The need for strict compliance is of paramount importance for exchanges which must have watertight procedures in place to conduct client checks in accordance with global regulations.
KYC (Know Your Customer), the process of a business verifying the identity of its clients and assessing any potential risk of illegal intentions for the business relationship, is an important process for any exchange.
KYC has become standard business practice globally in the era of regulation in the financial industry. All stakeholders must be protected which is in the best interest for all parties concerned, especially where a lot of money is at risk. By complying with policies, financial entities reduce the financial risks of their business arrangements with their clients.
To adhere to its own strict operational and regulatory standards, B2BX uses IdentityMind SaaS-based, Trusted Digital Identities platform for risk and compliance to meet its KYC and AML (Anti-Money Laundering) compliance requirements.
It was imperative that B2BX adopted a fully reliable way of performing KYC and AML compliance requirements, together with identity proofing, risk-based authentication, regulatory compliance, and the prevention of identity fraud. As a recognised partner for virtual currency exchanges, payment service providers, payment processors, money transmitters, money service businesses, retailers, businesses performing initial coin offerings (ICOs) or security token offerings (STOs), e-banks, banks, broker/dealers and credit unions around the world, IdentityMind was the go-to partner.
The whole KYC procedure takes just 3 minutes and provides a smooth and efficient experience for all parties connected with the transaction.