Virtual Assets and Cryptocurrencies have many potential benefits, but without proper aml regulation, they can be used for illicit purposes and for financial transactions by criminals and terrorists.
Virtual Currencies provide a powerful new tool for criminals and terrorist groups to launder their proceeds or finance their illicit activities while benefiting from the anonymity of blockchain technology.
With support from the G20, the FATF has issued global, binding aml cryptocurrency standards to prevent the misuse of virtual assets for money laundering and terrorist financing.
The FATF Recommendations apply to “Virtual Asset Service Provider” (VASP), Providers engaged in exchange services between virtual currencies (Bitcoin, Ethereum…) and fiat currencies (Euro, Dollar…) as well as custodian wallet providers, when virtual assets are exchanged for fiat currency, but also when they are transferred from one virtual asset to another.
VASPs are subject to customer due diligence (CDD) obligations and must implement all of the following aml cryptocurrency preventive measures: remote identification, kyc crypto (ex: kyc bitcoin and kyc ethereum), aml cryptocurrency (ex: aml bitcoin), aml verification, aml risk assessment, record keeping, aml training, and suspicious transaction reporting.
AMLEXA is the first Artificial Intelligence Platform for “Distance Customer Due Diligence” and “Remote Online KYC (Know Your Customer)”, that automates all the processes of Remote Identification, AML Verification, AML Risk Assessment and AML Transaction Monitoring for the Virtual Assets and Cryptocurrency sectors.
AMLEXA is a web aml compliance software for crypto aml, easily customizable and integrable with API into any system with a minimum configuration, consisting of four modules:
AMLEXA AML IDENTIFICATION MODULE
MODULE FOR AML CRYPTOCURRENCY AND AML BITCOIN
“Amlexa AML Identification Module” for cryptocurrency aml and bitcoin aml is an aml onboarding, kyc crypto and id verification software that assures: non face to face customer identification, automated kyc and online identity verification for cryptocurrency sector using a patented authentication technology that compares the data contained in the government issued identity document with biometric recognition of the customer’s face (Biometric Identification).
The “Amlexa AML Identification Module” for aml cryptocurrency and aml bitcoin automatically collects information and data online from the customer and performs specific forensic tests to verify and confirm the ID validity and the customer identity.
AMLEXA AML VERIFICATION MODULE
MODULE FOR AML CRYPTOCURRENCY AND AML BITCOIN
“Amlexa AML Verification Module” for cryptocurrency aml and bitcoin aml is an aml verification software for crypto sector, which guarantees automatic aml checks, pep checks and real time aml crypto validation.
“Amlexa AML Verification Module” for kyc cripto, kyc bitcoin and kyc ethereum, automatically verifies the presence of the customer in Politically Exposed Person List (Peps List), Sanction Lists, Aml Watchlist and Aml Blacklist and confirms, through independent and reliable sources, the validity of personal data, information and documentation collected by the customer.
“Amlexa AML Verification Module” for aml cryptocurrency and aml bitcoin automatically prepares the anti money laundering declaration form (aml declaration form) and allows the customer to sign it with an advanced electronic signature.
AMLEXA AML RISK ASSESSMENT
MODULE FOR CRYPTOCURRENCY AML AND BITCOIN AML
“Amlexa AML Risk Assessment Module” for aml crypto and aml bitcoin is an aml software for cryptocurrency and virtual assets sectors that assures an automated money laundering risk assessment and real time AML Risk Management.
The “Amlexa AML Risk Assessment Module”for cryptocurrency aml uses a patented artificial intelligence algorithm that take into account the aml risk, the customer risk, transactions risk, the product or service risk, the interface risk and the geographical risk.
Amlexa Artificial Intelligence Algorithm automatically recognizes the suspicious behavior and provides a real time aml risk assessment which permits to determine whether to accept or refuse the business relationship or the cryptocurrency transactions.
AMLEXA AML TRANSACTION MONITORING
MODULE FOR AML BITCOIN AND AML CRYPTOCURRENCY
“Amlexa AML Crypto Transaction Monitoring Module” for aml cryptocurrency and aml bitcoin is an aml screening software that assures an automated aml monitoring of the customer aml Risk for crypto sector.
“Amlexa AML Transaction Monitoring Module” for crypto aml and bitcoin aml uses a patented artificial intelligence algorithm that scrutinizes all the crypto transactions undertaken throughout the course of business relationship or occasional crypto transaction to ensure that they are consistent with the knowledge of the customer and his aml risk profile.
Amlexa Artificial Intelligence Algorithm checks if the cryptocurrency transactions are in keeping with what it knows or expects from the customer and depending on the extent of the divergence noted, automatically collects more information and documentation and reconsiders the initial aml risk assessment assigning automatically a new aml risk profile to the customer.
AMLEXA MLRO BACK OFFICE SERVICES
AML LEGAL BACK OFFICE FOR AML CRYPTOCURRENCY
The Amlexa MLRO Back Office Service, for aml bitcoin and aml cryptocurrency, reports any suspected instance of money laundering or financing terrorism and investigates and determines if the information available can be considered as sufficient to notify the result in an internal report to the Money Laundering Reporting Officer (MLRO).