Financial Crime World

Bhutan’s Cryptocurrency Sector Tackles AML/KYC Challenges with LexisNexis Risk Solutions

The cryptocurrency market in Bhutan is facing a pressing need for enhanced anti-money laundering (AML) and know-your-customer (KYC) measures to ensure the integrity of its operations. To address this challenge, LexisNexis Risk Solutions has launched its suite of AML/KYC solutions specifically designed for the cryptocurrency industry.

The Need for Enhanced Due Diligence

Crypto firms operating in Bhutan face a daunting task of safeguarding users from fraud and responding to evolving regulatory requirements without compromising customer experience. To achieve this goal, LexisNexis Risk Solutions’ cutting-edge technology empowers businesses to make informed trust and risk decisions throughout the customer journey while delivering seamless onboarding experiences.

Benefits of LexisNexis Risk Solutions

The solution offers a range of benefits to crypto companies in Bhutan, including:

  • Efficient Customer Risk Management: Enables efficient management of customer risk, improving financial crime and fraud prevention workflows.
  • Improved Fraud Prevention: Prevents money laundering and identity theft through real-time detection of fraudulent account openings and continuous transaction monitoring.
  • Seamless Onboarding: Offers low-friction onboarding with faster and more convenient identity checks, ensuring a seamless customer experience.

Comprehensive AML Screening

The solution connects all elements of AML screening, including:

  • Risk Scoring: Provides a comprehensive view of customer transactions through risk scoring.
  • Sanctions Checks: Conducts sanctions checks to prevent transactions with entities subject to sanctions.
  • Entity Verification: Verifies the identity of customers and entities involved in transactions.

Additional Features

LexisNexis Risk Solutions’ technology also includes:

  • Email Intelligence: Detects potentially fraudulent email addresses to prevent fraud.
  • Global Shared Intelligence: Identifies suspicious devices at the point of onboarding through global shared intelligence.
  • Third-Party Data Integration: Seamlessly incorporates third-party data sources to streamline expansion into new markets and jurisdictions.

By leveraging LexisNexis Risk Solutions’ cutting-edge technology, crypto companies in Bhutan can ensure the integrity of their operations while delivering a seamless customer experience.