ML Verify

ML Verify is an AML (Anti Money Laundering) software designed to streamline money laundering compliance and client onboarding processes for businesses. According to the vendor, ML Verify offers features such as custom KYC profiles, electronic ID checks, PEP & Sanction search, 2-factor authentication, staff training, and rich reporting. ML Verify is said to be suitable for businesses of all sizes, from small sole traders to large corporations. It caters to a range of professions and industries, including financial institutions, banks, insurance companies, investment firms, and professional service providers.

Key Features

Custom KYC Profiles: According to the vendor, ML Verify allows businesses to create customized KYC queries and document requests based on the risk profile of each client. This feature enables businesses to tailor the information and documentation required according to the nature of their business and the individual risk level of their clients.

Simple Intuitive Client Portal: The vendor claims that ML Verify provides a secure and branded client portal for document requests and queries related to KYC compliance. Clients can easily respond to requests and provide necessary documents through the portal, simplifying the client onboarding process and potentially enhancing the user experience.

Electronic ID Checks: According to the vendor, ML Verify utilizes public and private data repositories to electronically verify the identity of clients. This feature is said to speed up the ID verification process by automating the checks, reducing manual effort and potential errors associated with traditional identity verification methods.

Inline PEP & Sanction Search: ML Verify is claimed to automatically check client names against databases of Politically Exposed Persons (PEP) and Sanctioned Targets. This feature is said to help identify potential risks and ensure compliance with AML regulations, enhancing due diligence efforts by flagging individuals with suspicious backgrounds.

2-Factor Authentication: According to the vendor, ML Verify offers the option to implement 2-factor authentication using apps like Google Authenticator, adding an extra layer of security to access the AML software. This feature is intended to protect sensitive data and prevent unauthorized access.

Backups: The vendor states that ML Verify regularly performs remote backups of the system to ensure data protection, with a backup frequency of every 15 minutes. Additionally, users can set up their own monthly account backups to safeguard against errors or data loss.

Staff Training: ML Verify is said to provide functionality for easily scheduling and documenting staff training events related to AML compliance. This feature is intended to help businesses meet the requirement of documenting staff training under Money Laundering Regulations, keeping track of training logs and ensuring staff members are up-to-date with compliance guidelines.

Rich Reporting: According to the vendor, ML Verify allows businesses to group clients based on risk levels and identify incomplete KYC profiles. This feature enables businesses to generate detailed reports on Anti-Money Laundering activities, potentially helping them stay audit-ready with comprehensive event logging and easily extractable data.