iDenfy, a global RegTech startup specializing in AI-based ID verification and fraud prevention tools, has partnered with Syntropy, a Web3 network software and real-time blockchain data company. The collaboration aims to enhance Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance for Syntropy’s clients and partners.
Syntropy focuses on addressing latency-related issues in technology markets, as network downtime can result in substantial financial losses for enterprises. By utilizing blockchain technology, Syntropy transforms unused bandwidth into a tokenized resource, tradable in real-time using its native ERC-20 token, $NOIA. The company aims to assist digital service providers in managing data demands during peak Internet usage periods.
Syntropy aims to establish an open connectivity system where individuals can link their devices to the mesh network, serving as relay points for data transmission. This approach creates a network composed of interconnected networks, aligning with the decentralized Web3 philosophy.
To ensure the highest security standards and regulatory compliance, Syntropy sought a robust KYC/AML solution. They integrated iDenfy’s AI-powered identity verification solution, which includes built-in AML checks. This implementation streamlines the compliance process, identifies sanctioned entities, politically exposed persons (PEPs), and individuals on global watchlists, and prevents unwanted collaborations.
iDenfy’s solution offers a four-step verification flow that enables rapid background checks, reducing fraudulent identities and expediting customer onboarding. It has already helped Syntropy establish an automated document verification and a streamlined KYC workflow, leading to a frictionless user experience and improved conversion rates.
This collaboration showcases the importance of KYC and AML compliance in the evolving landscape of Web3 and decentralized finance.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}