Maldives Seeks to Boost Crypto AML/KYC Efforts: LexisNexis Risk Solutions Offers End-to-End Customer Due Diligence Processing
As the cryptocurrency market continues to grow in popularity, Maldivian authorities are stepping up efforts to combat financial crime and fraud. In a move aimed at enhancing customer due diligence processes and reducing the risk of money laundering, crypto firms operating in the country are being urged to adopt robust Anti-Money Laundering (AML) and Know-Your-Customer (KYC) measures.
The Need for Enhanced Customer Due Diligence
According to industry experts, the increasing costs and complexities of fighting financial crime and fraud have created a pressing need for crypto companies to enhance their end-to-end customer due diligence processes. This delicate balance between safeguarding users from fraud and responding to evolving regulatory requirements without impacting the customer experience is critical for sustainable growth in the crypto space.
LexisNexis Risk Solutions’ AML/KYC Solution
To address this challenge, LexisNexis Risk Solutions has launched a suite of AML/KYC solutions designed specifically for the Maldivian cryptocurrency market. The company’s end-to-end customer due diligence platform enables crypto companies to confidently onboard customers while mitigating fraud and ensuring compliance with regulatory requirements.
Key Features
- Low-friction customer onboarding
- Continuous transaction monitoring
- Real-time detection of suspicious activity
- Connection to all elements of AML screening, including risk scoring, sanctions checks, and entity verification
Additional Benefits
The solution also incorporates third-party data sources, allowing crypto companies to: + Streamline expansion into new markets and jurisdictions through the power of risk orchestration + Leverage global shared intelligence through a crowdsourced database aggregating over 96 billion global transactions each year, enabling the identification of potentially fraudulent devices at the point of onboarding
Why Maldivian Crypto Firms Should Adopt LexisNexis Risk Solutions’ AML/KYC Platform
By adopting LexisNexis Risk Solutions’ AML/KYC platform, Maldivian cryptocurrency firms can: + Improve their customer risk management and financial crime prevention workflows + Deliver a seamless customer experience while reducing the risk of fraud and ensuring compliance with regulatory requirements
Conclusion
In conclusion, the Maldives is taking steps to boost its crypto AML/KYC efforts by urging crypto companies to adopt robust AML/KYC measures. LexisNexis Risk Solutions’ end-to-end customer due diligence platform offers a comprehensive solution for crypto companies looking to improve their customer risk management and financial crime prevention workflows while reducing the risk of fraud and ensuring compliance with regulatory requirements.