In a recent podcast, our Co-Founder and Chief Executive Officer, Charlie Westerman, sat down with Peita Diamantidis from Ensombl to share recent insights into identity verification, complex fraud detection and its heightened importance for small businesses.
Recognising the complex and expensive solutions on the market currently - heavily tailored towards large financial institutions - we’re focused on simplifying identity verification, detecting fraud before it becomes a problem and helping SMEs comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Charlie highlighted the changing regulatory landscape, emphasising the financial and technical difficulties that smaller businesses face in adhering to evolving KYC, AML and Personally Identifiable Information (PII) compliance standards. Recent amendments, tightening checks to prevent money laundering and enhanced data security, prompted us to assist in aiding smaller enterprises in navigating the complex regulatory environment.
Elaborating on our user-centric and simplistic approach, the platform is particularly beneficial for professionals like financial planners and accountants. He illustrated the seamless process where an accountant, for instance, can send a verification link to an individual. A few clicks and document uploads later, the accountant receives swift confirmation, eliminating the tedious and time-consuming nature of traditional - or manual - verification processes.
Delving into the details, Charlie outlined our verification process and the ability to detect graphically edited, forged and fake documents. This method not only ensures the authenticity of documents but also conducts exhaustive checks across diverse databases, flagging any potential red flags in an individual's history and protecting businesses from fraud before it occurs. The entire process is executed with speed and security in mind, with data strategically scattered across secure locations to enhance safety measures.
The conversation illustrated how we’re standing at the forefront of identity verification for businesses, particularly small-to-medium enterprises. By simplifying and securing these essential checks, we’re aiming to be the ally that small businesses need, navigating them through the intricate web of regulations and ensuring their operations aren’t just compliant but also smooth and secure.
Disclaimer: This is for general information only. The information presented does not constitute legal advice. Personr accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
Copyright © 2023 Personr Pty Ltd (trading as Personr).