InRento is the first and largest regulated buy-to-let crowdfunding platform in the European Union. With thousands of investors worldwide, InRento is backed by institutional capital and was recognised as the #1 investment tech at the Europe FinTech Awards.
Why InRento Needed Ondato
As any business dealing with large transactions, InRento needed a comprehensive solution that allowed them to adhere to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. On top of this, InRento is the EU’s first and largest licensed buy-to-let crowdfunding platform, which in turn requires strict KYC and AML compliance.
As a crowdfunding company, InRento understands how imperative user trust is in this industry and must guarantee the highest standards for user identification in order to prevent financial crime.
They needed a solution that would be simple for investors to follow as well as comprehensive enough to eliminate any doubt about user data. This solution was essential to assessing and mitigating risks associated with possible financial fraud.
With robust AML measures in place, InRento can contribute to the prevention of money laundering, terrorist financing, and other financial crimes. It also helps maintain the integrity of the platform, build trust with users, and ensures compliance with legal requirements.
How Ondato Helped
InRento uses three of our solutions to ensure they know the identities of their users.
Identity Verification
At the start of the onboarding process, InRento’s users are met with our automated photo identification. This method allows InRento to confirm identities in less than 60 seconds, covering over 10k different document types. During it, all provided data is checked against various governmental registries to ensure everything is accurate and spoofing checks are performed, leaving no doubt that the user is who they say they are.
AML Screening
AML screening is performed both during the identification and applied to user profiles afterwards. This informs InRento of any PEPs, Sanctioned parties and reputational risk media. Applying this to existing clients also guarantees that any changes are caught in time, and InRento can react accordingly with over 16 million PEP profiles worldwide, Sanctions data being updated 24/7 and over 6 million reputation risk media articles being scanned every day.
Lost and Stolen Registry
As an additional security measure, InRento uses Ondato to check with the Lost and Stolen registry to confirm the provided documents are valid and in the hands of the original owner. With the help of AI, this solution ensures customer data is never out of date.
Results
With the implementation of robust AML measures provided by Ondato, InRento enhanced the trustworthiness and credibility of their business. Users are more likely to trust a platform that takes measures to ensure the security of their personal and financial information.
I’ve entrusted Ondato with verifying my customers’ identities and conducting AML procedures since 2020, and I couldn’t be happier. Their product is feature rich, but at the same time really easy to use and if there’s any questions their team is responsive 24/7, which I find very impressive. My experience with them has been nothing short of exceptional, and I can only speak highly of their services.
Gustas Germanavicius, InRento founder
