Luxembourg-based digital asset issuance platform, VNX Exchange, has announced that it is joining forces with Sumsub, a scalable solution for Know Your Customer and Anti-Money Laundering (KYC/AML) regulatory compliance, to stay in line with growing jurisdictional demands and ensure compliance of its platform.
As the fifth EU Anti-Money Laundering Directive (AMLD5) gains its full power in January 2020, new regulatory demands of due diligence and AML will come into place, influencing the compliance and reputations of all the major FinTech players in the market.
In order to satisfy current and forthcoming regulatory requirements and stay ahead of the game, VNX has searched for an automated KYC/AML and crypto AML solution that would ensure both high compliance standards and a unique client experience.
The partnership with Sumsub will thus allow VNX to build a digital bank-grade KYC/AML service into its platform. Sumsub automated compliance as a service platform provides a risk management toolkit for AML and ready-to-use processes for compliant KYC/AML, KYB and crypto AML procedures, satisfying the demands of AMLD5, as well as those of regulators such as FATF, FCA and the European Central Bank (ECB).
The necessity of the fully automated KYC system has proven its importance, especially with the rise of interest to VNX platform followed by the growing flow of clients after the launch and the announcement of the first offering backed by investments in Streami, Inc. (owner of top Korean crypto exchange GOPAX and regulated national crypto depository service DASK). Implementing Sumsub onboarding flow has allowed VNX to accelerate […]
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