The coming of biometric technologies in a time when the safety and compliance of a business are at risk has become a lifesaver for many businesses, especially ones working in the financial sector. As Anti Money Laundering (AML) guidelines become more and more severe, businesses must adapt to Biometric AML solutions to make their defenses against crimes stronger.
Ongoing AML Biometric is all about the consistent development and implementation of biometric technologies in AML strategies. Just as the crimes related to transactions and money are increasing, the old and traditional AML compliance techniques are not as efficient anymore.
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Facial Recognition
The technology of facial recognition has changed the way AML compliance works as it has given a more powerful way of verifying the identity of people. With the help of advanced algorithms, these systems are able to examine facial features of people like the distance between their eyes, nose, etc and make a biometric template that is unique to everyone. This template is then used to compare data against the already stored data to make sure that the right person is making transactions or accessing the account.
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Voice Biometrics
Voice biometrics has come in as a great Anti Money Laundering solution as it offers a very smooth and secure way of authenticating users. It does so by capturing and examining their vocal features including their pitch and tone. This helps in creating voiceprints that are unique to every person. When transactions are being made or any voice interaction is seen, the voiceprints are checked against the stored ones to make sure the person making the movements is the right one.
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Behavioral Biometrics
Behavioral biometrics is an important and a very unique part of AML compliance as it examines the way people behave and interact. The old and traditional biometric tools worked by examining the physical characteristics of people but this one checks how people use devices. For example, it examines the keystrokes, speed of typing, mouse movements, etc and helps in creating a behavioral profile for every user. When any change is seen in the interaction with devices, the activity can be flagged at the very moment.
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Iris Recognition
The technology of iris recognition is also one of the best parts of AML Biometric strategies as it brings the highest level of accuracy. The colored part of the eye is unique to every person on this planet. What this technology does is that it captures an image of the iris that is very high resolution with the help of near-infrared light and this forms a template for comparison in the future. This template can then be used as a secure identifier for checking the authenticity of the user and decreasing the risk of false positives.
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Fingerprint Biometrics
Fingerprint biometrics are also at the forefront of AML compliance as the prints of every person are different. As said, “Fingerprint recognition makes use of different techniques like optical, ultrasonic sensors, etc to examine and capture the fingerprints very accurately.” One of the best things about this technology is that it can be easily used on various devices and people can also do it from home.
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Gait Analysis
The technology of gait analysis is also transforming the way AML compliance works as it examines the way people move and walk. Whats is surprising is that every person has a unique gait pattern because of the structure of their body, weight, etc. The sensors and algorithms present in the gait analysis systems can easily capture and examine these tiny details and make biometric profits for user verification. When FIs monitor these patterns, they are able to identify changes and threats.
Secure Your Tomorrow with Ongoing AML Biometric
The coming of the technology of Ongoing AML Biometric has sorted out many challenges that the industries have been facing when it comes to the verification of customers. Rightfully said, “By making use of innovative biometric technologies, businesses can make their AML protocols stronger and improve customer security and safety.” As the constant danger of money laundering keeps on changing and increasing it is important for businesses and financial institutions to use advanced technologies to keep themselves under the shade.
