Shufti Pro: Learn why KYC and AML compliance matter in ICOs
Search
Generic filters
White Paper

Launching an ICO? Learn Why KYC and AML Compliance Matters

Satis Group reports that 80% of ICOs are scams, and only a meager 8% reach the trading…

250
Download Button 123
Name *

Company Email *

Company Name *

I agree to receive the latest updates, information, and relevant offers from Shufti Pro.

What’s Inside?

  • The emergence of ICOs and their rapid Growth
  • Launching an ICO
  • Pros and Cons for the ICO issuer
  • Risks and regulations
  • Importance of AML and KYC compliance
  • How Shufti Pro OCR can help in staying compliant

An Initial Coin Offering (ICO) takes one asset (such as ether or bitcoin) and redeems it for a token that can be freely transferred, and traded for other cryptocurrencies or fiat currencies on exchanges present worldwide. This mechanism poses a major risk for ICOs being used for laundering proceeds of crime. By redeeming cryptocurrency for tokens, ICO issuers are potentially exchanging cryptocurrency that originated from the illegal activity for fresh tokens that can then be sold for US Dollars, Euros or other fiat currency. Regulators in China, Hong Kong, Russia, Singapore, Switzerland among other countries have sought to bring ICOs within the boundaries of KYC (Know Your Customer) and AML (Anti Money Laundering) controls.

The objective of AML and KYC guidelines is to prevent regulated businesses from being used, intentionally or unintentionally, by criminal entities for money laundering or terror financing. As ICOs are becoming more mainstream, the potential for fraud increases as well. To avoid such fraud events and to keep complaint the organizations must follow KYC and AML regulations properly. With Shufti Pro these organizations can keep both tasks on track.

Shufti Pro verifies identities with its AI-based identity verification solutions that utilize advanced OCR powered by Artificial Intelligence. Additionally, Shufti Pro’s automated AML compliance solution can help businesses identify high-risk clients, perform PEP screening, and real-time sanction list monitoring.

  • Know-your-Patient

    Know Your Patient – A 360° view of patient identification in healthcare

    View Detail White Paper
  • image-report

    Enhanced AI – Augmenting Identity Verification with Artificial Intelligence

    View Detail Report
  • Kyc Guide Uk

    A comprehensive guide to KYC and AML compliance in the UK

    View Detail Product Guide
  • Insurance

    Growing Frauds and Financial Crime in Insurance and the Role of Digital KYC

    View Detail White Paper
  • Banking on Biometric

    Banking on Biometrics: The Future of Customer Authentication

    View Detail White Paper
  • ocr-img-whitepaper

    Fully Embracing Digital Transformation with Automated AI OCR Engine

    View Detail White Paper
  • GCC report

    Rising trend of KYC/AML compliance in GCC countries

    View Detail Report
  • video-kyc-product-guide

    Video Interview KYC – Efficient & Secure Customer Onboarding

    View Detail Product Guide
  • real estate

    Need for Identity Verification To Deal With Money Laundering Threats in Real Estate Sector

    View Detail White Paper
  • Remote-onboarding

    Onboarding Remote Employees: How Identity Verification Can Reduce Risks in Hiring Process

    View Detail White Paper
  • Whitepaper healthcare

    How Automation will Improve Operational Efficiency in the Healthcare Industry

    View Detail White Paper
  • Whitepaper telecom

    Automated ID Verification System to Tackle Telecom Frauds

    View Detail White Paper
  • whitepaper KYC-AML-compliance-for-ICOs

    Launching an ICO? Learn Why KYC and AML Compliance Matters

    View Detail White Paper
  • fintech-customer-video-KYC-img

    Fintech customer onboarding through video KYC

    View Detail White Paper
  • Impact-of-regulatory-changes

    Impact of Regulatory Changes in the Financial Sector

    View Detail Report
  • New account Fraud

    New Account Fraud- A new breed of scams

    View Detail Report
  • KYC-in-Gaming-Industry

    Tackling fraud while giving a seamless experience to the players

    View Detail White Paper
  • How Businesses can prevent fraud during COVID-19

    How businesses can prevent fraud during COVID-19

    View Detail White Paper
  • Need for online age verification to protect minors

    Need for Online Age Verification to Protect Minors

    View Detail White Paper
  • Biometrics for Identity Verification

    Biometric Technologies Reshaping Identity Verification

    View Detail White Paper