VASPs

Aml And Kyc Tool, Precious metals and stones

Precious metals, NFTs and KYC compliance

The precious metals market has a history stretching back thousands of years. More recently, innovative businesses have been finding ways to use modern technology to optimize and improve this age-old asset class. In this article, we take a look at how some innovative projects and companies are using blockchain technology to back ownership of precious metals – and how Automated KYC is being used to make the sector more secure against fraud and threat of money laundering.

19 Jan 2023

Aml And Kyc Tool, CDD, EDD

CDD & EDD – what are they and when are they needed?

Customer due diligence (CDD) and Enhanced due diligence (EDD) are different tiers of know your customer (KYC) processes used by businesses to vet their customers. They are both central to anti-money laundering (AML) regimes and protocols that form the basis of compliance for financial institutions, virtual asset service providers (VASPs) and other regulated sectors.

17 Oct 2022

Compliance, Travel Rule

FATF Releases Updated VASP Guidance for public consultation

As promised following its plenary session in February, the FATF has now released its draft guidance for Virtual Asset Service Providers (VASPs) for public consultation. In this article, we take a look at some of the key updates and suggestions.

29 Mar 2021

Compliance Software, Regulation

The FATF announces updated VASP guidance

At the end of February the Financial Action Task Force (FATF) outlined a range of new measures and updates aimed at strengthening its Strategic Initiatives, with particular attention paid to VASPs.

11 Mar 2021

Compliance Software, RegTech, Travel Rule

SelfKey’s Compliance Hub Solution: Key Benefits for VASPs

SelfKey’s new Compliance Hub provides a straightforward and efficient end-to-end solution for Virtual Asset Service Providers (VASPs) to comply with the FATF’s Recommendation 16: the so-called ‘Travel Rule’. In this article, we outline some of the key benefits VASPs can enjoy by using the SelfKey Compliance Hub.

15 Dec 2020

Compliance, Compliance Software, KYC Software, Travel Rule

Comparing Travel Rule Compliance Solutions

SelfKey’s Compliance Hub Solution has been designed to make compliance with the FATF’s Travel Rule more simple, effective and safer both for VASPs and their customers. This article explores how it does just that, adding to an already vibrant ecosystem of projects building solutions to this challenge.

1 Dec 2020

Compliance, Compliance Software, Customer Onboarding Tool, KYC, KYC Software

KYC Automation: The Crypto Exchange Solution

As global Anti-Money Laundering (AML) legislation expands to include crypto companies and exchanges, the rising costs and complexity of compliance have quickly become apparent. Luckily, advanced Know Your Customer (KYC) automation tools can provide a welcome solution for companies in the crypto space seeking to streamline customer onboarding while keeping on the right side of regulation.

16 Oct 2020

Compliance, Cryptocurrency, FATF, Regulation, Travel Rule

FATF Travel Rule for VASPs: Challenges and Next Steps

In June 2019, the Financial Action Task Force (FATF) updated its Travel Rule to include VASPs. A year on, VASPs and national regulators still face many challenges in implementing the Recommendation. However, positive steps have been taken to help bring the growing sector into the regulatory fold of the broader financial industry.

18 Sep 2020

Cryptocurrency, FATF, Travel Rule

Explaining the FATF Travel Rule

The FATF Travel Rule is set to change the crypto world forever. In this article, we take an in-depth look at the Travel Rule.

23 Apr 2020

Cryptocurrency, FATF, Travel Rule

What is the FATF Travel Rule?

Last year, the FATF made a landmark recommendation regarding cryptocurrency and virtual assets. Here’s what you need to know.

7 Feb 2020