Cryptocurrency community TemTum is partnering with id verification service Shufti Professional to supply Anti-Cash Laundering (AML) and Know Your
Cryptocurrency community TemTum is partnering with id verification service Shufti Professional to supply Anti-Cash Laundering (AML) and Know Your Buyer (KYC) screening providers for its prospects.
As a part of the partnership introduced on April 7, Shufti Professional will confirm TemTum purchasers’ KYC information together with date of delivery, addresses, names, doc numbers, doc concern dates and expiration dates.
EU’s fifth Anti-Cash Laundering Initiative Compliance
The partnership follows the adoption of the European Union’s Fifth Anti-Cash Laundering Initiative (5AMLD), which introduces new and, in some instances, tightened KYC measures on monetary platforms — together with cryptocurrency service suppliers.
In keeping with the announcement, TemTum noticed the necessity to associate with Shufti Professional with a view to adjust to the brand new 5AMLD rules.
Talking with Cointelegraph, TemTum chairman David Shimmon mentioned that the first motivations for the settlement with Shufti Professional is bettering KYC/AML screening processes and differentiating themselves from different crypto firms “who have been seen as malicious”:
“We consider that these sorts of partnerships are important to constructing belief and confidence for the trade, and for growing enterprise alternatives. We have to additional the trade’s repute as trusted and dependable.”
Victor Fredung, Shufti Professional’s CEO, praised the announcement, who additionally highlighted how “really progressive” the blockchain community TemTum is.
KYC/AML screening and nameless nature of crypto transactions
Relating to the measures on KYC/AML screening, Shimmon believes that there isn’t any battle relating to the nameless nature of cryptocurrencies transactions, as he considers it essential to proceed guaranteeing transparency and being a authorized compliant. He added the next:
“All transactions stay on the blockchain with the very same degree of safety and confidentiality. For the avoidance of any doubt, data associated to KYC is dealt with and administered primarily by a 3rd get together.”
The crypto sphere has witnessed comparable partnerships just lately. Cointelegraph reported on March 23 that the peer-to-peer change Paxful reached an settlement with the blockchain evaluation outfit Chainalysis to watch transactions and fight any illicit conduct.