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Improvement of KYC and AML will be the game changer

Trulioo has made their comment that improvement of KYC (Know Your Customer) and AML (Anti-money laundering) can be a complete step-up move for crypto companies.

Anatoly Kvititsky, vice president for growth of Trulio, said that as a cryptocurrency is about to cross many boundaries, those who want to stand will need to comply with regulations.

Kvititsky said, “It is a good idea to improve the crypto world’s approach to compliance, especially as exchanges become more common.” And “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.”

On July 8, Trulioo has launched EmbedID, that embeds identity verification for KYC through an API. EmbedID is said to target firms with a small compliance team to do the KYC and AML in an automated process and less manual. It is said that they already have some crypto companies as their customers.

Some jurisdictions may have complicated this as companies also have different KYC and AML requirements. This may vary between the countries and their law. However, the international and borderless nature of crypto would be perfect for Trulioo.

Some governments have already made their upgrade in monitoring crypto even though they have very few regulations. Like the United States, The Commodity and Futures Trading Commission has made a promise of a new framework for crypto soon.

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