iDenfy, a Lithuania-based identity verification, compliance and fraud prevention tools provider, announced a new partnership with Viena Moneta, also a Lithuania-based financial company offering currency exchange services, recognized as "One Coin" in English. iDenfy’s AML solution will swiftly screen customers against various databases, including sanctions lists and global watchlists, to help Viena Moneta identify any suspicious activities faster.

The foreign exchange market is one of the biggest financial markets globally, with a daily trading volume exceeding $5.4 trillion. According to iDenfy, this is a progressive trend since more international businesses engage in currency trading to facilitate cross-border transactions, and more customers exchange currencies for travel or remittances while currency traders buy and sell currencies to generate profits. However, the growing interest in such services presents opportunities for forex traders, but it has also given rise to an intensely competitive global market. iDenfy emphasizes that to succeed in this competitive landscape, businesses must place a strong focus on both Anti-Money Laundering (AML) compliance and the implementation of a fast, user-friendly onboarding process.

Viena Moneta fully supports this security-first approach, explaining that the currency exchange businesses started looking for an automated AML system to employ data analysis and swiftly assess risks associated with new customers and their transactions in real-time. The licensed financial institution operates under the supervision of the Bank of Lithuania. With the primary services being currency exchanges, Viena Moneta plans to expand its service offerings in the near future,  including investment opportunities in precious metals.

Viena Moneta seamlessly integrated iDenfy’s AML screening tool into its internal IT infrastructure, CurrExchanger. As a result, the company’s in-house customer service specialists can receive real-time notifications during currency exchange transactions, confirming the completion of the AML check. Consequently, Viena Moneta wanted to increase its level of security, effectively identify criminal threats, and pinpoint risks at an earlier stage in the customer journey. According to the financial business, by partnering with iDenfy, they’ve successfully addressed the core issue of complying with the Law on International Sanctions. 

iDenfy's full-stack AML check service verifies all potential customers during onboarding, cross-referencing their details with global politically exposed persons (PEPs), sanctions lists, and other relevant watchlists. This will enable Viena Moneta to identify suspicious customers while maintaining trusted individuals promptly. This robust process will ensure thorough AML compliance and elevate the overall customer experience. 

iDenfy’s AML screening software will also assist Viena Moneta in keeping up-to-date with evolving regulatory standards, eliminating the need for constant manual checks or re-engineering updates. As a result, this partnership will enable Viena Moneta to customize and automate custom AML rules, risk thresholds, and alerts to align with its desired risk levels and exposure.

When selecting a reliable and effective partner for Viena Moneta, the new solution needed to have the endorsement of key industry authorities like the Bank of Lithuania. iDenfy met this criteria and, per Viena Moneta, was also trusted by other well-established entities like Xcoins in the cryptocurrency exchange sector. According to iDenfy, the goal of its collaboration with Viena Moneta is to enhance efficiency and lower compliance expenses. That’s why the newly integrated automated AML system will aim to reduce the currency exchange company’s dependence on cumbersome manual checks, eliminating both fraud and non-compliance risks. 

"Our AML checks are designed to readily accommodate regulatory changes and facilitate swift scalability through a comprehensive range of international database checks, encompassing sanctions and politically exposed persons (PEPs),” commented Domantas Ciulde, the CEO of iDenfy. “We are genuinely excited to collaborate with Viena Moneta and assist them in streamlining the customer approval process, saving time and reducing complexity."

“Our company strives to find the best solution for our clients. By partnering with iDenfy, we’re sure our AML compliance is handled with the highest level of security and accuracy. That means our fraud management system now not only safeguards our customers and business but also delivers significant internal operational improvements,” — said Sonata Mickiene, Viena Moneta’s AML Specialist.