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iDenfy Partners with Syntropy to Elevate KYC and AML Compliance in the Web3 Era

AI/MLiDenfy Partners with Syntropy to Elevate KYC and AML Compliance in the Web3 Era

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

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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