Newton Global, a fintech firm involved in capital markets trading, has chosen Shufti Pro for KYC (Know Your Customer) and AML (Anti-Money Laundering) screening during user onboarding. Shufti Pro will offer selfie biometrics with liveness detection and cross-checks against various databases for regulatory compliance. This streamlined process ensures secure onboarding, reducing the time it takes from days or weeks to mere seconds or minutes. Newton Global operates in Nigeria, dealing with forex, commodities, stocks, and indices trading, which poses a significant risk of identity fraud. The FBI reported $10.2 billion in identity-related fraud losses in 2022.
Similarly, UAE-based investment management group Mascap has adopted Shufti Pro’s face biometrics and identity verification to combat fraud during onboarding. Shufti Pro will conduct KYC and AML checks, perform risk assessments, and verify documents and biometrics for Mascap. Elza Iorga, the Chief Compliance Officer of Mascap Group, highlighted the value of Shufti Pro’s user-friendly dashboard and clear reports in managing compliance effectively.
Shufti Pro has been experiencing customer growth in the Middle East, as seen with their recent collaboration with Thinc, a legal and business advisory firm, earlier this month.
By FCCT Editorial Team
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