iDenfy, a Lithuania-based RegTech company providing identity verification and fraud prevention tools, announced a new partnership with Opal Auctions, a global stone and jewelry marketplace platform for verified users. iDenfy’s KYC solution will help verify and onboard sellers and buyers through a simple, four-step identity verification process. 

Without implementing a risk-based approach within the precious stone and jewelry industry, companies can face significant challenges in meeting Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. According to iDenfy, implementing proper fraud prevention processes and choosing the right tools is extremely important, especially since items like precious metals, stones, and jewelry are not only inherently high in value but also easily transportable. This makes the market that Opal Auctions operates in prone to money laundering and other financial crimes. 

According to iDenfy, opals and jewelry have long been favored in international illicit financial activities. These criminal activities not only have financial consequences but can also tarnish a company's reputation and credibility. Opal Auctions operates in a global market, making it a prime target for cross-border schemes. In line with this perspective, Opal Auctions is committed to eliminating fraud risks and implementing a real-time anti-fraud strategy. To achieve this, the leading luxury opal auction platform decided to partner with iDenfy. With this partnership, the opal marketplace will enhance its risk reduction and mitigation strategy by implementing a crucial measure — identity verification.

Opal Auctions is a venue for members to offer, sell, or buy items. The company ensures trust through its established Verified Sellers program. All sellers on the platform must comply with this well-established program, which helps guarantee a high level of industry expertise, fair refund policies, and transparent pricing. Currently, Opal Auctions has a network of over 140 accredited opal sellers from more than two dozen countries. All verified sellers on the platform have special access to the industry's latest Opal Encyclopedia for up-to-date information. Furthermore, Opal Auctions stays updated with the latest gemological data for its stones. Its in-house professionals provide independent assessments to ensure item accuracy from pictures and descriptions.

The Opal Auctions team decided to switch from manual KYC processes and adapt to the changing technological scenery by implementing iDenfy’s full-stack ID verification software. After evaluating various KYC solutions, the business selected iDenfy as the top choice for identity verification. They were delighted by iDenfy's commitment to robust fraud prevention, safety, and user-friendly experience, matching the company's ID verification provider criteria. 

Additionally, iDenfy asserts that this partnership will enhance Opal Auction’s efficiency. By centralizing data and introducing automated case assignment policies, the auction site will achieve a simple distribution of all KYC verifications while ensuring a transparent audit trail. This will enable Opal Auctions to easily monitor all user actions across their lifecycle, which is a crucial component in meeting compliance requirements. Through this partnership, the company will also have an option to customize the user interface to align with its brand. 

Consequently, Opal Auctions will verify its sellers using advanced image recognition and face comparison algorithms. This updated verification process for Opal Auctions will provide real-time results, minimize fraud rates, and streamline the KYC process. It’s worth mentioning that iDenfy’s ID verification solution automatically recognizes, verifies, and extracts data from over 3,000 identity documents spanning 190+ countries. It covers a wide range of documents, including passports, ID cards, driver's licenses, and residence permits, enabling efficient and precise global identity document analysis for Opal Auctions. 

“We’re happy to partner with Opal Auctions and help them onboard more users, at the same time, ensure trust for both buyers and sellers,” commented Domantas Ciulde, the CEO of iDenfy. “Our identity verification software is designed to foster trusted relationships in marketplaces while minimizing unnecessary friction in the process.”