Mitek has been chosen by new cryptocurrency trading platform, DXE for automated ID verification.
DXE said the partnership is part of its efforts to provide compliant customer onboarding ahead of the enforcement of the revised Anti-Money Laundering Directive (AMLD5), which has been extended to cryptocurrency wallets and exchanges.
The Netherlands-based company aims to simplify the process of buying and selling cryptocurrency for its customers. With increasing regulatory pressure in the industry, DXE has bought in Mitek to ensure the company can be as transparent and compliant as possible right from the launch date.
Using Mitek’s Mobile Verify solution, which employs AI and machine learning algorithms, DXE will able to verify all new customers that register for the platform in real-time. New applicants can capture an image of their ID documents using the camera on their smartphone, with Mitek’s software providing data to allow its customers to authenticate the documents submitted to them. According to the company this enables fast, frictionless on-boarding that helps DXE satisfy future KYC onboarding regulations.
“As cryptocurrency continues to become mainstream there is a greater responsibility for legitimate businesses to adopt the KYC processes used in other regulated markets,” said René Hendrikse, managing director for EMEA, Mitek. “Pressure from regulators is growing fast so companies like DXE are right to get everything “above board” with measures in place to verify the identity of their customers. At Mitek we want to ensure that the introduction of secure identity verification is seamless for the customer to speed up the registration process.”
Mitek’s identity verification solutions allow an enterprise to verify a user’s identity during a digital transaction. Its solutions enables financial institutions, payments companies and other businesses operating in highly regulated markets to mitigate financial risk and meet regulatory requirements while increasing revenue from digital channels. It also reduces the friction in the users’ experience with advanced data prefill and automation of the onboarding processes.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
