Our solutions for those who work in money services and crypto

Digital onboarding, AML screening and in-life monitoring of your client base

Crypto currencies offer a semi-anonymous and decentralised alternative to traditional fiat currencies. Their convertible nature means that cryptocurrencies can be exchanged for real money or other virtual currencies, presenting a real risk of money laundering and other financial crimes.

For example, the greater degree of anonymity compared to traditional payment methods may allow anonymous funding and transfers, particularly if the sender and recipient are not adequately identified. An added complication is that often customer and transaction records may be held by entities located in different jurisdictions, making it harder for regulators to gain access.

Cryptocurrency exchanges are the most common way for consumers to initially enter the cryptocurrency market by purchasing, exchanging and investing in cryptocurrencies. Exchanges originally offered significant anonymity which was exploited by criminals to disguise the source of illicit funds by purchasing and then selling cryptocurrencies through an exchange.

However, the drafting of the EU’s Fifth Money Laundering Directive (5AMLD) into UK legislation now brings cryptocurrency exchanges within the definition of an ‘obliged entity’, imposing greater due diligence and reporting requirements. In addition, businesses carrying on cryptocurrency activity in the UK are also being required to have robust AML processes in place, particularly to verify the identity of senders and receivers. Such businesses are also required to register with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The increased regulation in the industry places cryptocurrency exchanges and businesses under significant scrutiny.

Our technologies help cryptocurrency businesses to achieve optimal financial crime compliance performance with maximum efficiency. We can help you to build solutions that allow data held on customers to be used to maximum effect in identifying and managing the risk of financial crime, thus enabling compliance with ever evolving regulatory standards.

The RiskScreen ecosystem

The RiskScreen AML platform provides an end-to-end solution for your management and protection against financial crime. Choose single or multiple modules, as your organisation requires.

Save weeks of work by conducting digital identity verification of individuals, as well as full KYC and KYB screening checks through your dedicated web portal and mobile app.

The risk levels you decided at onboarding can then carry through to your ongoing screening and monitoring.

AML screening against sanctions, PEP and watch list data – as well as adverse media – to establish your customer’s risk level.

Screen as a one-off at point of sale or pre-onboarding, then follow this up with ongoing scheduled batch screening across your customer base – so you’re alerted about changes, and can be confident in your exposure.

Revolutionise your decision making with RiskScreen’s in-life monitoring modules.

Turn your existing static and dynamic customer information into hot data for real-time risk analytics and reporting with our truly transformational approach to data and risk management.

Find out why RiskScreen is the smarter way to combat money laundering

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Resources

The latest news, commentary and events from RiskScreen. For industry insight, visit our AML insight hub, KYC360.

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Company

RiskScreen was founded by experts in financial crime. It’s because of this unrivalled subject matter expertise that companies choose to partner with us.