IDenfy Joins Forces With GOAT Finance To Help Ensure KYC/AML Compliance

GOAT Finance will use iDenfy’s ID verification along with AML Screening and Monitoring tools

Kaunas, Lithuania (March 14, 2023) — iDenfy, the Lithuania-based RegTech offering ID verification and fraud prevention tools, announced a new partnership with GOAT Finance, another Lithuania-based company providing cryptocurrency exchange services in both decentralized and centralized P2P markets. iDenfy’s KYC verification and AML monitoring software will help enhance security for GOAT Finance.

Despite cryptocurrency being a volatile asset, more users show interest in investing in the now mainstream digital assets. Recently, Huobi Research reported at least 320 million crypto users worldwide last year. Despite the increasing crypto popularity, security experts storm the positive narrative by expressing concerns about possible money laundering risks.

According to iDenfy, standard due diligence processes protect the digital environment from devastating consequences. That’s why developing a risk-based approach and designing a steady customer-risk management program is critical, helping crypto exchanges to achieve a more detailed, real-time view of potential fraud risks.

GOAT Finance agrees with this multi-layer fraud prevention strategy and understands the importance of having a strong KYC/AML program. GOAT Finance’s objective is to enhance the accessibility of cryptocurrencies for retailers and businesses. This is achieved by enabling them to conduct sales through P2P marketplaces or OTC trading gateways with low fees.

By following strict compliance procedures and automating its workflow, GOAT Finance aims to provide its customers with the best possible experience without compromising security. To improve its focus on automation, the crypto exchange decided to search for new compliance tools and chose iDenfy’s AI-powered identity verification and screening and monitoring solutions.

Intending to provide a borderless service, encouraging and assisting the mass adoption of Bitcoin as a tool for financial freedom and human rights, GOAT Finance wanted a solution that could help scale and reach global markets faster. According to the financial business, iDenfy was a good match due to offering the complete compliance and fraud prevention tool package.

GOAT Finance has partnered with iDenfy to enhance its compliance program through intelligent automation. iDenfy’s AML service includes continuous customer monitoring, which involves screening for PEP, sanctions, and adverse media. As stated by company officials, the new collaboration will enhance GOAT Finance’s multi-layer compliance program that mitigates the risk of facilitating illegal activities.

According to GOAT Finance, the company has already noticed some improvements in its customer due diligence processes. The crypto exchange has also integrated iDenfy’s automated proof of address solution and is utilizing its new KYC feature, which enables GOAT Finance to create personalized identity verification questionnaires and customize the verification flow. This approach has helped the company maximize customer onboarding time without compromising security or user experience.

“We recognize the importance of preventing money laundering and safeguarding against potential criminal activity. Our partnership with iDenfy allows us to achieve our goals while continuing to provide secure and accessible services to our customers.” — commented Paul Andres Padilla, the CEO of GOAT Finance.

“Considering various fraud prevention measures is critical. We’re excited to partner with GOAT Finance, a responsible company with a holistic approach, blending compliance and automation.” — expressed Domantas Ciulde, the CEO of iDenfy.

About iDenfy  

iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2’s Winter 2023 report. iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.

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