Top Compliance Trends in Crypto Industry in 2019

[KYCbench]

 

Every day is different in the crypto industry and reputation of a money laundering space due to the lack of regulation is about to change. Under more radical than 4th, new adopted 5th Money Laundering Directive, crypto-currencies, virtual currency platforms and wallet providers will have a legal definition and become regulated entities. Due diligence has come to stay and CFT/AML regulations will be applied same as for financial institutions.

KYCBench has identified 3 main trends, that will be in the forefront in 2019:

1.   Enhanced Due Diligence as part of KYC;

Tokens are being now recognised as Securities, Utilities, or other financial instruments in various countries and ICO’s now checking for due diligence in order to stay compliant with legal and tax implications, assuring that mechanics of their token economy are within the legal frame of their geographical location. Proof of Funds and Proof of Wealth of company’s investors now becoming an ordinary part of Enhanced KYC process.

2.   Ultimate Beneficial Owner Information;

New open source Beneficial Owner Registers are not available yet, but Crypto-related businesses are already started thinking about incorporation of the new Beneficial Ownership checks into compliance and client onboarding processes.

3.   Investment in Automated AML & KYC

With regulations becoming tighter and more complex, the challenge for many companies is to join the complexity of KYC and AML compliance with a seamless client onboarding. Automation of AML and KYC brings companies clients experience to the next level and provide the ability to drive the growth and stay out of the competition.

KYCBench is looking into the bright future of the Crypto industry and brings to crypto reality experience and procedures of traditional financial institutions, offering full range of the Due Diligence and compliance for our customers, beside automated KYC verification.





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