The Link App announced on Tuesday that the goal of The Link App is to protect you and your customers from all forms of crime. According to a 2021 Freedom of Information request, crypto crime is growing 124% each year. The Link App identity verification and AML solutions are designed to protect you and your customers from all forms of crypto crime.
That means that all organisations that allow consumers and organisations to buy and sell cryptocurrencies must comply with several Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. In short, this means that cryptocurrency exchanges and other crypto companies must quickly adapt.
Lauren Riley said Common practices like asking users to upload a copy of their ID and a photo of themselves or their signature are no longer sufficient. Not only do they not meet KYC and AML standards, but they can also be faked with images stolen from social media or personal information shared on the dark web.
The Link App drives businesses forward through on-demand and secure communications between legal professionals and their clients. Although cryptocurrencies such as Bitcoin, Ethereum and Dogecoin are becoming more mainstream, it’s still a relatively new sector. As such, regulation of the crypto industry is continuing to evolve as financial industry regulators review and scrutinise the practices of cryptocurrency exchanges and other crypto companies to prevent money laundering and identity theft.
Lauren Riley said consumer interest is growing rapidly, vast amounts of money being transferred worldwide and regulators playing catch up; it has created a near-perfect breeding ground for identity fraud and money laundering. Find out how The Link App automated identity checking can help you meet your global KYC requirements. Future-proof your firm today with The Link App and book a demo with one of our innovators.
Originally published 17 / Nov / 2021