Following this announcement, the partnership is set to focus on optimising security and streamlining KYC/AML compliance processes, while boosting the platform’s privacy and addressing critical challenges and difficulties in the blockchain ecosystem as well.
As financial crimes grow, platforms and businesses operating at the intersection of blockchain and traditional finance usually face increasing pressure to meet stringent compliance standards. With this in mind, this collaboration represents an important step forward, providing Coast with improved products in order to navigate the complexities of regulatory frameworks, while also fostering security in the decentralised finance sector.
Through this strategic deal, PulseChain will continue its process of developing user-centric financial services tailored for the decentralised future, while also maintaining the standards of security and compliance of the industry. The collaboration will enable iDenfy to deliver its identity verification solution while also ensuring precise and safe onboarding processes for all users. At the same time, iDenfy’s technology will automatically recognise, verify, and extract information from multiple types of identity documents across several countries and territories.
In addition, the partnership will offer Coast a scalable system that reduces onboarding time while ensuring full compliance with global AML regulations as well. This initiative will include screening users against sanctions lists, Politically Exposed Persons (PEPs), watchlists, and adverse media sources. By integrating iDenfy’s technology, Coast will have the possibility to conduct ongoing monitoring and receive instant notifications of any AML risk hits during the KYC process.
The company aims to deliver a secure and efficient onboarding experience without compromising security, while also bridging the gap between traditional financial systems and blockchain technology and offering users the possibility to interact with decentralised systems easily and securely.
For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.
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