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iDenfy’s new KYB platform inspects how criminals move their millions through shell companies

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iDenfy’s new KYB platform inspects how criminals move their millions through shell companies

July 05
01:45 2022
According to iDenfy, shady businesses don’t stand a chance to remain incognito – all thanks to the new Business Verification platform

iDenfy, the European fraud prevention startup, released fully customizable Business Verification services. iDenfy’s approach of Know Your Business (KYB) will scan government and commercial databases to detect shell companies and prevent money laundering, all in one platform. The services will help organizations screen their partners in real-time, eliminating chances of fraud, non-compliance fines, and reputational loss. 

iDenfy’s Business Verification services will show if the company that is being scanned is legit, showing its activity records from start to finish. The software will display the company’s ownership data, registration records, and credit rating by reviewing various business registries and major credit bureaus. 

Asked about the idea behind the new KYB project, the CEO of iDenfy, Domantas Ciulde, noted that the fraud prevention startup conducted internal research for better results and noticed alarming changes in the market: “The number of attempts to open shell companies and corporate bank accounts increased by 35% in the past six months, along with the use of forged identity documents”. 

Following the situation, the startup decided to upgrade its customer identity verification system by adding a business identification approach to its existing AI-powered fraud prevention package. According to Ciulde, the large number of new applications for obtaining bank accounts complicates the work of employees of financial companies and reduces the focus on distinguishing shell companies from real ones. 

The Pandora Papers recently leaked financial records, unfolding the truth behind the wealthiest oligarchs’ financial dealings. The fortune chasers used various corporate structures to launder $300 million in transfers. They’ve employed a falsely named Swiss tattoo artist as the company holder who became responsible for the money laundering activities. 

Now that Business Verification services are in higher demand due to the tension in the world caused by the invasion of Ukraine, iDenfy’s approach is to help legitimate businesses to safeguard themselves from becoming a channel for money laundering. iDenfy will offer detailed company reports, together with exclusive features, such as website and social media audits, minimizing the chances for fraud to go undetected. 

The startup has developed new algorithms specifically for its Business Verification service and integrated 4 major credit bureaus along with 180 state registry centers to provide access to data on more than 200 million companies. iDenfy’s CEO claims that screening and monitoring multiple data points are vital since fraudulent parties mask their activity by using fictional addresses, off-shore accounts, and even use the private homes of unsuspecting residents:

“While analyzing fictitious global companies, we noticed those shell companies are fond of using virtual addresses for fraudulent means. We detected one virtual office in England that had registered almost 70,000 companies using the same address,” – explains Ciulde. 

iDenfy’s new automated system will provide secure document verifications, ownership structure, compliance screening, business registry verification, and identity verification. The Business Verification services will also offer Anti-Money Laundering (AML) checks for ultimate beneficial owners, representatives, and shareholders. 

About iDenfy   

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021. 

For more information and business inquiries, please visit

Media Contact
Company Name: IDenfy
Contact Person: Eva Azaraviciute
Email: Send Email
Country: Lithuania