Trulioo has opined that crypto companies that accept AML and KYC will be more distinct.
Trulioo, a company that verifies identity, has said that it is necessary for firms to comply with anti-money laundering policies and adopt know-you-customer (KYC) strategies if they want to stand tall among their competitors.
According to Truliioo’s vice president for growth, Anatoly Kvitnitsky, the growth and acceptance of crypto from one country to another depends on these two factors. He explained that AML and KYC are important regulations to adopt when converting fiat to crypto and vice versa:
“It is a good idea to improve the crypto world’s approach to compliance, especially as exchanges become more and more common.”
“Definitely something like document verification is very much a differentiator and that’s something we’ve seen a shift in the past two years or so. The crypto world is really looking at these solutions,” he added.
EmbedID was added to Trulioo with the API software on July 8 to make KYC easier and faster. Small firms that have low staff strength for doing KYC can use this automated procedure. With the latest addition of EmbedID, more crypto companies have begun to identify with Trulioo.
One of the reasons for adding EmbedID according to Kvitnitsky is to make it easier for clients that don’t have technologies with a high rating. He said that most crypto exchanges and asset managers have few staff whose job description is just to verify the documents submitted by their own customers and to be sure that they agree with the standards set by regulatory bodies.
Kvitnitsky also agreed that document verification may not be the same in different countries because of the differences in the requirements stipulated by the different regulatory bodies. But he said crypto isn’t meant to be tightly regulated:
“If the firm really wants to work with regulators, you’re going to see a more mainstream approach to compliance.”
Some countries are now beginning to look into the use of crypto even without a proper guideline for the owners. Most of them are very much concerned about money laundering and this is why in the U.K. it has become mandatory for crypto businesses to register with the Financial Conduct Authority. In the U.S. the Commodity and Futures Trading Commission is taking up the responsibility of providing the guidelines.