“Onboarding clients from European countries where regulations and security standards are demanding require a pioneering, trusted and reputable partner with exceptional identity verification quality such as Onfido.”
Admirals has announced it has partnered with Onfido, a leading provider of automated identity verification services, to enhance client onboarding across over 25 European countries.
Through its online investment service provider, Admiral Markets Cyprus Ltd, will utilize Onfido as its primary identity verification solution.
Admirals enhances client onboarding with Onfido’s KYC solution
This collaboration between Admirals and Onfido is a strategic move towards enhancing technology adoption and compliance with European Know Your Customer (KYC) and Anti-Money Laundering and Terrorist Financing (AMLTF) requirements. It marks Admirals’ ongoing efforts to stay at the forefront of technological advancements while maintaining regulatory compliance.
The increasing instances of financial fraud, the evolution of AI-powered tools and biometrics, the need for a competitive edge, and the desire to minimize human intervention in processes are some of the key drivers behind this initiative.
By integrating Onfido’s Real Identity Platform, Admirals is poised to offer a more streamlined and efficient onboarding experience, thereby increasing immediate access to trading and investing for its clients.
Onfido’s technology plays a pivotal role in this partnership. Its platform incorporates award-winning document and biometric verifications, trusted data sources, and fraud detection capabilities. This integration enables Admirals to quickly adapt to emerging fraud tactics and maintain high security standards while ensuring a smooth user journey.
“European regulations and security standards are demanding”
Stefanos Mistrellides, the Onboarding Product Owner at Admirals, pointed out that operating in European countries with stringent regulations and security standards necessitates such a partnership. “Onboarding clients from European countries where regulations and security standards are demanding require a pioneering, trusted and reputable partner with exceptional identity verification quality such as Onfido. Through this collaboration we aim to continue setting Admirals as a fintech destination in Europe, attracting clients who value speed, security, and professionalism in their financial services provider.”
Andrea Bondi, Senior Vice President of Digital Identity Solutions at Onfido, also commented on the partnership. “In today’s digital age, users expect seamless, fast, and safe access to online services. However, achieving this can be a challenge for financial organisations that are subject to complex regulations. We are thrilled to partner with Admirals to provide integrated identity verification solutions that help businesses meet local and global regulations while ensuring a secure onboarding experience without adding friction to the user’s online journeys.”
Admirals Group AS is a rapidly growing global FinTech group offering a wide array of products and services. Its regulated investment firms enable clients to trade in various instruments, including Forex, CFDs, stocks, bonds, and digital currencies, as well as invest in Stocks and ETFs.
The online trading provider holds licenses in multiple jurisdictions, including the Seychelles, UK, Cyprus, South Africa, Australia, Jordan, Canada, and Kenya.