IDnow launches KYC system for crypto providers

Source: IDnow

Crypto platforms and token sales (ICOs) increasingly have to conform to AML-legislations.

Also in terms of transparency and fraud prevention, crypto providers use KYC to identify their customers. Therefore, IDnow launches the world’s first KYC solution for crypto providers which conforms to the most strict regulations around the world.

The unprecedented growth of the worldwide crypto currency industry is leading to an increasing need for trust and further regulation. Global regulators are currently working on legal provisions. Crypto providers handling equity tokens in Switzerland and Germany are already obliged to identify their customers conforming with the respective AML laws. Furthermore, fraud is an important driver for the growing global need and adoption of KYC technologies. Currently, there are two options for a digital KYC process: the identification via photo and the video-identification which conforms to the AML-legislations of the countries with the highest security requirements.

Therefore, Europe’s leading provider for KYC technology, IDnow, today releases its new product dedicated for the global crypto ecosystem: IDnow Crypto-Ident. The new solution offers crypto providers for the first time to comply with even the strictest regulations while ensuring a state-of-the-art user experience. As the pioneer for conversion-optimized, yet secure and reliable KYC systems, IDnow is trusted by already hundreds of leading banks and financial service providers thanks to its most advanced technology.

IDnow Crypto-Ident uniquely combines AI-based image recognition and patented security technologies, which accurately detects the most minor deviations from genuine ID documents and therefore significantly reduces the risk of fraud. Furthermore, the semi-automated verification process controlled by a highly qualified ident-specialist considerably accelerates the digital onboarding and further improves security.

According to their respective KYC needs, crypto providers can choose between IDnow Crypto-Ident (Photo) and IDnow Crypto-Indent (Video) - depending on the country they are operating in or the tokens they are using. With IDnow Crypto-Ident (Photo) providers can identify their customers securely, frictionless and in an economic way. The video solution ensures providers who have to conform to the strictest AML-legislations highest security standards and a complete compliance with the law within the digital onboarding process.

“With IDnow Crypto-Ident we broaden our product range to give ICOs and crypto providers the possibility to literally know their crypto-customers according to their specific demands. We are proud to deliver a pioneering new solution to the global community of crypto providers with the most advanced technology in the market. Our mission is to ensure the highest security standards for Crypto customers and to power trust in the crypto ecosystem.” states Rupert Spiegelberg, CEO of IDnow.

IDnow Crypto-ident is available effectively today

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