This case study was prepared for the crypto company Eksit.com and provides information on how the Sanction Scanner helps to cryptocurrency exchanges to ensure AML and KYC compliance.
AML Screening Solution for Cryptocurrency Exchanges
Cryptocurrency Exchanges are under the obligation of anti-money laundering (AML) and know your customer (KYC). With the growing interest in cryptocurrency, hundreds of cryptocurrency exchanges start servicing every year. Cryptocurrency exchanges, which have millions of customers, must provide their services in compliance with AML and KYC regulations. FATF, the European Union, and many local regulators have included crypto exchanges in the fight against financial crimes with the regulations they force.
According to the researches, it is estimated that $ 2.8 billion money was laundered by criminals through crypto exchanges in 2019. These threats on crypto exchanges have made crypto exchanges compulsory to take effective measures. This case study contains information about the difficulties experienced by Eksit.com, a crypto exchange, in AML compliance processes, and the solutions it finds against these challenges.