The last few years have seen a significant tightening in the laws regarding money laundering.
The EU’s MLD4 (Fourth Money Laundering Directive) requires, for example, that funds transfers exceeding 10,000 Euros be validated according to specific rules. Failure to do so can result in a fine of as much as 10% of the transaction. Libra helps quickly and reliably to make certain that a transaction on a person's behalf may be carried out…and that in only a few seconds.
Here is where Libra helps out
It provides a simple interface for conducting AML-oriented searches which is combined with face-recognition and identification-validation functions. So equipped, any user can quickly carry out the legally necessary assessment, as well as be protected against would-be criminal prosecution through the correspondingly generated audit trail. Libra utilizes state-of-the-art artificial-intelligence technology and continues to be enhanced internally by our Machine Learning team.
Typical use cases and commercial sectors for Libra
Libra is appropriately deployed, wherever personal identification needs to be verified quickly. In such cases involing identity verification accompanying:
- a bank’s onboarding of a new customer
- credit approval
- carrying out transactions involving amounts exceeding 10,000 Euros
Libra can be useful in such diverse commercial sectors as finance, legal, fudiciary, retail, art-dealing, auction, as well as auto sales, to name a few.