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Acquired | Acquired

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About PassFort

PassFort develops a web application designed to improve the way regulated businesses collect, store and manage their customer compliance information at the point of onboarding. The technology delivers an automated and scalable back-office system for financial services, online gambling, real estate, and professional services firms, enabling processes that traditionally take weeks to be completed in a day. It is based in London, England.On December 3, 2021, Passfort was acquired by Moody's. The terms of the transaction were not disclosed.

PassFort Headquarters Location

Level 39, One Canada Square Canary Wharf

London, England, E14 5AB,

United Kingdom

020 3322 3123

ESPs containing PassFort

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

Financial Services / Retail Banking Tech

These companies offer solutions that verify identities to help banks, payment providers, and fintechs comply with know your customer (KYC), anti-money laundering (AML), and counter-terrorist financing (CTF) regulations. Solutions include customer onboarding, continuous transaction monitoring, and fraud detection.

PassFort named as Challenger among 15 other companies, including Onfido, Jumio, and Veriff.

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Research containing PassFort

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned PassFort in 1 CB Insights research brief, most recently on Sep 16, 2021.

Expert Collections containing PassFort

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

PassFort is included in 1 Expert Collection, including Regtech.



1,499 items

Technology that addresses regulatory challenges and facilitates the delivery of compliance requirements in FIs. Regulatory technology helps FIs and regulators address challenges ranging from traditional compliance and risk management to data reporting and transmission.

Latest PassFort News

The benefits of automating AML and KYC checks for insurance

Sep 21, 2022

RegTech Analyst The benefits of automating AML and KYC checks for insurance September 21, 2022 Automating AML and KYC compliance checks in the insurance industry would help drive operational efficiency and better customer experiences, according to PassFort, a Moody Analytics company . PassFort highlighted that insurance firms are particularly at risk of fraud – especially those dealing with high-value life insurance policies – and they can also be a target for money laundering. The company remarked, “Products such as single premium policies – which allow a large amount of money to be paid out in a single transaction – are open to exploitation. Fraudsters also take advantage of being able to top-up policy payments to offload illegal funds and transfer ownership of life insurance policies, as well as selling off policies to third parties. ‍ The Global Federation of Insurance Associations published a report last year suggesting the industry should restrict any measures aimed at fighting money laundering and terrorist financing to the life insurance business, describing it as the ‘only one with some, albeit low, exposure to ML/TF risks’. The federation’s view was that ‘applying AML and CTF rules to general insurance would divert resources and attention away from other higher risk areas and place a significant compliance burden on insurers for low-or-no-risk harms’. PassFort said, “Banks, credit unions, and insurance companies are nonetheless regulated by the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA). Back in 2020, the UK updated its AML regulations requiring firms to include new high-risk factors when conducting customer due diligence. These high-risk factors included situations where a customer is the beneficiary of a life insurance policy.” Regardless of the regulations – AML and CTF checks matter – and insurance fraud is climbing. According to PwC’s Global Economic Crime and Fraud Survey, 62% of global insurers were exposed to fraud or financial crime in 2018, compared with 37% and 35% in previous years. In the survey, the most common offence was consumer fraud, but other respondents who were canvassed reported exposure to a wide range of financial crime threats, including asset misappropriation, business misconduct, cybercrime, bribery and corruption, and money laundering. PassFort said that insurance companies need to carry out strict KYC and AML checks to combat growing risks. Traditionally, insurance providers will require new customers to fill in paper forms and submit documentation for proof of identity and address. This documentation would then be analysed manually before a decision was made about onboarding the customer. These kinds of manual KYC tasks are time-consuming and prone to human error, not to mention being annoying for the customer. The company said that automating KYC processes frees insurance firms, their financial crime, and compliance teams to focus on potential fraud cases, emerging risks, and adding value to customers.‍ PassFort concluded, “Despite the apparent regulatory gaps in the insurance industry, good KYC is essential and should invite best practice. Those in the insurance industry who aren’t automating AML checks, and keeping up regular monitoring are putting themselves at risk and are missing opportunities for operational efficiency and delivering better customer experiences. “Digitization of compliance processes, integrated with automated access to leading data sources provides a streamlined way of managing risk and compliance throughout the customer lifecycle.” Read the full post here . Copyright © 2022 RegTech Analyst

PassFort Web Traffic

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PassFort Rank

  • When was PassFort founded?

    PassFort was founded in 2015.

  • Where is PassFort's headquarters?

    PassFort's headquarters is located at Level 39, One Canada Square, London.

  • What is PassFort's latest funding round?

    PassFort's latest funding round is Acquired.

  • How much did PassFort raise?

    PassFort raised a total of $16.22M.

  • Who are the investors of PassFort?

    Investors of PassFort include Moody's, Entrepreneur First, Shard Credit Partners, Episode 1 Ventures, Level Equity and 4 more.

  • Who are PassFort's competitors?

    Competitors of PassFort include Know Your Customer and 2 more.

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