Hong Kong's cryptocurrency journey has been cautiously progressive. While the region restricted crypto trades to institutional investors since 2018, plans are afoot to open retail trading by 2023. To uphold the sector's integrity, Hong Kong's Monetary Authority and the Securities and Futures Commission (SFC) have outlined specific requirements for platforms:
Those unwilling or unable to adhere to these standards are advised to cease their Hong Kong operations.
The foundational pillar of anti-money laundering (AML) protocols worldwide is the Know Your Customer (KYC) process. This process mandates businesses to gather and authenticate essential customer data, such as their name, date of birth, and address, to prevent misuse of platforms for illicit activities. Ensuring the authenticity of these data points is paramount, and this is precisely where GBG’s expertise comes into play.
Our identity verification and AML solutions are specifically tailored to protect both businesses and their customers from any form of crypto-related crimes. By automating the customer onboarding process, we perform rigorous biometric checks and tap into both in-market data sets and global PEPs & Sanctions screenings. This comprehensive approach not only guarantees a smooth onboarding experience but also meets rigorous regulatory standards.
With GBG's solutions, platforms have the opportunity to go global with ease, accessing over 50 countries via a single API integration. This expansive access is complemented by a streamlined onboarding process that minimizes friction and accelerates customer journey times. Ensuring compliance is no longer a challenging task, the use of our fully compliant data sources, which work to reduce regulatory risks.
As Hong Kong positions itself as a nexus for cryptocurrency trading, businesses must ensure they are armed with the tools to meet regulatory demands. GBG's identity verification allows the crypto segment to run a wide range of rigorous ID verification checks on people located all over the world using more data sources than your average identity verification solution. Designed to make life simpler for you and your customers, this end-to-end solution uses innovative AI technology to create a truly intuitive and seamless user experience.
Ready to learn more, visit https://www.gbgplc.com/apac/products/id-verification/.
Want to learn more about GBG’s suite of comprehensive fraud management solutions? Contact us today.