The Rising Importance of Crypto Wealth Management

The dramatic expansion of cryptocurrency markets has transformed the space into a US$1.98 trillion dollar system, and Decentralized Finance (DeFi) has demonstrated crypto’s utility as more than just a speculative investment. As a result, a new market of high-net crypto owners has emerged, requiring specialized services from Crypto Wealth Managers (CWMs) for managing their investments.

The Challenge of KYC Compliance

While traditional investment banks have a history of using pre-established KYC and other compliance protocols for meeting Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) regulations governing financial transactions, CWMs are discovering that crypto-owning customers come from an ecosystem defined by seamless technological access to services. 

The globally-diffused nature of the crypto market means that CWMs need frictionless customer onboarding processes that enrich customer experience (CX). However, industry research reports regularly reveal that the vast majority of corporate clients find financial services’ KYC processes prohibitively complicated, with significant numbers abandoning applications mid-process.

Frictionless Onboarding with KYC-Chain

KYC-Chain has developed an end-to-end workflow solution with a general ambition of reducing points of friction on the route between a customer setting out to attain a service and actually attaining that service. 

The solution is designed for both corporate and individual clients and can be easily adapted for companies’ unique client bases — while being flexible enough to respond to evolving compliance challenges and regulations. 

For corporate KYC, KYC-Chain can run Ultimate Beneficial Owner (UBO), shareholder and Politically Exposed Person (PEP) checks, cross-reference corporate entities and the people behind them against national and international sanctions watchlists, and automatically check potential corporate customers and institutional investors against hundreds of government corporate registries across the world. 

For individual KYC, KYC-Chain’s integrated solution can perform ID document verification (IDV) against hundreds of government databases, AML screening against watchlists and other data resources, run selfie checks, and carry out liveness checks that determine whether a captured selfie is in fact a real person and not a doctored media element.

KYC-Chain’s seamless, frictionless platform is optimized for ease of use and allows for risk-scoring potential customers, providing compliance teams with the time and space to focus only on higher risk applicants.