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iDenfy Partners with Kestrl to Bolster Compliance and Fraud Prevention for ‘Muslim Money App’

AI/MLiDenfy Partners with Kestrl to Bolster Compliance and Fraud Prevention for 'Muslim Money App'

iDenfy, a global regtech company specializing in AI-based identity verification and fraud prevention tools, has entered into a partnership with Kestrl, a UK-based fintech specializing in Islamic finance. This collaboration aims to support Kestrl’s “Muslim Money App” by providing identity verification, anti-money laundering (AML) screening, and proof of address (PoA) verification tools.

Here’s what the partnership entails:

  1. Enhanced Compliance: iDenfy’s automated identity verification and AML checks will help Kestrl ensure compliance with regulatory requirements. It will enable Kestrl’s customers to have confidence that their financial transactions are secure and align with Islamic principles.
  2. Fraud Prevention: iDenfy’s fraud prevention tools will assist Kestrl in scaling its operations efficiently without compromising accuracy. These tools will be used for onboarding new customers and verifying existing ones.
  3. AML Screening: iDenfy’s AML checks will screen users against global sanctions lists, known criminals watchlists, and politically exposed persons (PEPs) databases. This is crucial for regulatory compliance and mitigating the risk of money laundering.
  4. Address Verification: iDenfy’s address verification service will help Kestrl ensure that customers provide valid and up-to-date addresses, which is essential for compliance and effective communication.

By automating these procedures, the partnership aims to reduce operational costs and minimize fraud risks associated with manual compliance checks.

Islamic finance is gaining prominence, and Kestrl’s “Muslim Money App” caters to individuals seeking compliant and ethical banking alternatives. The app assists users in achieving their financial goals while adhering to Islamic financial principles. It uses machine learning to analyze banking data, create budgets, automate savings, and offer personalized investment recommendations. Kestrl ensures compliance with Shariah standards and provides transparency to users regarding the alignment of their financial practices with Islamic principles.

Traditional banks often engage in practices, such as lending and investing in industries like cryptocurrencies, that may conflict with Islamic finance principles. Kestrl aims to address these concerns by providing a Shariah-compliant alternative. The partnership with iDenfy further strengthens Kestrl’s ability to meet compliance requirements and serve the needs of its customer base.

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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