iDenfy Launched a Secretary of State (SOS) Verification Tool for Its Business Verification Platform

iDenfy, a global RegTech provider specializing in identity verification and fraud prevention solutions, announced a new partnership with FTMO, a leading trading education company operating one of the world’s most established prop-trading simulation projects. Through this collaboration, FTMO has implemented iDenfy’s Know Your Business (KYB) solution that enhances the verification speed for corporate clients and strengthens risk management across its onboarding processes.

FTMO is a well-recognized leader in the modern prop-trading industry, which provides educational and training services through a simulated trading environment powered by real market data. Today, FTMO manages more than 240,000 accounts worldwide and continues to scale its operations globally. The company has to maintain a strong focus on trading transparency, regulatory compliance and security, as well as user experience.

As FTMO’s international presence expanded, the complexity of operations to onboard users under business entities increased as well. Even without being a traditionally regulated education tool platform, FTMO faced expectations to operate responsibly, manage risk effectively, and align with widely accepted best practices of compliance.  In order to address these challenges, FTMO started to use automated identity verification tools as a form of self-regulation and a Know Your Business (KYB) solution as an additional service, playing a critical role in verifying business details, including other vital information, such as the entity’s beneficial ownership. 

Corporate onboarding often involves additional layers of complexity, including verifying the legal existence of companies, ownership hierarchies, and associated individuals. FTMO required a solution that could be capable to handle global business information and verify these entities efficiently, without creating unnecessary delays for users or operational bottlenecks for internal teams. 

As a result, FTMO decided to use its long-term identity verification partner iDenfy and its KYB software, which combines flexibility, automation, and worldwide database coverage for instantly cross-matching business information. By gathering and verifying crucial corporate documents, including certificates of incorporation, register extracts, shareholder information, and beneficial ownership data, FTMO can minimize risk to onboard a fraudulent account onto its trading platform. 

FTMO already increased the accuracy and efficiency of onboarding business entities. Automated procedures remove needless back-and-forth communication, cut down on human review time, and free up the time for its team to concentrate on higher-risk issues if further investigation is needed. Nevertheless, iDenfy’s Anti-Money Laundering (AML) screening and ongoing monitoring functions help to scan and monitor any customer through multiple sanctions, Politically Exposed Persons (PEPs) lists, and global watchlists. In addition, this scalable automation tool allowed FTMO to save at least 40 hours a week and achieve an onboarding success rate of up to 98%.

One of the key advantages for FTMO is iDenfy’s extensive global coverage. Now, real-time access to reliable business data is possible with the KYB platform’s connections to more than 180 company registrations in 120+ countries. This tool allows FTMO to expand and uphold a strict onboarding standard across several jurisdictions when combined with configurable procedures and country-specific regulations.

Pavel Dusek, the COO of FTMO, explained: “The ability to customize our KYB flow to match our internal procedures was a decisive factor for us. iDenfy’s platform enables to maintain a clear audit trail, automate document collection, and verify business clients more effectively, all while providing a seamless user experience.”

“FTMO operates at scale in a fast-growing and highly dynamic industry. They can now confidently check corporate clients, simplify operations, and uphold transparency in international marketplaces with our KYB solution. We are pleased to handle any onboarding issues to prevent fraud’’ added Domantas Ciulde, the CEO of iDenfy.