Secure Crypto Wallets with e-KYC & AML Screening

Secure Crypto Wallets with e-KYC & AML Screening

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Payment and funds’ transfer has taken a more digital turn in recent years, with the onset of Cryptocurrency era. With the risened use of decentralized currency, the regulatory authorities pass on stricter laws and regulations to prevent crypto related crimes and terrorist funding. In order to comply with and observe these legislations, it is imperative for corporations to truly know who they provide their services to, via e-KYC and AML screening. Each user owns a separate wallet, wherein all of their cryptocurrency can be stored. These wallets are a prime target for hackers these days, incurring losses in millions of dollars.

User Onboarding for Crypto Wallet Apps

A thorough investigation of a customer’s identity needs to be carried out via e-KYC and AML screening, preventing potential frauds and cryptocurrency crimes like hacking, terrorist funding and tax offences. During the signup processes via the cryptocurrency mobile wallet apps, identity verification is essential and required by law to one extent or another. Via intensive e-KYC, any threats like hackers or scammers will be identified using their identity documents and screening them against global watch lists, sanctions lists and PEPs, and government databases. If the user appears in any of the lists or presents forged documentation, their identity will not be verified, terminating the signup process. This way, crypto wallet apps are secured, taking only e-KYC and AML verified customers on board. Measures such as these help the companies observe compliance regulations as well.   

E-KYC for SMS-based offline Crypto Wallets

Recently, many cryptocurrency exchanges and ventures are coming up with the idea of an offline, SMS-based cryptocurrency wallet. They are creating such software development kits that are integrated into the user’s mobile phone. They operate using an app, just like WhatsApp or Facebook Messenger; the only difference is, this app makes it possible for people to transfer crypto money without the use of internet. By merely adding the person to their contact list, one may just type the amount of money they wish to transfer, and tap ‘send’. This facilitates transference of funds and payments in cryptocurrency, globally, be it from the remote areas devoid of internet connectivity. Sending and receiving cryptocurrency is just like sending and receiving an SMS. In this case, it becomes essential to verify the identity of the user via e-KYC, when they sign up on the mobile app, as mentioned earlier in this article.

Plus points for the users

It has been not more than a decade since the arrival of cryptocurrency in the payment industry, and even lesser time has passed with the implementation of e-KYC and AML verification. This, along with rising crypto crime rates, explains why many people are still not comfortable with employing cryptocurrency as their usual way of money transfer. With the introduction of SMS-based wallets, users experience a certain peace of mind while sending and receiving money. Furthermore, this doesn’t require entering the wallet addresses of the recipients, which makes it easier for people to navigate through this up and coming technology. In addition, employing e-KYC on the crypto wallet applications provides a sense of security to the users. Having authentic and verified people on the platform ensures secure transactions, minimized fraud and scamming risks, prevention of hackers from accessing the platform and interception of illicit use of wallets, say for money laundering purposes. All these things can be inhibited with the use of e-KYC and AML screening service, such as those offered by Shufti Pro.

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Why KYC Solutions are becoming a norm in Cryptocurrency?

Why KYC Solutions are becoming a norm in Cryptocurrency?

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KYC Solutions provide a great opportunity for crypto exchanges and virtual currency enthusiasts to earn credibility and legitimate status. These kinds of solutions are rapidly becoming important tools to regulate the cryptocurrency space. With virtual currency becoming host to billions of dollars in investments from a diverse range of sources, it is becoming more and more binding on the regulators and the crypto enthusiasts to adopt strategies and business methods that invite greater trust over the entire operating mechanism of cryptocurrencies. Some traditionalists believe that KYC Solutions tend to undermine the basic philosophy behind virtual currencies that is least regulations and better anonymity in financial sector. However, if cryptocurrencies and crypto exchanges resist such regulatory moves, it will be very hard to get international recognition for this blockchain based financial system. In order to earn legitimate status and witness a continuous boom in the fortunes of virtual currency floaters, KYC Solutions are a must have.

KYC solutions are not some artificial tools that undermine the functional aspects of virtual currencies or crypto exchanges but they will ensure greater transparency and will help to eradicate inherent financial risk attached with cryptocurrencies. As every cryptocurrency enthusiast is aware of the fact that the anonymity of virtual currencies is leading criminal elements from all over the globe, to use this virtual financial system to conduct money laundering activities in addition to risks of terror funding. Efficient and trustworthy KYC solutions help to solve the puzzle of anonymity in virtual currencies without compromising on the technological aspects of this state of the art financial phenomenon.

