Singapore, 6th June 2023 – Verify 365, a global leader in risk and compliance onboarding solutions, is pleased to announce the opening of its new office, further solidifying its commitment to providing secure and efficient identity verification services while ensuring compliance with global anti-money laundering (AML) regulations. The company’s proprietary biometric technology, advanced KYB and KYC solutions, and industry-leading app-led onboarding process have revolutionised the client onboarding experience in regulated sectors.
As the need for effective anti-money laundering (AML) solutions continues to rise in the region, particularly in light of a recent high-profile case involving Carlos Manuel De Sao Vicente, an Angolan tycoon. De Sao Vicente’s Bank of Singapore (BOS) account, containing over US$558 million, was seized due to his involvement in embezzlement, money laundering, and tax fraud. This high-profile case serves as a stark reminder of the importance of robust AML processes and the need for financial institutions to implement strict controls and due diligence measures to combat such illicit activities.
Verify 365’s commitment to simplifying the risk and compliance onboarding process aligns perfectly with the Bank of Singapore’s approach. Mr. Chew Qi, Bank of Singapore Global Head of Financial Crime Compliance, emphasised the bank’s prompt actions in response to regulatory measures announced by Swiss financial regulator Finma in 2020. BOS implements robust AML and client due diligence controls, conducting ongoing monitoring, screening for adverse news, and ensuring transactions align with clients’ profiles and sources of wealth.
Monetary Authority Singapore (MAS) requires financial institutions to have strict AML controls, including conducting thorough due diligence on customers to understand their background and account purpose. Ongoing transaction monitoring is essential to ensure consistency and detect unusual activities. Enhanced measures are applied to customers presenting higher money laundering and terrorism financing risks, which includes scrutinising the source of wealth and funds and closely monitoring accounts for suspicious transaction patterns, especially involving higher-risk jurisdictions.
In a recent press release, the Monetary Authority of Singapore (MAS) emphasised the importance of financial institutions implementing robust anti-money laundering controls. The Bank of Singapore (BOS) has been commended for its stringent AML processes, which align closely with Verify 365’s core value proposition. Verify 365 shares the Bank of Singapore’s commitment to simplifying the onboarding process without compromising compliance, particularly for law firms seeking streamlined efficiency and enhanced client protection.
By leveraging its global coverage, Verify 365 delivers secure and accurate identity verification services for customers and business partners worldwide. The company’s cutting-edge technology and expertise enable swift and reliable onboarding, ensuring that all regulatory requirements are met. This not only saves time and resources but also mitigates the risks associated with non-compliance.
“The demand of Verify 365 lies in our ability to simplify the risk and compliance onboarding process, providing our clients with the industry’s fastest app-led onboarding experience,” stated Azeem Rashid for Verify 365. “We are proud to support law firms, financial services and other regulated professionals in seamlessly and efficiently onboarding clients while upholding their best interests and maintaining compliance with AML regulations.”
Verify 365’s comprehensive suite of solutions empowers businesses to confidently navigate the complexities of Customer Due Diligence, Know your Business (KYB) checks, and Know your Customer (KYC) processes. By thoroughly vetting customers, monitoring transactions for suspicious activities, and verifying the source of funds, Verify 365 ensures that high net worth individuals and entities presenting higher money laundering and terrorism financing risks are properly scrutinised.
With the opening of its new office, Verify 365 is well-positioned to serve the increasing demand for efficient risk and compliance onboarding solutions. The company’s expansion aligns with its dedication to providing exceptional service to clients worldwide, enabling them to onboard customers swiftly while adhering to stringent AML regulations.
Experience the streamlined efficiency of Verify 365’s risk and compliance onboarding solutions and discover how the company simplifies onboarding without compromising compliance with a free demo today.