Top 10 KYC & AML Service Providers

Ever wondered who are among the industry’s best online Identity verification companies? A question running on every individual’s mind from the FinTech and RegTech Industry.

In today’s fraud prevalent society, the threat to businesses and financial institutions that utilize the power of the internet are real and impactful.

A legal entity on-boarding customers from a global audience base, is required to implement a reliable digital kyc services provider to mitigate risks associated from identity theft and financial fraud. For businesses, better protection from compromised individuals with questionable risks and reputational strength from a regulatory standpoint.

The lists mentioned below shall not only be informative, but also vital for your future growth assessment towards a dedicated Regtech provider.

10. Veriff

One of the new entrants in the identity verification business, Veriff offers neat identity verification products for fraud prevention and compliance with KYC regulators. Veriff enables you to enroll customers online by verifying their ID card, Passport, Driving License, all in quick and swiftly.

Pro

• Real-time results.
• Separate pricing for enterprise and premium.
• Ability to Offer White-label services

Cons

• No AML Screening.
• KYC Not as refined as competitors

9. 4stop

A new yet very versatile KYC and AML platform — 4Stop. Combining together information from multiple reliable sources for an effective KYC. Aggregates information information, managed services, data, software and expertise to establish a next-generation all-in-one KYC, compliance and anti-fraud solution.

Pros

• API Driven KYC Solution.
• AML Screening
• Involves Data Analytics

Cons

• Lack of transparent pricing for first viewing

8. IDnow

The next on your list of verification providers is IDnow, a reputable able and dependable name in the industry. Providing flexible KYC Solution for the present economy. IDnow mainly focuses services on video based verifications. Offering full range automated to agent-assisted identity verification through a single platform.

Pros

• Video Based Verifications
• Has E-signature services as well.
• Multi Jurisdictional Support

Cons

• No dedicated AML.
• Limited KYC Services.

7. Idology

A comprehensive KYC Identity Verification operator that provides a multi layered, end to end authentication solution. Idology helps businesses streamline customer on boarding, prevent fraud and help adhere to compliance requirements.

Pros

• Range of KYC Identifier checks.
• Dynamic KBA & digital authentication.
• Collaborative fraud network monitoring.

Cons

• Lack of transparent pricing.
• No comprehensive AML

6. Identity Mind Global

The next on our list is a leader amongst Identity Management companies — Identity Mind Global. A veteran solution with well defined AML procedures and KYC measures, an all rounder operator for businesses to implement and benefit from their services across a range of industries that they can be implemented in.

Pros

• Comparison to trusted digital identities.
• Specifically tailored to ICO’s and Virtual Currencies.

Cons

• Lack of KYC Identifier checks.
• Time taking processes.

5. Gemalto

Not missing out from our lists is the front runner in digital security, Gemalto offers services of verification and securing devices across a range of industries applications and Government level services. Gemalto offers customer authentication on biometric technologies and background checks.

Pros

• World leader of Security solutions.
• Experienced, best fit for corporate and large enterprises.

Cons

• Smaller businesses and SMB’s might not be entertained according to their requirement.

4. Shufti Pro

An upcoming and regulatory compliant operator, offering state of the art Artificial Intelligence based KYC and AML screening services globally. Shufti Pro happens to be the rare providers that offer ID and Identity verification services across all languages and in all countries.

Pros

• Omnichannel support.
• Advanced AML Screening against 1000+ Global Watch Lists, PEPs & Sanctions Lists.
• Industry best 60-second verification time.
• Global language support of all countries and languages.
• Infinitely customizable.
• Data Extraction via OCR

Cons

• AML limited to screening only, no defined risk assessment approach.

3. Onfido

One of the leading ID verification companies out there, targeted for enterprises. Ensuring smooth customer retention and new client onboarding, while minimizing risks through improved KYC measures. Onfido offers one of the best API integrations running in the industry today.

Pros

• automation with manual uplift
• Simplified SDK integrations
• Industry implemented.

Cons

• Lack of transparent pricing.

2. Trulioo

An industry favorite and currently considered one of the leading Identity verification providers. A neat feature of Trulioo is their business verification carried out in real-time. Trulioo has an edge regarding their connectivity with MNO’s for reliable data gatherings.

Pros

• Real-time business verification
• Transparent and cost-effective pricing
• Industry recognized and preferred.

Cons

• Minimal customer Support
• Limited AML measure scope.
• Limited Document Verification Checks.

1. Jumio.

Last but not least, the front-runner on our list is Jumio. Tried and tested market leader in superior ID verification services. Providing digital KYC verification services at large that conform to international regulatory requirements. Real-time services that have quickly become to be called the industry standard.

Pros

• Industry tested and recognized.
• Refined KYC & AML services.

Cons

• Unfavorable pricing for newer entrants.
• A large volume of commitments required.