Press Release

Shufti Pro partners with Cryptology – Leading Crypto & Fiat Exchange Platform

Ashley Williams
June 22, 2018
5 minutes read
1430

The Global Exchange platform has selected Shufti Pro for unique automated digital KYC processes that improves overall efficiency.

BATH, UK – (May 27, 2018) – Cypher PTE Ltd, aka Cryptology, has now simplified its onboarding, and verification processes with Shufti Pro’s pioneering AI based technology that uses Machine Learning algorithms to make split second decisions with complete efficiency. With real-time user identification, Cryptology remains on top of it’s due diligence without having to worry about being on constant alert for falsified individuals entering the system. Shufti Pro will now take care of that.

Cryptology is one of its kind start-up company that envisions to make exchange of cryptocurrency hassle free for its users. Currently operating through its iOS and Android apps, Cryptology plans to extend its business operations with the help of a web application as well in near future. With easy to use interface that supports multiple wallets, Cryptology presents a stock exchange for crypto enthusiasts. Working for a reliable crypto future, Cryptology is looking to resolve issues like complexity of fiat transactions, high commissions and sluggish customer support.

The need for KYC

To ensure secure transfers and in order to eliminate the risks of fraudulent activities or fake users on their newly launched crypto exchange, Shufti Pro was chosen by Cryptology. Shufti Pro will be providing PCI compliant KYC Services on their chosen mobile/web platforms. The distinctive features of KYC services from Shufti Pro will allow Cryptology to verify credentials of its users from all around the globe. By having a KYC partner that affords universal language support; Cryptology’s global outreach to it’s user will be fully enabled.

Fraud prevention and risk mitigation are not the only features that Shufti Pro brings to this partnership. The Artificial & Human Intelligence Hybrid system of Shufti Pro also provides real time verification so that the users of cryptology don’t have to wait for hours before their identity and financial credentials can be verified. Flawless SDK integration of Shufti Pro with Cryptology app will create a hassle free UI/UX for the members.

Talking about the partnership with Cryptology, CEO of Shufti Pro, Mr. Victor Fredung said that, “We are proud to have partnered with an upcoming venture like Cryptology. Their business model was in need of a reliable identity verification system that also provided a seamless integration with their iOS and Android Apps. Shufti Pro ticked all those boxes. Not only that, but the scope of our worldwide services and universal language support means that any person sitting in any part of the globe, having credentials in any language, will be able to buy and sell cryptocurrency on Cryptology apps. Now that is what we call a giant leap towards a crypto future”

On the other hand, COO Cryptology Mr. Anton Kalin has this to say about the partnership: “Cryptology is a newbie-friendly global cryptocurrency exchange. It provides credit and debit card deposit options, lots of tokens to trade, and easy verification procedure at the same time. Guys from Shufti Pro do exactly what we expected them to do, automating KYC and letting us grow faster. They were the first to respond to our cooperation request! We are totally happy to have chosen them and definitely look forward to continuing our highly productive cooperation.”

Implementation of KYC services for a cryptocurrency exchange is a welcoming opportunity for market enthusiasts who want to benefit from huge potential of cryptocurrency without risking their investment capital or identity credentials. PCI and GDPR compliant identity verification services from Shufti Pro will also ensure that the data shared by Cryptology customers and members for verification will be fully secure and cannot be breached by any brute force.

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About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited

info@shuftipro.com

+44 (123) 456-7890

190 Englishcombe Ln, Bath, United kingdom.

About Cryptology

Cryptology is a team of crypto enthusiasts looking for ways to offer mass access to the crypto market through a marketplace that would cater to all needs at once.Company’s main goal is to simplify the digital & fiat currency exchange transactions for all users. Cryptology strives to create a single platform bringing together fiat transactions and a variety of tokens. Complex procedures will become a thing of the past, as users will be able to buy tokens with fiat currencies. Everything you need will be available on a single platform. You won’t have to deal with high commissions on fiat transactions, difficult KYC procedures and slow support. The key advantage of Cryptology is its own payment system that allows them to manage fiat transactions and offer users, a competitive service fees.

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.

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Corporate Transparency Act - The Road to Better AML Compliance
According to the latest reports, the United States ranked number 1 for not complying with the anti-money laundering regulations. Around 12 penalties were imposed on the US banks and Goldman Sachs had the highest fine of €3.30 billion (USD 3.90 billion). Given the rise in money laundering activities in the US, the Corporate Transparency Act was structured. Recently, the Senate has passed the act. Financial institutions of the United States have until January, 2022 to report to FinCEN according to the updated laws. Once the Act is in action, the US companies have to report their Ultimate Beneficial Owners (UBOs) to the Financial Crimes Enforcement Network (FinCEN). In 2022, new Limited Liability Corporations (LLCs) have to report their UBOs and any changes in the beneficial owners will be reported as well. However, any corporations formed before the effective date will have two years for reporting to FinCEN. Let’s dive deeper into the corporate transparency act and how can companies efficiently comply with it.

