iDenfy partners with Mountain Wolf to help ensure KYC and KYB compliance

iDenfy will help Mountain Wolf onboard new customers and screen potential business partners through AI-powered fraud prevention tools

 iDenfy, a Lithuania-based RegTech company offering ID verification and fraud prevention solutions, partnered with Mountain Wolf,  a global all-in-one cryptocurrency and digital payment service provider. Mountain Wolf will use iDenfy’s ID verification, Business Verification, and AML screening tools to automate its customer onboarding process and ensure regulatory compliance.

Due to the large-scale and advanced nature of fraudulent attacks, cryptocurrency platforms and other companies in the digital landscape have swiftly acknowledged the necessity for enhanced security measures and regulations. According to iDenfy, AI-powered fraud prevention tools not only automate compliance tasks but also improve the overall stability in the digital asset market since Know Your Customer (KYC) compliance requirements have already enhanced crypto’s public image throughout the economy.

Mountain Wolf aligns with iDenfy’s belief that establishing a secure and compliant crypto business is attainable. With the mission to revolutionize the realm of digital payments and surpass the limitations of traditional banks, Mountain Wolf is dedicated to shaping the future of financial transactions and paving the way for innovative and progressive payment methods. As an international crypto asset service provider, the company currently serves over 90,000 individual and corporate clients.

Mountain Wolf experiences a daily increase of 200 clients, underscoring their dedication to facilitating digital and crypto transfers and virtual exchanges. Given the substantial volume of transactions, the company recognized the need to reduce the manual workload and establish an automated compliance workflow. As a result, Mountain Wolf decided to partner with iDenfy and address its KYC/KYB requirements effectively.

Throughout the past few years, iDenfy has formed new collaborations with crypto companies, which has helped the fraud prevention startup build a multi-functional identity verification and business verification software designed explicitly for crypto-friendly platforms. With the new partnership with Mountain Wolf, iDenfy aims to assist Mountain Wolf in expanding globally by eliminating the need for tedious manual data entry. Instead, iDenfy’s ID verification solution automatically extracts relevant information from more than 3000 types of documents.

Since companies licensed to work with crypto assets must also request confirmation of the welfare of Politically Exposed Persons (PEPs), proof of the source of income, as well as the identity of ultimate beneficial owners (UBOs) and other documents to identify activities and their legal grounds, Mountain Wolf implemented iDenfy’s AML Screening solution that helps automatically collect, screen multiple databases and detect suspicious data in real-time — all in compliance with Anti-Money Laundering (AML) regulations.

As claimed by Mountain Wolf, iDenfy will help them enhance the customer experience during the onboarding process by providing clear on-screen verification instructions that help improve conversion rates. By integrating iDenfy’s business verification solution, Mountain Wolf will save significant time and costs, as approximately 70% of the required company data will be obtained in less than one minute.

“iDenfy was a great pick for us due to its feature-rich approach. iDenfy’s KYC/KYB and AML software streamlines complex processes, resulting in a more user-friendly experience for our customers,” — noted Marina Kapustina, AML and Compliance Lawyer at Mountain Wolf.

Domantas Ciulde, the CEO of iDenfy, added: “While regulatory compliance is a key concern for crypto companies, for us, it’s equally important to provide a convenient user experience during customer onboarding. We’re happy to partner with Mountain Wolf and help them strike a balance between security and user experience.”