Anies Khan of Jumio: Using technology to fight financial crime

FinTech Intel spoke with Anies Khan, vice president of EMEA at Jumio, to discuss the US-based fintech’s solution, how technology is transforming the KYC process, and how its technology is helping to fight financial crime

The process of know your customer (KYC) used to be a manual and time-consuming job.  

Developments in technology and the use of AI has dramatically improved the solutions on offer. 

Organisations can onboard clients more efficiently, making scale easier and cheaper to come by, while customers enjoy an enhanced experience. 

FinTech Intel spoke with Anies Khan, vice president of EMEA at Jumio, to discuss the US-based fintech’s solution, how technology is transforming the KYC process, and how its technology is helping to fight financial crime. 

Can you tell me about Jumio? 

Jumio is a leading provider of automated, end-to-end identity proofing, risk assessment, and compliance solutions.   

Our advanced technology empowers organisations such as Paysafe, Bank ABC and Monzo to establish trust and confidently verify the identities of their customers in online transactions.  

By leveraging automation, biometrics, AI/machine learning, liveness detection and no-code orchestration with extensive data sources, we assist businesses in combating fraud and financial crime, accelerating customer onboarding and meeting KYC and AML regulatory requirements.  

We have processed more than 1b transactions across more than 200 countries and territories. 

What is your role at the company? 

I lead the development and implementation of market strategies, oversee sales and business development activities and ensure strong customer relationships and satisfaction.  

It’s crucial for me to stay informed about the competitive landscape and industry trends, while also fostering a high-performing team and collaborating with internal stakeholders. 

Additionally, I am responsible for ensuring compliance with regulatory requirements in the EMEA markets.  

By fulfilling these responsibilities, I play a pivotal role in positioning Jumio as a trusted provider of identity proofing and compliance solutions across the region. 

How is technology changing the process of KYC and companies that provide this service? 

Technology has revolutionised the process of KYC and transformed the capabilities of companies offering this service.  

Traditionally, KYC involved manual checks, extensive paperwork and in-person verifications, which were time-consuming. However, with advancements in technology, particularly AI-powered solutions, KYC has undergone significant improvements, benefiting both businesses and customers. 

One of the most significant impacts of technology is its ability to accelerate the entire customer acquisition process. Automation and AI enable streamlined document verification and risk assessment, allowing organisations to onboard new clients more efficiently. Customers enjoy an enhanced customer experience and organisations find it easier and cheaper to scale. 

Technology also enables real-time analysis of vast amounts of data, enhancing the contextualisation of individual KYC processes. AI systems developed on comprehensive and diverse datasets can quickly extract and analyse data which integrates with third-party databases and verification systems, enhancing swift and accurate identity verification. 

Lastly, our recent research found that 68% of global consumers are open to having a digital identity for identity verification and that 78% reported using a digital identity to access their online accounts and verify their identity at least once in the past 12 months.  

The widespread use of digital identities will eliminate the need for customers to be physically present and help businesses serve customers across geographical boundaries more easily. 

How is Jumio helping to fight money laundering? 

Jumio offers advanced identity verification solutions that assist businesses in detecting and preventing illicit activities, including money laundering.  

We use AI to analyse vast amounts of data in real time, which helps to contextualise individual KYC processes and perform enhanced due diligence.  

Our solutions can enable businesses to adopt a risk-based approach by screening customers against global watchlists and databases, flagging politically exposed persons, individuals with known involvement in money laundering or subject to sanctions.  

By leveraging cutting-edge technology, Jumio empowers organisations to strengthen their AML/KYC measures to protect themselves and their customers.  

Image: Jumio 

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.