AML compliance process for crypto companies with the help of AI

Money laundering is a massive concern worldwide. While cryptocurrency means cheaper and faster international transactions, it can also be a reason for criminal activities such as money laundering and terrorist funding.

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AML compliance for Crypto Businesses

Essential requirements for KYC process and business verification

Regarding KYC vs. KYB, the distinction is in the type of information needed to verify identity. Yet, the core data remains the same: financial and identity documents.

Business verification data. Know more about KYB requirements:

As KYB is specifically for businesses and organizations, the verification process requires information that includes a character report of the business UBOs (Ultimate Beneficial Owners) and the business investors that hold a quarter share each.

The essential verification data includes:

  • Business address
  • Business license and registration
  • Identification documents of UBOs and business partners
  • Recruitment reports

KYC Process: know more about KYC documents and requirements

KYC focuses on individual customers of a bank or a financial institution that ought to verify themselves by delivering identity and address proof documents. These records help banks assess how risky the customer can be.

The essential verification data for KYC includes:

  • An ID card issued by the government
  • A copy of utility bills such as electricity bills
  • Driver's license/Passport with a digital photo
  • Social security number

AI-based business verification and KYC software deployed in Crypto-friendly platforms

Vespia helps businesses scale worldwide by eradicating unnecessary manual input and automatically catching data from ID documents.

It provides an outstanding customer experience via easy-to-follow, on-screen prompts that facilitate improvement of conversion rates.

By integrating Vespia's business verification process, crypto platforms will save time, as 60% of the company data comes in less than 30 seconds.

It will also eliminate very complex processes and provide a better user experience.

Eurora logo in blue colour

Julia Ront

CEO & Founder at Vespia. Verification evangelist
A robust AML/KYC/KYB compliance process can reduce the risk of a company unwittingly becoming part of money laundering or other illegal activities.

Failure to have sufficient KYC, KYB, and AML processes has led to many businesses losing their crypto licenses. Doing compliance is cheaper than not doing it. Read more about business verification (KYB) in the Crypto Industry here.

KYC technology in crypto: An excellent approach to improve transparency and build trust

1. Improve customer trust: Vespia helps your business improve transparency and build customer trust by verifying companies and user identities.

2. Reduce potential money laundering and other financial scams: Robust company and identity verification will remarkably reduce fraudulent activity and promote market reputation.

3. Reduce legal risk: With legal regulations constantly evolving, implementing strong KYC policies can put companies cutting-edge. Avoid legal and regulatory penalties by implementing Vespia's business KYC due diligence system.

4. Improve stability of the crypto market: KYC may also enhance crypto's public image throughout the economy. More assertive compliance could encourage wider adoption and investment.

All AML regulations checks in one single platform

Contrary to popular belief, crypto is not just for private individuals. Businesses are increasingly entering the crypto market to facilitate payments from customers as well as business-to-business (B2B) transactions.

AML and CFT compliance regulations require crypto companies and fintech to collect, analyze, and store vast amounts of digital customer and transaction data.

Nevertheless, this process is complicated in terms of technology and compliance. To manage that obligation, these companies should seek to integrate a suitable software solution, such as Vespia.

In addition to automated speed, efficiency, and accuracy, Vespia helps firms add depth to their KYC/KYB procedures and build a better and more detailed risk profile for their customers with a solution 37x cheaper than traditional providers.

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