Conduct crypto KYC checks and regularly monitor suspicious activity
Cryptocurrency exchanges and trading platforms can achieve regulatory compliance and avoid hefty fines with our KYC, KYB and ID verification platform, ensuring your customers are who they claim to be.
cryptocurrency and DIGITAL ASSET trading platforms we work with
Cryptocurrency exchanges
Onboard customers and run AML and compliance checks allowing you to trade cryptocurrencies, digital assets or other assets.
Crypto payments gateways
KYC/B is required for business and director verification for every merchant acquisition to meet the latest FCA rulings.
Asset
tokenisation
Tokenisation reduces the amounts needed to invest, requiring a greater number of customer onboarding and KYC checks on individuals.
Crypto and their KYC, KYB and due diligence
Many crypto companies are failing to provide sufficient AML procedures
The FCA estimates that 85% of current registration applications from crypto companies fail to demonstrate sufficient AML procedures, which is a requirement if they wish to trade in the UK.
The highly pseudonymous nature of crypto allows criminals to hide their activity, making is challenging to verify the identities of buyers and traders. Coupled with the global growth of the sector over the past few years, crypto has become exposed and vulnerable to money laundering operations due to varying regulatory requirements in different jurisdictions.
Therefore, without sufficient AML and KYC/B processes, companies are at risk of fines and even a two-year prison sentence for MLROs and directors.
Onboarding for the Crypto sector
Accelerated onboarding with RemoteVerify
Facilitate low-friction customer onboarding journeys while maintaining compliance.
Results are delivered in real-time, including checks against PEPs and sanctions, legal events, adverse media, liveness checks, ID and address verification.
- Build trust with your customers by demonstrating your commitment to compliance and protecting their digital asset transactions against illicit activity and fraud
- Seamlessly verify the identities of customers using advanced ID verification technology including biometric authentication and document analysis
Remove manual processes
One supplier for crypto KYC/B, AML and ongoing monitoring
The crypto space is fast-moving and you can't rely on manual processes. The intricate nature of cryptocurrency transactions adds layers of complexity to compliance efforts.
NorthRow’s unique, user-friendly platform delivers efficient end-to-end KYC/KYB, AML and ongoing monitoring from one single platform.
- Identify and mitigate risks associated with money laundering, terrorist financing and other financial crime, safeguarding your firm's reputation and financial integrity
- Streamline compliance workflows with automated processes for AML screening, reporting, and record-keeping, reducing manual effort and ensuring consistency in compliance processes
Data security is front and centre
Automatic audit trail and record keeping
WorkStation allows you to create workflows, store and export information at a click of a button, while providing assurance that all data is held on a secure platform making it easily accessible for both internal and external audits.
- Demonstrate accountability and diligence in your compliance practices with detailed and immutable audit trails of all compliance activities
- Centralise record-keeping within a digital platform that streamlines workflows, reduces administrative burden and enhances the accuracy and completeness of your compliance records
Got a question?
Frequently Asked Questions
For all of your burning questions, take a look at our FAQs below. Can’t find the answer to your question? Feel free to contact us directly and we’ll be happy to help.
WorkStation has been built from the ground up specifically for compliance professionals. It tackles the challenges inherent in conducting onboarding checks within the crypto and digital asset industry.Â
From dynamic risk scoring and identity verification to seamless regulatory compliance automation, WorkStation empowers compliance leaders to navigate regulatory complexities with confidence and detect suspicious activity before they become problematic.
Unlike other alternatives, WorkStation provides a complete end-to-end KYC, KYB and ID&V solution for your firm’s CDD and EDD processes.Â
Leveraging a vast array of global data sources, WorkStation is able to effortlessly vet and verify your clients. With advanced data verification tools, adverse media, PEP and sanctions screening, UBO identification, and dynamic risk scoring, the platform facilitates comprehensive due diligence processes so you can mitigate risk and ensure complete compliance.Â
Absolutely! Our software is equipped with advanced technology to navigate the intricate landscape of client structures and beneficial ownership. Through comprehensive due diligence processes, WorkStation facilitates the identification and verification of beneficial owners, enabling your firm to comply with regulatory requirements and mitigate the risk of financial crime.Â
WorkStation boasts automated compliance workflows which can be fully configured to accommodate the evolving regulatory landscape that impacts your firms.Â
With our dynamic rule-based engine and customisable compliance checks, WorkStation helps your firm to adhere to regulatory requirements while minimising manual intervention and mitigating the risk of human error or oversight. From sanction screening to politically exposed person checks, WorkStation’s automated compliance checks empowers your payments firm to uphold regulatory compliance with ease.Â
Real-time screening against global watchlists and sanction lists is instrumental. With WorkStation, you can screen customers against global sanction and PEP watchlists including HMT, OFSI, OFAC, UN, EU and other sanctions from around the world with information updated in real-time.
Getting started is simple. Contact our team to schedule a personalised demo, where we’ll chat through your firm’s specific requirements and share how WorkStation can help you to overcome your compliance challenges.
Our implementation process is quick and efficient, ensuring minimal disruption to your operations while maximising the benefits of partnering with NorthRow.Â
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“We can now organise and track our checks and cases far more effectively using WorkStation than was possible with our previous providers. This is invaluable to us, especially with the multitude of cases that we process. The system efficiently and effectively completes our KYC and KYB verification requirements during onboarding.”
Robin Kear
Nemean Services
Why NorthRow...
500k+ worldwide users
173 active countries
99.99% uptime
Cryptocurrency and trading platforms face daily challenges in the battle against dirty money, often spending a huge amount of time and staff resources to combat money laundering and financial crime. Regulators are imposing crippling fines and are now expecting to see digital solutions to counter the risk of financial crime, money laundering and fraud. NorthRow supports crypto companies in achieving compliance quickly and cost-effectively.
Crypto KYC and KYB screening
Facilitate the complexity of compliance and reduce risk when onboarding new clients by verifying their identity and screening against sanctions lists, financial and shareholder information, as well as UBO details.
Case
management
Manage each individual and company with our simple case management solution, view results and set alerts where action is required to ensure due diligence and keep a record of all transactions for audit purposes.
ID&V for cypto customers
Simplify ID and verification with an easy-to-use case system which allows you to organise, update, and store information securely, and in line with GDPR and data protection regulations.
AML compliance
Keep track of your clients’ risk status using our RAG system and be alerted to any relevant changes, ensuring you meet ongoing AML compliance.
Ongoing monitoring
Automated alerts notify companies and individuals of risk profile changes, so you can keep tabs on political exposure, sanctions or adverse media.
Remediation
Improve efficiency with a risk-based approach to remediation and data collection processes minimising the administrative burden placed on your team.
Ready to get started?
Book your free demo of our comprehensive AML compliance solution for crypto companies today.