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All Blockchain Blog Identity Verification KYB/AML Regulations by Country Use Cases

Amazon, eBay, AliExpress. These are just a few of the household names that have been ruling the e-commerce world. While e-commerce has been successful in providing convenience to customers, it also poses challenges for businesses, such as fraud and money laundering. If left uncontrolled, e-commerce brands can face revenue loss and other major consequences.

Check out what steps Residenture took to build a fully automated onboarding flow, seamlessly verifying all auction participants and confirming that they have a residence permit in Switzerland.

In this article, we share the essentials about what the new regulation, DAC7, is and how it affects online marketplaces. Learn more about the EU tax transparency rules and prepare your business for the changes.

Sanctions refer to penalties or punishments imposed due to violating a law, rule, or order. That’s why associating with a sanctioned business is not only dangerous reputation-wise but also illegal. To prevent such consequences, sanctions screening helps identify and manage risks and stops the business from being exposed to unwanted criminal activity.

Know Your Customer (KYC) checks have become a crucial part of the buying process when it comes to real estate transactions. Even if real estate brokers and home buyers don’t necessarily want to undergo additional security measures, Anti-Money Laundering (AML) regulations push businesses to ensure that no illegal activities are conducted in property sales.

Find out how iDenfy’s AML screening and ongoing monitoring, as well as adverse media screening solutions helped SupplierPlus digitize its AML compliance workflow.

TikTok, Reddit, and the whole internet are getting wild for the most popular chatbot created by OpenAI, the AI giants who managed to develop a system so powerful that people can’t stop talking about it since November 2022. Since the introduction of the latest version, GPT-4, a lot has changed in, once again, how we write outreach emails, generate code, do homework… And a whole bunch of other things — all powered by artificial intelligence.

Adverse media refers to any negative or bad information published about brands, companies, and individuals in various media outlets. But why is it important? Well, first of all, screening negative news is crucial for businesses as it helps them steer clear of any association with harmful entities involved in money laundering or terrorist financing.

Verifying the legal status of a company, identifying its beneficial owners, and monitoring risks to ensure ongoing compliance are all important stages of Know Your Business verification. But this process remains a mystery to some organizations, often resulting in many challenges.

KYC, AML, CDD… Similar but very different compliance terms that people tend to confuse. While regulations vary across countries and different areas, nowadays, not only financial institutions but many other businesses need to know the differences between the mentioned components to maintain effective Anti-Money Laundering programs.

In this guide, you will learn how to integrate identity verification into your e-commerce website powered by Shopify within ~15 minutes. To make integration fully customizable on your end, we will use our official Zapier plugin to automate workflow.

How can you ensure that customers feel their needs are being met? Well, there are many factors. One of the key ones is that your business needs a responsible person who handles most one-on-one client interactions. At iDenfy, we have that person, and she’s one of the best people out there. Tag along to meet our Account Manager, Gabija Glušauskienė.