HooYu, a customer onboarding Know Your Customer (KYC) firm, is partnering with Baanx, a mobile cryptocurrency and fiat specialist, to build a digital compliance journey.
London-based Baanx selected HooYu’s KYC platform to provide identity verification for the onboarding of new customers and streamline the application process, while improving customer experience.
The move comes as the new Money Laundering and Terrorist Financing (Amendment) Regulations 2019 enter into effect, bringing crypto businesses into the scope of the anti-money laundering regulatory framework - meaning that crypto wallets and exchanges are now required to carry out customer due diligence processes.
Garth Howat, chief executive at Baanx, said: “It’s important that as the crypto industry matures and scales, that we all adhere to KYC regulation.
"That said, we haven’t chosen HooYu solely to help us comply with the money laundering regulations, HooYu also helps us to curate a smooth KYC journey and improve our onboarding success rates."
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