Cryptocurrencies are more susceptible to bad actors engaging in money laundering, fraud and other illegal activity. This is because right now they lack any formalization.
Banking, commodities, and investment regulators know this and require businesses engaged in cryptocurrency activities to maintain strong AML procedures with strict KYC components. Failure to maintain these procedures could result in fines, penalties, or even loss of license.
Every cryptocurrency business must verify the identity of its customers. Veriff can fulfill this function, satisfy your compliance requirements and make sure you stay licensed.
Veriff is compliant with:
- GDPR European data regulations
- SOC 2 Type I
- WCAG Accessibility Guidelines
- SOC 2 Type II compliance certification is currently in final phase