Invast Global teams up with GBG to enhance its customer identity verification

Invast Global teams up with GBG to enhance its customer identity verification

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Invast Global, the Australian subsidiary of the Japanese forex broker Invast Securities, has signed a deal with the identity data intelligence company GBG.

According to the official statement, the new partnership will enhance Invast Global’s identity intelligence during the on-boarding process and will support its comprehensive anti-money laundering (AML) program. It will also drive the broker’s expansion to international markets, including China.

Invast Global has been using GBG’s ID3 global product since last September. It facilitates the process of identifying and screening high risk individuals by automatically checking and matching new and existing customers against a broad portfolio of politically exposed persons (PEP) and enhanced sanctions data from global partners. The solution can verify the identites of more than four billion individuals and check addresses in 240 countries and territories. It also includes GBG’s electronic identity verification services for Chinese customers.

“We needed a solution to improve our PEP and sanctions screening functions in line with our AML program, and one that would give us the coverage required to expand into new markets,” said Doris Hsiao, director and head of compliance at Invast Global. “We chose to work with GBG because of the coverage of their data, track record of working in the global Fintech industry, and the flexibility, ease of use and ROI associated with their technology solution.”

According to Jush Athar, associate director and head of operations at Invast Global, the company has tried and tested many PEP screening solutions, but the GBG product proved it can suit its needs. “As we on-board more international clients, there is an increasing need to implement greater risk managing measures – particularly those surrounding AML – and with GBG we are well equipped to do this,” Athar said.

Invast Global is a multi-asset brokerage launched in 2013. It is fully regulated by the Australian Securities and Investment and Commission, and has clients in over 25 countries around the world. It offers trading in forex, CFDs on indices and commodities. Earlier this week the Japanese parent company of Invast Global, Invast Securites (TYO:8709), reported that its June operating revenue finally recovered after three months of decline.

GBG is a UK-based identity data intelligence company, specializing in customer and employee identity verification. It also has offices in Australia and 20 other locations in 13 countries. Among its clients are HSBC, Ford, Xpress Money and Stripe.

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