Press Release

FX Back Office and Shufti Pro Partner to Offer Industry-Leading KYC and AML Screening Services to Forex Brokers

Richard Marley
July 14, 2022
4 minutes read
722

London, UK – July 14, 2022 – Industry-leading Forex CRM software provider, FX Back Office, has partnered with leading KYC/AML solution provider Shufti Pro in order to offer Shufti Pro’s innovative identity verification and fraud prevention systems to users of FX Back Office’s CRM.

Established in 2016, FX Back Office is a world-class Forex CRM developer. Based in Limassol, Cyprus, their team of developers leverages years of industry experience to create bespoke, entirely customizable CRMs that can integrate with the world’s most popular trading solutions, Payment Service Providers (PSPs) and third-party software.

Shufti Pro, a globally acclaimed identity verification service provider, offers award-winning KYC and AML solutions to businesses in the finance and banking, e-commerce, cryptocurrency, healthcare, and education sectors to name but a few. The high accuracy rate and global configurability of its solutions have fueled demand for the company’s services and it has onboarded businesses across a wide range of industries. Shufti Pro’s KYC solution verifies the identity of customers in real-time, helping businesses to prevent identity theft, money laundering, and terrorist financing while staying compliant with global KYC and AML regulations.

“We are over the moon to be able to announce our partnership with Shufti Pro. They are, without a doubt, one of the world’s leading providers of KYC and AML solutions and we’re excited that our users will be able to benefit from their services from within our forex CRM,” said FX Back Office Co-founder & CEO Dmitriy Petrenko. “We aim to offer our clients and their traders the very best tools with which to do their job and we’re excited to be able to work with Shufti Pro. They’re a leading company and we’re looking forward to offering their solutions to our clients through our CRM.”

“Upholding trust and safety online is critical, especially when scams are increasing in almost every sector,” said Victor Fredung, CEO of Shufti Pro. “We are pleased to be assisting FX Back Office in its goal of delivering a robust and fraud-free digital experience to its clients. Through this partnership, FX Back Office will be able to seamlessly onboard and authenticate the identity of its customers. Shufti Pro’s KYC and AML services will enable our partner to mitigate identity and financial fraud while fulfilling regulatory requirements.”

About FX Back Office

FX Back Office works with its clients to create custom front- and back-end features and experiences that are perfectly coded to address today’s business demands. Working with the finest companies in the industry, FX Back Office is committed to creating systems that fully support the operations of international FX brokerages.

The company’s unique CRM and the back-office system can integrate with a wide range of programs, from industry-leading forex platforms to world-class VoIP services, KYC verification systems, payment service providers and more.

FX Back Office Socials

Follow FX Back Office on LinkedIn, Facebook and Instagram for news on our latest products, innovations and trading and software insights.

FX Back Office Contacts

Christina Iracleous
CMO | FX Back Office
christina.i@fxbackoffice.com
P: +357 25 250675 M: +357 96 378524

About Shufti Pro

Shufti Pro is an identity verification service provider offering KYC, KYB, biometric authentication, age verification and AML services. The UK-based company has 5 regional offices and has launched 17 different IDV products since its inception in 2017. With the ability to verify thousands of ID documents in 150+ languages, Shufti Pro serves customers in 230+ countries and territories.

For more information,

Graeme Rowe
CMO | Shufti Pro
graeme.r@shuftipro.com
+44 7909 447255

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

Latest News

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ECB Releases Paper Revealing Financial Crime Risks in Cross-border Payments
About FX Back Office
About Shufti Pro
ECB has released a paper that reveals the financial risks associated with cross-border payments, suggesting possible solutions via crypto, blockchain or internlinked payments.

In a report examining the present inefficiencies of cross-border payments, the European Central Bank (ECB) makes suggestions for potential solutions using blockchain, cryptocurrency, or connected national payment rails.

The paper, titled “Towards the holy grail of cross-border payments,” discusses the problem that the friction of anti-money laundering (AML) systems is one of the main barriers to tackling payment difficulties. The study asserts that one of the six routes it proposes may be on the verge of achieving the ideal result (the so-called “holy grail”), which is that payments should be prompt, affordable, widespread, and settled in a safe medium like central bank money.

However, ECB experts emphaize that in order for this to happen, it is crucial to make progress in addressing AML and CFT compliance inefficiencies in order to make the outcome attainable.

According to the ECB document, Bitcoin was one of the potential options that the G20 considered. The layer two alternatives for micropayments, the Lightning network, are also explored in the study in addition to the Bitcoin network. The authors see the existence of one large network and the lack of middlemen as relevant advantages in resolving Bitcoin custody issues for end users.

Despite its shortcomings, such as its high energy consumption and uneven application of AML/CFT compliance, Bitcoin is nevertheless seen as a reliable alternative. Not to add, according to the ECB study quoted, “its price volatility impairs its acceptability of means of payment – both for local and cross-border” transactions.

Although less innovative than Bitcoin, the ECB considers stablecoins to be a workable alternative. Due to its possible impact on financial stability, the potential for monopolies to be created, and the opportunity for market exploitation, stablecoins are viewed with scepticism as an all-encompassing answer to cross-border payments.

Given the variance of national CBDC pilots across Europe and the fact that the availability of digital currencies is far from complete at the EU level, the research views multi-CBDC solutions as one of the more theoretical options. Nevertheless, interlinking domestic payment systems and multi-CBDC were ranked as the two most promising directions to pursue.

The ECB also used the opportunity to assess current cross-border payment rails, such as Nexus, a plan for connecting instant payment systems across national borders, TIPS RIX-EUR, which links the Swedish and Euro area TIPS platforms, and P27, as well as the alliance between EBA Clearing and The Clearing House, which aims to link the Euro zone with the US.

Suggested Read: “Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President

FX Back Office and Shufti Pro Partner to Offer Industry-Leading KYC and AML Screening Services to Forex Brokers

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Let’s prove your

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Let’s prove your customer’s

identity with Shuftipro.