This partnership follows the UK’s Joint Money Laundering Steering Group (JMLSG) and the EU’s 4th AML Directive (4AMLD) requirements that customers have to be subject to on-going and continuous due diligence, with ongoing Know Your Customer (KYC) and transactional checks for unusual or suspicious activity required on active customer accounts. Initially, the offer will be accessible to UK and EU residents.
Paydentity is an automated identity and payments platform, incorporating real time remote verification of end users domiciled in any FATF or equivalent jurisdiction, leveraging verification of ‘bank verified’ payment instruments to establish identity.
The service includes remote enhanced due diligence (EDD) to meet the KYC requirements of the EU’s 3 and 4AMLD’s, UK’s JMLSG, Austrac Regulations and Cypriot CySec Directives, and payment instrument verification, including for future PSD2 Strong Customer Authentication.
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