere seconds, making it an ideal solution for banks and financial institutions looking to strengthen their anti-money laundering (AML) and know-your-customer (KYC) measures. The company’s advanced algorithms and machine learning capabilities enable the verification of a range of documents, including:

  • Identity cards
  • Passports
  • Driving licenses
  • Credit/debit cards

Advanced AML Screening

Shufti Pro’s AML screening service uses global watch-lists and updates its data every 15 minutes to ensure that financial institutions remain compliant with regulatory requirements. The company’s solution is designed to identify high-risk clients and prevent fraudulent transactions from taking place.

Realizing FATF Standards

As a member of GAFILAT, Costa Rica has adopted the Financial Action Task Force (FATF) standards for combating money laundering and terrorist funding. Shufti Pro’s AML services are fully compliant with these standards, providing financial institutions in Costa Rica with a robust solution to strengthen their anti-money laundering measures.

Benefits for Banks

The introduction of Shufti Pro’s real-time KYC and AML solutions is expected to benefit banks in Costa Rica by:

  • Reducing the risk of fraudulent transactions
  • Improving customer onboarding processes
  • Enhancing overall compliance with regulatory requirements
  • Reducing manual labor
  • Preventing charge-backs
  • Increasing conversions

Start Your 7-Day Free Trial

To learn more about Shufti Pro’s real-time KYC and AML solutions for Costa Rica, financial institutions can start a 7-day free trial to experience the benefits of the company’s technology firsthand.