Faroe Islands Steps Up Fraud Detection and Prevention in Finance with Shufti Pro’s Real-Time KYC and AML Solutions
The Faroe Islands, a self-governing region within the Kingdom of Denmark, has become increasingly vulnerable to financial fraud and money laundering. To combat this growing threat, Shufti Pro, a leading provider of identity verification solutions, has launched its real-time KYC (Know Your Customer) and AML (Anti-Money Laundering) services in the Faroe Islands.
Enhancing Financial Sector’s Ability to Detect and Prevent Fraudulent Activities
The introduction of Shufti Pro’s cutting-edge technology aims to enhance the financial sector’s ability to detect and prevent fraudulent activities. The company’s advanced fraud detection system utilizes AI-powered machine learning algorithms to verify customer identities, detect suspicious transactions, and monitor high-risk clients in real-time.
Real-Time KYC and AML Solutions
Shufti Pro’s KYC solution verifies customer identities by analyzing various documents, including:
- Passports
- Driving licenses
- Credit/debit cards
The company’s advanced OCR technology can read and extract data from complex Danish and Faroese language documents with an accuracy rate of 98.67%.
AML Solution
Shufti Pro’s AML solution screens customers against global watchlists, including:
- FATF
- EU
- OFAC
- HMT
- Interpol
- Other relevant lists
The company’s AML services are designed to identify high-risk clients, improve client onboarding, and reduce the risk of fraud and money laundering.
Additional Identity Verification Services
In addition to its KYC and AML solutions, Shufti Pro offers a range of other identity verification services, including:
- Document verification
- Facial recognition
- Address verification
- 2FA authentication
- Consent verification
These services are designed to help financial institutions streamline their customer onboarding processes, reduce manual labor, and improve overall operational efficiency.
Expected Impact
The introduction of Shufti Pro’s real-time KYC and AML solutions is expected to have a significant impact on the financial sector in the Faroe Islands. The company’s advanced technology will enable financial institutions to detect and prevent fraudulent activities more effectively, reducing the risk of financial loss and reputational damage.
“We believe that our real-time KYC and AML solutions will become an essential tool for financial institutions in the Faroe Islands,” said a spokesperson for Shufti Pro. “Our goal is to help these institutions operate safely, securely, and efficiently, while also minimizing the risk of fraud and money laundering.”