Cryptocurrency: The Disruptive Market
January 9, 2019
The cryptocurrency market is disrupting the way we think about money.
It’s very early days for the ‘digital currency’ space, but it has already shown the world that there is the potential for shaping the way we earn, send and spend our ‘money’ in the future… and that it’s probably here to stay.
However, this disruptive market is being pushed more and more to adopt traditional methods of AML and KYC processes, which in the experience of many consumers and businesses is a slow, manual and costly process.
It’s not that KYC and AML is not important, quite the opposite, but a disruptive market needs to stay just that, disruptive, including the way it approaches AML & KYC so not to stifle innovation.
The topic of self-regulation amongst the top retail exchanges and wallets has been talked about, which can help drive compliant procedures and provide a solid framework and also help to provide innovation around KYC and AML procedures.
HOW CAN WE HELP?
This is where Acuant has been working within this space to do just that, using our identity verification tool, PROFILE ID, as a standalone solution or in addition to requesting documents from customers – which is often where the manual process comes in and introduces friction for the customer.
It’s also being used as a replacement for the good old utility bill as proof of address which, if we’re honest, is a very outdated method of location verification!
Not only will this give your customers an easier user journey, it gives you the opportunity to reach a much wider global audience with average global verification rates in excess of 70% which means greater confidence around identity and best of all for our customers – it’s cheaper than most document verification tools!