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Know Your Client - A Necessity for Cryptocurrency

Know Your Client - A Necessity for Cryptocurrency

Cryptocurrency. At its heart, it’s about privacy: about being able to move, store, and exchange value with complete confidentiality. It’s a new world of opportunity, a decentralised digital cash system with endless possibilities.... But, it’s also incredibly high-risk, associated with a myriad of hazards, and rife with scams.

Each year, billions of hard-earned capital in the form of cryptocurrency is stolen – disappearing into the ether and rendered utterly untraceable. At the same time, the high risk practices associated with cryptocurrency transactions place thousands of companies at severe risk of non-compliance with the ever-growing list of AML regulations.

Of course, as the FinTech and cryptocurrency sectors continue to flourish, so do the instances of money-laundering and its associated criminal activities, including the financing of terrorism... And for those without a stringent system of checks and balances in place, cryptocurrency quickly becomes a minefield that’s almost guaranteed to explode!

It’s not, however, all bad news. As cryptocurrency burgeons, so do the technological solutions which protect oneself, one’s organisation and one’s transactions against such wide-reaching financial crime: solutions which not only mitigate every possible risk but also allow complete compliance with the ever-changing KYC and AML regulations.

                                                               

Providing A Shield Against Financial Crime

Cryptocurrency is an ideal medium for money launderers wishing to transfer unlimited finds and bypass traditional examination. But, while companies have both a moral and legal obligation to thoroughly vet all transactions and clients, using traditional, manual methods has proven an impossibility in terms of time and effort.

The need here is for automated, integrated, and holistic KYC and AML Solutions: solutions which provide an impenetrable shield against the many financial crimes associated with cryptocurrency. With such Solutions, there’s no delay, no room for human error or misinformation: it’s by far the most efficient method of gathering the masses of data required to protect both one’s organisation against ever-increasing money-laundering activities and the never-ending regulatory strictures. And, in this way, the client’s identity is thoroughly investigated, the wealth of data required is seamlessly collected, and the endless checks can be conducted with efficiency and ease.

 

Complete Protection with iSpiral’s Unrivalled Solutions

Providing your organisation with complete compliance, and protecting fully against the hazards of dealing in cryptocurrency, iSPIRAL’s 3 innovative, effective, and multifunctional automated KYC/AML Solutions are unrivalled in their ability.

Delivering a comprehensive approach to KYC & AML, these Complete Solutions are:

iKYC.eu: A software as a Service KYC Web Platform
iKYC API Platform: A Software as a Service API Platform
Premium AML & KYC Compliance Solution: An on-site KYC & AML

 

Effortlessly managing all requirements (no matter the size, scope, or unique requests of the organisation or the scope of the cryptocurrency transactions with which it must deal), these 3 dynamic Solutions solve a myriad of issues. From their seamless, automated onboarding procedures (which ensure that any organisation eliminates fraudulent activities and complies fully with the core principles and mandates of regulatory bodies across the globe), to the many radical AML applications which utilise the latest in Risk Model Methodology, iSPIRAL’s Solutions deliver unmatched data management and protection.

The implementation of Negative List Search, eIDV, and eDV during Due Diligence, the ongoing provision of snapshots of customer profiles, and a host of other processes ensure comprehensive and effortless compliance and fraud detection. All of which ensure that your organisation is completely protected against the many hazards and scams which inhabit this brave new world that is cryptocurrency.

 

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