In the current era of evolving technology, the banking industry has put significant emphasis on the need for efficient and quick KYC and AML solutions. Besides, the regulatory authorities worldwide have likewise become increasingly careful to mitigate financial crimes and terrorism funding. Therefore, whether it is the Central Bank of Luxembourg, Banque centrale du Luxembourg – BCL, the Commission de Surveillance du Secteur Financier (CSSF), or the Commissariat aux Assurances (CAA), all require a robust and efficient real-time KYC solution. Enter FACEKI, which offers a cutting-edge document verification solution to the Luxembourgish financial institutions.
Identity verification
Our solution helps to tackle identity theft and fraud. To comply with the regulations of FATF and OFAC, FACEKI offers a range of features to prevent money laundering and terrorist financing. The first feature is the ID card verification, whereby FACEKI checks for the authenticity of the ID card by verifying its format and detecting crumpled or folded edges. Besides, FACEKI can identify photoshopped or forged cards and verify the hologram or rainbow print. Finally, FACEKI also checks for exposure and blurriness in the picture.
Passport verification
By matching the name, date of birth, and expiry date with MRZ. The system can detect fakeness by cross-checking the holograms and font of the passport, besides checking the authenticity of the format. Like ID card verification, FACEKI can also detect tampering or forgery of the image and verify the rainbow print.
Driving license verification
FACEKI checks for accuracy of format, crumpled or folded edges, blurred or exposed photos, and verifies hologram or rainbow print. As with ID and passport verification, the system can detect photoshopped or tampered driving licenses.
Credit or debit card verification
We validate the cardholder’s name, expiration, and issue date while also verifying the format accuracy. The system can detect the integrity of the card’s hologram or rainbow print and detect photoshopped or tampered cards.
How Our Identity System Works
Apart from the features mentioned above, our identity system comprises four steps: document verification, data extraction, face verification, and verification status. In documents verification, FACEKI scans the front and back of the IDs, passports, and driving licenses to identify its authenticity. Secondly, the system extracts data and checks the entries for inconsistency. Thirdly, FACEKI’s face verification process matches the picture and the person’s face to verify the identity. Lastly, FACEKI runs the verification status and provides results in real-time.
In recent years, financial authorities have become more focused on preventing and mitigating financial crimes, including terrorist funding and money laundering. Therefore, banks in Luxembourg require a robust and efficient real-time KYC solution. FACEKI is a powerful identity verification system that offers features like id card verification, passport verification, driving license verification, and credit or debit card verification. Besides, it follows the guidelines of FATF and OFAC and ensures compliance with Central Bank of Luxembourg (Banque centrale du Luxembourg – BCL), the Commission de Surveillance du Secteur Financier (CSSF), and the Commissariat aux Assurances (CAA). Therefore, the banks in Luxembourg must consider partnering with FACEKI for a quick and efficient real-time KYC solution.
Our company provides advanced KYC solutions that help protect your business from cyber security threats when conducting online transactions. By using our seven Verification Services, you can simplify your digitization process while ensuring regulatory compliance and a safe user experience. Contact us to book a demo and get started.
