The regulatory requirements governing financial transactions and activity are constantly evolving. The good news is that thanks to technology like KYC-Chain, compliance no longer needs to be an obstacle to growth.
For new fintech businesses in both the traditional and blockchain spaces,keeping up with current, constantly-evolving global AML regulations can be quite complex.
Some of the regular challenges of compliance include:
Solution – Checks can at first be carried out with semi-automated processes, then when volumes increase the process can be further automated by using Risk Scoring/Automation.
KYC-Chain also offers tiered pricing to reduce ongoing costs for high volume growth. We can also provide a white-labelled frontend to help collect user data and documents, which can help save resources for fintechs seeking to develop their own frontend UI.
Solution – KYC-Chain has preemptively developed solutions that allow our clients to stay ahead of these changing regulatory challenges. For the Travel Rule, we have designed a Travel Hub solution to help exchanges become compliant, including tools to find out the identity of the beneficiaries.
Solution – The KYC-Chain platform is designed to be an integrated, one-stop solution, allowing different KYC modules to be added as required in order to meet the requirements of each client’s specific onboarding processes. This means our clients only need to hold one service agreement with KYC-Chain, which allows all of the different KYC features we offer to be handled and managed through our platform.
If you are also looking for ways to optimize your compliance processes while reducing costs, get in touch and we’ll be happy to discuss how your company can use KYC-Chain to scale and grow your business.
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