#AML/KYC

According to the report by CipherTrace, in the first 5 months of 2020, the total losses of cryptocurrencies to criminals and scammers amounted to $1.36 billion. Researches suggest 2020 may bring the second-highest total crypto lost to crime ever observed, the current record being 2019’s $4.5 billion.

There are myriads of individual aspects to the issue of personal privacy. In the case of Bitcoin, privacy is the subject of heated debates that split the community to an extent.

On February 11th, the UK’s FCA has blocked the operation of ePayments due to the company’s failure to comply with AML requirements. Pursuant to the regulator’s request, ePayments froze nearly a million customer accounts. 

Cryptocurrency and digiital asset exchange ShapeShift has announced it is launching a membership program for its users. While optional at first, this program will soon become a mandatory feature and require basic personal information to be collected.

For the first time, a major digital currency, Dash, has announced the direct cooperation with a blockchain compliance platform provider, Coinfirm. The partnership creates the first interwoven solution for AML/KYC compliance in cryptocurrency, the fastest-growing sector in finance.

BlockNotary developers have announced forthcoming release of Blocknotary Dashboard, a blockchain-based construction kit for personal identification tools. According to the developers team, blockchain is rather young technology, and it’s far from being fulfilled completely, so the decided to create a SaaS (software as a service) solution for Blocknotary users. “Over the course of working on […]

There are lots of researches concerning the way blockchain may cut operational expenses, accelerate transactions and settle issues with KYC and AML regulations. However, the very issue of KYC is problematic both for crypto-industry itself and global finance. Expenses for customer identification, anti-fraud efforts, and follow-up of such operations are truly colossal. The very procedure […]