iDenfy teams up with GlolinkOTC to incorporate KYC/AML solutions

iDenfy will facilitate a simplified transition to a fully automated compliance approach. This collaboration will assist GlolinkOTC in developing a verification process that includes additional features such as adverse media screening, checks for Politically Exposed Persons (PEPs), sanctions assessments, and other compliance measures designed to evaluate risks and maintain continuous due diligence.

The cryptocurrency industry has experienced rapid growth, which has brought about significant regulatory challenges. Fraud and security breaches continue to rise, highlighting the need for robust identity verification and compliance mechanisms. In the first quarter of 2024 alone, USD 739.7 million in cryptocurrency was stolen, underscoring vulnerabilities in security measures. As these threats continue to grow, regulations regarding Know Your Customer (KYC) and Anti-Money Laundering (AML) become increasingly critical.

iDenfy partners with GlolinkOTC to integrate KYC/AML solutions

Improved regulatory standards for the cryptocurrency industry

According to iDenfy, market demand and partnerships reveal a need for comprehensive compliance tools beyond ID verification. Over the past seven years, iDenfy has developed a range of RegTech tools, solidifying its position as a compliance service provider. This capability positively influenced iGlolnkOTC's decision to choose the company as a partner.

Additionally, GlolinkOTC underlined the necessity of staying ahead of regulatory requirements as the cryptocurrency sector continues to develop. The company announced its collaboration with iDenfy to implement KYC and AML solutions, ensuring better security standards while offering a simplified user experience. As a result, GlolinkOTC’s alliance with iDenfy facilitates a more secure onboarding process for users. iDenfy’s identity verification solution can now authenticate government-issued ID documents more rapidly, minimising waiting times. This two-step verification combined with real-time AML screening guarantees that the exchange complies with all regulatory standards while increasing user satisfaction.

iDenfy provides AML monitoring services, checking for politically exposed persons (PEP), sanctions, and adverse media to combat fraud. Its software identifies suspicious behaviour and matches AML databases, reducing analysts' workload. Adverse media screening is automated with customisable criteria, allowing GlolinkOTC to quickly respond to suspicious activities.

iDenfy partners with GlolinkOTC to integrate KYC/AML solutions

Improved regulatory standards for the cryptocurrency industry

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