SOURCE: Applied Recognition Inc.

Applied Recognition Inc.

September 08, 2017 14:38 ET

Ver-ID Now Available for Canadian AML/KYC-Compliance

Applied Recognition, Inc. announces the availability of Ver-ID Credentials for establishing new customer identity online. Advanced face recognition technology streamlines new customer onboarding and simplifies compliance.

TORONTO, ON--(Marketwired - September 08, 2017) - Applied Recognition, Inc. announced today that its Ver-ID Credentials service meets or exceeds the identity verification requirements of the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) when implemented within FINTRAC's Dual Process Method.

Ver-ID Credentials enables online identity verification by using Applied Recognition's patented Face Locate℠ technology to ensure that an in-session "selfie" matches the applicant's government-issued photo ID. The service includes controls to limit the potential for use of false credentials and uses 'liveness detection' to ensure that an applicant is in-fact present.

"Dozens of industries are governed by the limitations & mandates of the PCMLTFA to establish customer identity", said Ray Ganong, Co-CEO. "With Ver-ID Credentials, banks, credit unions, insurers, fintechs, attorney, notaries and many other businesses and professionals can confidently ascertain the identity of a client without the friction of traditional methods that are subject both to high-rates of error and abandonment."

Consistent with government guidelines, Ver-ID Credentials must be paired with a second method to complete a compliant identity authentication. Ver-ID Credentials can be purchased standalone or 'pre-integrated' with other methods through an Applied Recognition business partner.

"Government issued photo IDs are how we identify ourselves in the physical world. Our passports allow us to enter other countries and our driver's licenses are often used to open a bank account or to apply for a credit card. With Ver-ID, we are bringing this level of identity authentication to the digital world and in doing so are introducing technologies that will protect both consumers and businesses alike against identity theft, account take over, and other kinds of online fraud", said Don Waugh, Co-CEO of Applied Recognition. "Fraudsters are able to commit their crimes because of online anonymity and invisibility, Ver-ID Credentials will prove to be a huge deterrent to fraudsters as they will avoid creating a photo audit trail of their criminal activity."

Businesses with an interest in learning more about Ver-ID Credentials are invited to contact the Company at sales@appliedrec.com or +1 905.363.7701 x2 to arrange a demonstration and for further information, including guidance regarding FINTRAC compliance.

About Applied Recognition

APPLIED RECOGNITION INC. is a leader in face detection, recognition and authentication technology delivering innovative products for consumers, enterprises and application developers. Founded in 2005, Applied Recognition has developed an extensive portfolio of patents for facial recognition & indexing, and for enterprise-grade, biometric authentication technologies.

Applied Recognition serves a broad range of customers, including financial services providers, IoT device manufacturers, and leading software publishers. Licensing is available for software development kits for Windows, Apple, Android and iOS platforms. ARI's "Ver-ID" product line is comprised of ready-to-deploy applications for user authentication, identity verification, digital signatures, enterprise desktop security and emotion recognition. To learn more, visit www.appliedrecognition.com.

Contact Information

  • Contact: Media Relations
    Telephone: 905-363-7701 ext. 261
    Email: Email contact