KYC Solutions and Territorial Borders

Each regulator and nation state follow a unique economic system and each respond differently to the anonymity of cryptocurrencies. Some regulators demand greater checks on crypto exchanges while others have a liberal standing towards crypto exchanges and virtual currencies. But as more and more cases are coming out where crypto exchanges or even regular banking institutions have been found as accomplice to money laundering and terror financing activities carried out by virtual bandits, the most liberal regulators have ordered crypto exchanges to mend their operations by introducing measures that encourage greater transparency.

KYC Solutions are considered to be the best means to the achieve the goal of greater transparency but the demand of KYC differs from country to country and regulator to regulator. As you know that major crypto exchanges have a global market outreach. It means that people from different countries can be trading virtual currencies using the services of a crypto exchange. Regulators are not much concerned in trading or buying/selling of any particular cryptocurrency. They demand from crypto exchanges to install KYC Solutions that don’t only collect personal information of users from authentic documents but that also verify those credentials. Regulators are forcing crypto exchanges to perform these KYC procedures long before a person starts trading on these exchanges. It means that customer onboarding process can be compromised because of not-so-efficient KYC solutions. Users don’t like to wait for hours, if not days, to get their credentials validated before they start trading. So there is always a risk of losing customers in order to comply with  regulators’ demands for greater KYC compliance.

Greater Productivity With Efficient KYC Solutions

With increasing pressures from international financial watchdogs and greater zeal to counter money laundering activities and terror financing, regulators are either forcing crypto exchanges or will start tightening regulations in coming months that will drive crypto exchanges to install more proactive Digital KYC solutions.

Shufti Pro is an ideal solution for crypto exchanges that are in need of fast yet efficient KYC Solutions. This artificial intelligence KYC Solution can verify identity documents issued by every country of the globe. This smart KYC solution can read documents in every language of the world which is just perfect for crypto exchanges whose business model encourages a global client base. Each verification and credential is verified within 30-60 seconds processing time by Shufti Pro which is just perfect for crypto exchanges and their customers who don’t want to waste unnecessary time on verification of identity documents. So with a changing world order that favours KYC solutions, Shufti Pro is perfect choice for crypto exchanges and virtual currency enthusiasts. It has already been used by several world renowned exchanges to verify the identity of their future users.

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Shufti Pro Expands its KYC Services to APAC Region

Shufti Pro Expands its KYC Services to APAC Region

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Bath, United Kingdom – May 9, 2018 – Shufti Pro, the PCI certified, AML and KYC Services provider expands global outreach by venturing into key Asia Pacific economic markets!   

Shufti Pro, the go to name for KYC services, is delighted to inform that their emerging and competition defying ID and Document Verification Services have expanded to include three more Asia Pacific countries – Japan, North Korea and South Korea.

On the other side of the planet, Europe Middle East Africa – EMEA region has seen the addition of Greenland, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, D R of Congo and Niger. Shufti Pro has started offering state of the art online ID verification services in these countries as well.

APAC and Scope of KYC Services

Accounting for almost 60 percent of the worldwide population with various countries at different stages of economic transition, the region is all set for a decade of promising growth. According to a report by UN, economies of the Asia Pacific region registered robust growth in 2017 and prospects for the 2018 financial year look very favourable yet again.

Fintech giants and veterans are eagerly eying APAC, as there is a huge potential for innovation in the financial sector. Almost forty percent of the market share is uncapped resources waiting to be exploited for inclusion in the mobile net user base. It should not be forgotten that telecom technologies and services itself account for 5.3% of APAC’s GDP that equates to a mammoth sum of 1.5 trillion in economic value. It is predicted that this economic sum will increase to $1.6 trillion (5.4% of GDP) by 2020.

“Shufti Pro’s core mission is to be the front runner in the heavily contested KYC compliance market. We’re very excited in expanding into key strategic markets of the APAC region. We aspire to establish long-term relationships with prospective clients as we expand into the market, providing unparalleled digital verification services” said CEO of Shufti Pro.

Vitality of KYC Services from Shruti Pro for APAC

This untapped market makes is perfect for Fintech as it brings in the power of the internet. This futuristic technology combines this large scale of potential mobile user base for innovative RegTech delivery. More and more businesses automate towards providing better services to their customers, on an array of applications that include financial services, AML/KYC compliance, information sharing, online gaming etc.

