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Bity supplies crypto field services and products for individuals and businesses everywhere. The team is performing as a barter between cryptocurrencies and fiat bills through the blockchain scheme. The company proposes a cryptocurrency exchange platform,…



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  • KYC:
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Blockpass is a self-sovereign Identity Portal for regulated businesses and cyberspace. Through the operation of cryptocurrencies and effective contracts, Blockpass is a platform that gives shared regulatory and compliance services for general public businesses, items…



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Amlexa founded in 2014, is one of the Malta’s AML companies and it provides AML regulatory compliance products and solutions for the cryptocurrency,  financial organizations and professionals. Company provides the processes of Identification, Risk Assessment…



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Elliptic is a company that supplys blockchain analytics for cryptoasset compliance. The team provides the capability to operate and control risks for a lot of cryptoassets in accordance with the basic requirements of the market.…




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TRM is a company that provides a platform for monitoring transactions, helps financial organizations with protection from financial crime and cryptocurrency fraud. TRM Labs assists its clients with customer base validation, transaction tracking and customer…



KYC in crypto and Forex: what is it and how to find a provider?

It is no news that the finance sector is a hot target for fraud. As global regulatory hurdles and competition tighten, it is mandatory to meet KYC, ALM requirements without sacrificing the user experience.

So, security is the critical point of every brokerage company. Organizations integrate all the top-notch solutions, preventing data breaches and financial fraud. Provide ultimate protection, keeping money and personal information safe and sound.

A quick boost of the whole segment led to an increased demand for regulations (KYC, AML), mainly in fighting financial crimes. It means that even a tool implemented in platforms should minimize the risk of fraud. For example, the US launched the Bank Secrecy Act in 1970 as the first law to fight money laundering.

Therefore, KYC compliance is prevalent in the sphere. Let’s get started. Find out what is it and how to find a KYC provider.



Know Your Customer is also known as KYC. It is a way to confirm a user’s personality.

A complete AML compliance system (anti money laundering) involves the KYC process as one method to determine a customer’s identity and watch their transactions. KYC procedures are the significant elements in an institution’s anti money laundering policy.

As stated in KYC, it is required to include all necessary documents, and then you have permission to be a member and use this platform. For example, we need to verify investors so they have a chance to take part in an ICO. You have to confirm your identity if you want to open a bank account.

Know your customer (KYC) is the regulatory method. So, a financial institution can confirm a customer’s identity by monitoring his or her personal data and transfers. And only then he or she will be allowed to access a service. With the use of KYC policies, financial businesses have a chance to learn more details about consumers. The KYC process gives an opportunity to identify in a flash and avoid dangerous situations.

Since organizations provide services and tools, they are mandated by AML (anti money laundering) regulations to prove their customer’s identities before offering assistance. It is necessary to ensure that companies are doing business according to applicable laws. Strong KYC policies allow firms to find risks quickly and remove them as soon as possible.


Three critical points

KYC compliance consists of procedures such as enhanced due diligence, consumer identification, and verification procedures. Take a look at everything you need to know about each step below.

Identity verification

Before checking a customer’s identification documents, it is crucial for a business to verify them and scrutinize all accessible data for any inconsistencies. Taking into consideration Know Your Customer KYC compliance, a company has to make sure that a potential user is not on any of the Sanction Lists (such as the OFAC or Interpol Lists).

Customer profiling

It is also essential if a consumer is a Politically Exposed Person, as it is deemed at the international level that such a group of consumers is more susceptible to corruption. So, such consumers can be considered as a part of a high-risk group.

A company makes a set of rules and acceptance criteria for its customers. In addition, it has a right to reject in case of suspicious acts.

This organization can also reject certain groups of customers according to their past records of criminal activities and if he or she lives in a country from a blacklist.

Customer identity

Financial institutions store your records, including birth certificates, proof of address, identity, and income papers.

Customer Due Diligence (CDD)

It consists of collecting all available data on the customer from trusted sources, as well as monitoring them to ensure all activity is consistent with recorded client information.

Enhanced Due Diligence (EDD)

This step will be implemented if the user can be identified as a part of the high-risk group. It means that intense monitoring of client relations and more profound investigative research are needed.

Risk management can be used to determine which level of due diligence to apply. This can be business rules for watchlists that the user appears on or the size of the transaction.


Picking up a KYC provider on Finarm

It is an all in one financial ecosystem that is used by thousands of companies around the globe. Finarm has no analogues now, and it is the best solution both for brokerages and providers. You can find a service simply for a crypto or Forex brokerage company and integrate services needed for your consumers.

Here are the key advantages that the service can give to your organization. Take a look at them:

  • The latest info. It does the hard work for you: its objective research keeps you up to date with the latest offerings from reliable providers.
  • Less work is required. As the choice of providers grows, the amount of research required also grows. Finarm shortens the time needed to find a company relevant to your business needs.
  • A vast range of providers.  Its aim is to provide full market coverage, keep you as informed as possible, and help you with making the right decision.
  • Everything is under control. Describe your project exclusively to those providers that match your preferences.
  • Quick and effective. Use our searching tools and find a service in a flash.
  • Great help center. Finarm supports its community in the best way possible. Its team is ready to help you with everything regarding the search and pick up the best solution for your organization.

Rounding up our thoughts on KYC (Know Your Customer), we can say that finding a provider quickly and easily for a cryptocurrency or Forex brokerage company has been streamlined through Finarm.

In addition, you can get complete guidance and review of the trading platform right here.

So, do not just take our word for it. Try it out for yourself, and be an industry leader with solutions accessible on Finarm!