Know your customer. Surging popularity aside, cryptocurrency has encountered an identity crisis. We have produced an industry scorecard for digital ID verification for know your customer (KYC) and anti-money laundering (AML).
68% of crypto exchanges and wallets fail to conduct proper identity checks meaning that criminals and Politically Exposed Persons can trade freely.
These challenges have combined to lead governments and regulators to consider introducing a framework to limit some of the volatility, reduce fraud and losses stemming from poor practice and ensure that there is a degree of accountability and compliance with action taken to minimise criminal activity, including tax evasion, money laundering, circumventing of sanctions, and funding of terrorism and criminal activities.
Download this P.A.ID Strategies research report to see how leading wallets and exchanges rank according to how compliant their onboarding process is with KYC/AML regulations, and how easy it is for users to sign up and get started.
Note, this project was commissioned by Mitek. The scorecard can be accessed via their website.