Asia Pacific regulators are allowing firms to accept digital forms of identity verification. Financial institutions struggle to find an adequate balance of AML and KYC compliance, while maintaining optimal online user experience. Not only does Shufti Pro provide flawless AML and improved KYC services to clients, but also a seamless user experience through minimal human intervention.   

The trend and viability of online identity verification is growing in the ASIA Pacific region, as the need to establish genuine identity of an individual becomes of crucial importance. A research conducted by GBG, highlighted that 95% of Australian financial firms are concerned with their ability to identify identities and above 90% place a crucial priority in performing identity checks.  

As with any online transaction, anonymity is the biggest challenge for financial institutions to tackle. The requirement for establishing trust online, calls upon for the process of identity verification as an integral element of any business entity. In a time of prevalent financial fraud and identity theft where banks, crowdsourcing platforms, fintech companies transact money digitally, put themselves at risks. The adoptions of the AML and digital KYC compliance has become a mandatory requirement for businesses. Failure to comply, could lead to serious consequences for the institution found in violation.

Bottom line

The nature of fintech companies, requires them to operate on a global level for increased productivity, by having the infrastructural ability to validate documents from as many countries as possible. As of April 2018, Shufti Pro has extended its KYC service to a total of 225 countries. To attain such a feat in a short span of time, signifies a capable team and a robust Artificial Intelligence technology running at its core.  

In light of APAC, Shufti Pro ideally aligns itself alongside the region’s purchasing potential and capacity. As majority of the nations in APAC are developing countries, having a solution that fills in the gap with 16% lower offering rates than nearest competitors, ensures a flawless adoption of KYC services at much more affordable prices.

About Shufti Pro

Shufti Pro is the upcoming entrant in identity management, KYC services and AML. The company saw inception on 31st October, 2016 in Bath, UK. The primary goal of the company is to provide its users with optimal customer experience, while maintaining highest levels of fraud prevention. As a company, it offers industry perfected SaaS that integrates a superior blend of Artificial and Human Intelligence. Operating in access of 225 countries and over 200 languages, businesses can now undergo hassle free digital verification processes, with least friction alongside unparalleled technology. The company is located in United Kingdom with its global office located in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited
[email protected]

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

Prices for Shufti Pro’s® Digital Identity Verification Service Positively Stir The Public

Prices for Shufti Pro’s® Digital Identity Verification Service Positively Stir The Public

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Heads turn towards the appealing announcement of their pricing plans; path to online fraud prevention and digital identity verification never looked more feasible and affordable

BATH, United Kingdom – November 2, 2017 – Shufti Pro®, one of the emerging connoisseurs in the online ID checking and digital KYC sphere, broadcasted their pricing plans for public knowledge earlier today. They took a step further and announced that their services will be available for startup ventures well. Rest assured, Shufti Pro’s® services and prices are definitely set to be popular with the new entrants in the industry.

The corporation came forth with their pricing not long after they got officially registered in the UK on October 31, 2017. With such strategic planning and flawless execution, it is not a wonder that many companies were waiting to come on board with them right after their enlistment.

According to the information released by the company, Shufti Pro’s® pricing list includes 3 different packs:

i) Starter Pack ($1.20 per verification, with $2500 for the one-time setup fee)
ii) Standard Pack ($0.75 per verification, with $2500 for the one-time setup fee)
iii) Premium Pack (pricing is negotiable and discussed when the established businesses contact Shufti Pro® for their KYC needs)

“We have set our rates such that they are affordable by those who require a quick and accurate KYC identity verification  services, yet don’t want a major chunk of their annual budget slashed off for these services. We understand the clients’ needs and have tailored our services to meet them as best as we can.”, says CEO, Shufti Pro®, “Also, our decision to support startups with e-KYC solution was sourced from the need to make the online businesses secure and safe from fraudulent customers/imposters. If they are careful from the beginning, they can spend more of their time and resources on their business and growing it from scratch, rather than worrying about meagre potential scammers or risks to their venture. Shufti Pro® is here to take care of that at very reasonable prices.

With such a heralded entrance into the market, Shufti Pro® is set to leave its competit
ors behind in not a long time. Its attractive pricing packages have raised an excited buzz in the industry. That is sure to push them steps ahead on their ladder of success.