iSignthis Ltd (ASX:ISX) (FRA:TA8) are pleased to announce that it has commercially deployed its PaydentityTM Console solution to Icelandic based European acquirer and issuer, Borgun. 

iSignthis will be providing Borgun with our Paydentity(TM) Console merchant UBO and Person of Significant Control (PSC) verification service to verify the identity of merchant's key controllers, directors and Ultimate Beneficial Owners (UBOs). A merchant will have at least one person to be verified, with an estimated average of 2-3 UBO's and PSC's. The Paydentity(TM) Console service standard rate is circa EUR25/person, with Borgun having been discounted due to their aggressive expansion plans over the next year. 

The 4th Anti Money Laundering Directive now includes a requirement to verify UBO's and PSC's, typically after they have been identified by the PSP via the new pan European UBO register initiative. This is a new requirement, that appears to be catching many PSP's, law and audit firms unawares as to their responsibilities. 

Borgun have 35 years of experience in the issuing and acquiring sector in Iceland, with their main markets including; Europe, UK, Hungary, Czech Republic, Cyprus, and Nordics. They currently have 10,000 merchants verified with another 2,500 still to be verified. 

Borgun have previously used manual methods to verify cross border UBOs, taking between 5 to 14 days to verify persons. Using iSignthis Paydentity, Borgun will be able to verify identified UBOs within minutes allowing for automated, remote onboarding globally. 

iSignthis CEO John Karantzis' said, "We are extremely pleased to be delivering services to Borgun, Iceland's leading PSP. Paydentity solves the problem of UBO and person of significant control verification. Identifying UBO's is easy, thanks to the pan European UBO register initiative. Verifying the UBO, which is a new requirement under the 4AMLD, would take several days effort, and it can now be done in less than five minutes. This revolution in cost reduction and time savings is made possible by the Paydentity solution." 

Glossary 

Identification: the means whereby a person is identified by name and other unique attributes, prior to those details being verified by a customer due diligence process. 

Verification: the means whereby a persons details, including name, date of birth, address and other unique attributes having been previously identified, are verified via a customer due diligence process. 

UBO: (Ultimate Beneficial Owner) Companies are increasingly expected to understand who they are doing business with. This serves to prevent doing business with mala fide parties. Any institutions that fall within the scope of the Anti-Money Laundering and Anti-Terrorist Financing Act must retrieve the identity of the UBO (the ultimate beneficial owner) of their business relations on a mandatory basis. 

PSC: A Person of Significant Control (PSC) is anyone that exerts a significant influence or control over a company. They are identified as a PSC if they meet any of the following criteria: Hold more than 25% of a share in a company or have the right to participate in more than 25% of the surplus assets of a company.