Secure KYC & AML solution for crypto users

Why get one and how does it help?

KYC is the essential requirement in the set of global AML regulations issued by all major regulatory authorities around the globe. And it has become more than relevant for all crypto users out there, given the widespread situation with anonymous cryptocurrency transactions.

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Why does KYC matter for Crypto?

The ultimate goal of KYC is to keep everything transparent and spot illegal actions, such as financial fraud or money laundering attempts. Extensively implemented blockchain networks enable decentralized crypto transactions that can be absolutely anonymous. A common abuse of this ability by users is the main reason to adopt proper crypto verification and achieve full KYC compliance.

Going for KYC compliance is a win-win effort. You get to comply with common global standards and reinforce the overall security of crypto transactions that you carry out through a range of procedures, including the following ones.

Identity verification for Crypto

In terms of the major efforts to implement to comply with KYC, exchanges for cryptocurrencies should carry out reliable identity verification. This includes thorough collection and verification of a customer’s name, date of birth, private or corporate address, and any related business information.

Keep in mind geolocation verification as well. Scammers frequently use VPN tricks to get away with various frauds. This is why geo-confirmation can serve as an ultimate KYC/AML tool.

Customer monitoring

All blockchain transactions must be regularly monitored with a heavy focus on suspicious actions and out-of-line patterns (e.g., huge one-time transactions or numerous transactions of the same amount in a row - cases where it is best to contact the transaction sender to double-check their intentions).

Your KYC-compliant monitoring should help identify high-risk customers based on the pre-composed risk profiles, keep track of all errors in the process, and prioritize out-of-the-ordinary activities.

Screening

When it comes to efficient KYC, crypto exchanges must also make sure that they do not deal with customers that may be subject to local or international sanctions, have an “eye-grabbing” criminal record (or any criminal record whatsoever), or are politically-exposed face of some sort. These are the main categories of users prone to money laundering (and yes, creating risk profiles based on them is a great idea).

Adverse media

All customers that may be related to adverse media publications or negative ad campaigns must be carefully screened as well. Otherwise, you are risking exposing your crypto exchange website to users looking to undermine your reputation.

KYC features
for crypto industry

KYC compliance requires a range of software solutions to be implemented or installed as readymade tools. Crypto companies need solutions that offer international coverage, streamlined user experience, automation, and multiple validation types for different profiles and use cases. There are also specialized KYC/AML solutions to make your life easier. In the long run, as an owner of a crypto exchange, you may indulge in the security-boosting capabilities KYC brings to the table, which include the following common opportunities.

Onboard new
customers faster

A reliable KYC/AML solution can help you facilitate and smooth out the verification process to make the initial onboarding convenient and rapid for all new customers. This gives you a great competitive advantage user experience-wise.

Data security guarantee

With our solutions, your business is fully GDPR- and CCPA-compliant. We help properly comply with security standards and store PII securely in the system. You are not responsible for potential data leakage, but you have easy and reliable access to them at any time.

Conversion boost

The platform's user interface is designed to make the process of checking compliance standards a breeze. Using our intelligent platform infrastructure, you will be able to create custom workflows and employ various methods for checking compliance with KYC rules. This will double your conversion rates over time!

Make multiple
verifications flows

Lastly, a specialized KYC/AML solution can help you create multiple verification flows based on different check criteria, user categories, and risk segments - you name it. This is the ultimate way to personalize user journeys in terms of your exchange and accelerate user pass-through rates.

Is KYC obligatory for crypto?

Currently, KYC compliance is obligatory for most cryptocurrency exchanges as for all money services businesses (MSBs) on the federal level. Federal authorities cannot simply let everybody run their own crypto exchanges however they like and service random people without a filter.

What are KYC procedures in crypto?

KYC in crypto implies a range of underlying procedures, including: