20 Feb 2023

KYC-Chain: New features, KYC for PSPs and Crypto Wealth Funds

This monthly update covers some of our new upgrades, KYC for crypto wealth funds and PSPs:

Upgrade to Version 5.3.0

KYC-Chain continues its rollout of new features with Version 5.3.0 – our most advanced, efficient and comprehensive onboarding system to date. This upgrade includes the following new features:

  • Manager fill – Compliance managers can now collect documents from applicants manually (for example through email or posted, physical documents) and upload them to our system. These are then run through our automated Identity Verification (IDV) and Anti-Money Laundering (AML) screening checks.
  • Xmass tree corporate structure chart creation – Version 5.3.0 comes with our new instant company structure visualization tool that automatically presents corporate ownership structures, points of overlap and UBO data.
  • Data control – Managers can now delete KYC applications and data permanently from the platform when a user requests that their data is deleted, which is a key factor for companies seeking compliance with GDPR regulations.
  • And many more billing, audit trail and risk scoring improvements.

KYC for Digital/Crypto Wealth Funds and Custodians

Crypto wealth funds and custodians are specialized financial professionals who help individuals, businesses and institutions manage their cryptocurrency investments. Like other regulated VASPs, they also need to implement robust and effective KYC measures as part of their AML compliance framework.

Read more here.

KYC AML For Payment Service Providers (PSPs)

PSPs need to carefully implement KYC/AML strategies and fraud prevention approaches on their clients in order to remain compliant with evolving regulations such as the EU’s 5AMLD and MiCA. This can become increasingly difficult as real-time payments grow in volume and geographic reach.

In this article, we take a look at some of the KYC/AML issues PSPs need to be aware of – and how automated KYC technology can ease the process for them.

Need a market-leading, dynamic KYC onboarding solution for your business? Get in touch and we can talk about how KYC-Chain can make it happen.

Any Questions?

Our team is always ready to help you and your business.
Get in touch

Latest Articles

We should have some subheading here, it’s good for SEO as well
Streamline Identity Verification Processes for Fintech Companies Using KYC-Chain
Efficient and reliable identity verification is essential for fintech companies to comply with regulations and build trust with their customers.…
21 Jun 2023
Demystifying CDD and EDD: When and Why Are They Essential?
Understanding the significance of Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) is crucial for businesses and organizations that…
16 Jun 2023
Safeguarding Against Crypto Identity Fraud: Exploring Risks and Effective Solutions
Introduction In today's digital landscape, the rise of cryptocurrency has revolutionized financial transactions. However, with this increased adoption comes the…
15 Jun 2023