Payments

Facial recognition deployed in currency exchange kiosks to meet AML rules

Image provided by Innovative Technology Ltd.

May 4, 2023

ECEX Group, a Switzerland-based manufacturer of automated currency exchange machines, has teamed with Innovative Technology Ltd., a provider of biometric identification technology, to implement an AI-powered biometric solution into the automatic currency exchange machines as a way to automate transaction limits, according to a press release.

The machines are already operating in Geneva Airport, Switzerland, Billund Airport, Denmark and Boryspil International Airport, Ukraine, as well as the Hilton and Opera Hotel in Kyiv, Ukraine.

Innovative Technology's compact ICU Pro device provides facial recognition that allows users to use the currency exchange services more efficiently.

The biometric sensor helps enable the machine to adhere to anti-money laundering requirements by implementing intelligent customer tracking that shows a customer's previous exchanges and ensuring they stay within their transactional limits.

Similar to how a cashier can visually regulate how many times a customer uses a service, the technology enables the kiosks to recognize whether a person has met the standard limits for domestic transactions before they need a passport. This limit can be set in accordance with the AML regulatory requirements of the country, providing a more secure service without intruding on customer privacy.

If the exchange limit is below the threshold, the customer's facial information is saved locally for one day so the technology can detect whether they make further exchanges during the time period and ensure the threshold isn't exceeded.

"The big advantage is that any biometric data cannot be accessed because of the encryption inside the device, so there is no need for GDPR concerns," Hizii Denys, technology and administrative officer at ECEX Group AG, said in the press release. "Our technology is unique, and we haven't found a similar analogous solution around the world, so we're happy to be able to implement this feature with ICU Pro."

The implementation of the technology comes during a period of failures to comply with AML protocols by large organizations.