Read more: Record-Breaking Fines on Banks for KYC/AML Non-Compliance

What is the Corporate Transparency Act?

The Corporate Transparency Act (CTA) directs the FinCEN to maintain a national record of all the ultimate beneficial owners (UBOs) of companies within the US. Any changes in the UBOs must be reported too. The Act focuses on eliminating the shell companies that facilitate money laundering and terrorist financing.
Requirements for Corporate Transparency Act

As per this Act, the term beneficial owner refers to anyone who owns 25% or more equity share, has some substantial control over the company, or receives benefits from the company’s assets. Therefore, verifying these stakeholders is essential for the company.

FATF’s recommendations for best practices on beneficial ownership for legal persons have been best categorised in the Corporate Transparency Act of 2019. According to this Act, companies have to provide the following information about the ultimate beneficial owners to FinCEN.

Complete legal name of the owner

Owner’s date of birth

Current residential or business address

Unique identification number as on the passport, driving license, or the ID card

The company has to submit an annual report of the current UBOs and any changes in the previous year’s owners to FinCEN.
Current Scenario of the CTA

According to the current situation, some sections of the Act need more clarification and specifications to address minor details. The Corporate Transparency Act has not clearly defined beneficial owners as direct or indirect substantial controlling authorities. Any failings in the Act can lead to more challenges for businesses and violations of the Act will lead to heftier penalties.

Anyone who assists in the creation of legal entities like attorneys will be monitored. Previous iterations in the Corporate Transparency Act categorised formation agents as financial entities and made them subject to the AML and reporting obligations of the Bank Secrecy Act. In the current version of the Act, references to formation agents have been removed. However, the rulemaking authority given to the Department of Treasury can expand requirements for business. This will ultimately broaden the scope of potential criminal liability.

Next Steps for the Financial Institutions

Until long-term actions have been decided, here are some short-term actions that must be considered by form corporation and entities:

Assess if your company has reported the beneficial ownership requirements according to the Corporate Transparency Act or not.

Create a checklist of the reporting requirements

Under the Act, every beneficial owner must be identified

Endorse all identity verification documents of every individual that is considered as a beneficial owner

Plan renewal in case of expiration of the documents of UBOs

There must be a risk ranking system that account for variables like country of origin, service provided, and categorize the levels of risk within relationships

A “trust-but-verify” approach must be leveraged if any of the information raises red flags suggested by FATF

There must be a sound process for keeping the reporting mandates in touch. This includes the people responsible for collecting information of beneficial owners and filing with FinCEN

Annual monitoring for tracking compliance is important

Sufficient resources must be allocated for better compliance with the new filing obligation

Penalties for Non-Compliance with Corporate Transparency Act

The CTA has announced hefty penalties for any company that does not comply with the regulations. According to the Act, USD 10,000 must be paid as civil penalties. Furthermore, criminal fines and up to three years of imprisonment have also been announced. In order to comply with these regulations and avoid any fines or penalties, it is better that the US-based companies employ Anti-Money Laundering (AML) screening.

With the help of AML screening, organisations verify all the stakeholders and any high-risk customers can be identified before they become the company’s problem. This screening cross-checks the identity of the person with numerous sanction lists. Lastly, enhanced due diligence checks are also an option that can help your company comply with the regulations.

Summing It Up

The rise in criminal activities has led to amendments in Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. The new laws are designed to make customer due diligence and identity verification measures as rigid as possible. Criminals should not be allowed to surpass these checks at any cost, and better laws can help companies in this regard. The Corporate Transparency Act (CTA) will be active in January 2022 and businesses have until then to report FinCEN about their Ultimate Beneficial Owners. USD 10,000 civil penalties, criminal penalties, and up to three years of imprisonment is the punishment if any organisation fails to comply with CTA.

The purpose of Corporate Transparency Act is to combat money laundering and terrorist financing. With the help of Anti-Money Laundering screening, companies can ensure enhanced due diligence of all the customers. It will not only help onboard the right customers, but it will also assist your company in better compliance with CTA.
Multi-layered identity verification and background screening of beneficial owners is now inevitable for the US finance sector. All risky entities will be highlighted and reported timely, reducing the risk of money laundering and terrorist financing in the USA.

Want to know more about automated AML screening? Talk to our experts.
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Shufti Pro partners with Cryptology – Leading Crypto & Fiat Exchange Platform

Requirements for Corporate Transparency Act

Current Scenario of the CTA

Next Steps for the Financial Institutions

Penalties for Non-Compliance with Corporate Transparency Act

Summing It Up

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.

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Cyprus

United Kingdom

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Shufti Pro partners with Cryptology – Leading Crypto & Fiat Exchange Platform

What is the Corporate Transparency Act?

Requirements for Corporate Transparency Act

Current Scenario of the CTA

Next Steps for the Financial Institutions

Penalties for Non-Compliance with Corporate Transparency Act

Summing It Up

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.