The anonymity of virtual currencies allows their potential misuse for criminal purposes.
Therefore, criminals and terrorist groups may be able to transfer money into the European Union financial system or within virtual currency networks by concealing transfers or by benefiting from a certain degree of anonymity on those platforms.
The 5th Anti-Money Laundering Directive EU/2018/843 extends the scope of the 4th AML Directive EU/2015/849 so as to include providers engaged in exchange services between virtual currencies (Bitcoin, Ethereum…) and fiat currencies (Euro, Dollar…) as well as custodian wallet providers.
Accurate identification and verification of data of natural and legal persons are essential for fighting money laundering or terrorist financing.
AMLEXA enables a remote identification, verification, risk assessment and monitoring for the blockchain, Virtual Financial Asset (VFA) and cryptocurrency industry.
VFA Agents, VFA Issuers, VFA Services License Holders, Providers engaged in exchange services between virtual currencies and fiat currencies as well as custodian wallet providers have to be able to identify and verify the customer and to monitor the use of VFA and virtual currencies to identify suspicious activities.
AMLEXA is the first Artificial Intelligence Platform for AML Bitcoin and AML Cryptocurrency that automates all the processes of “Customer Due Diligence” and “Know Your Customer” for the virtual financial asset, blockchain and cryptocurrency sector.
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AMLEXA IDENTIFICATION
MODULE FOR AML BITCOIN AND AML CRYPTOCURRENCY
The Amlexa Identification Module for the aml bitcoin and aml cryptocurrency, assures customer’s non-face-to-face identification and verification for the cryptocurrency sector and blockchain industry, using a patented authentication technology that compares the data contained in the government issued identity document with biometric recognition of the customer’s face and performs specific forensic tests to verify and confirm, through independent and reliable sources, the validity of personal data, information and documentation collected by the customer.
AMLEXA ASSESSMENT
MODULE FOR AML BITCOIN AND AML CRYPTOCURRENCY
The Amlexa Assessment Module for the Blockchain Industry, assures an automated customer AML/CFT Risk Assessment and Management for the cryptocurrency sector, using a patented artificial intelligence algorithm that take into consideration the customer risk, the transactions risk, the product or service risk, the interface risk and the geographical risk. The AMLEXA artificial intelligence algorithm for the Blockchain Industry, checks the presence of the customer in PEPs Lists, Sanction Lists, Watchlists and Blacklists, automatically recognizes the suspicious behavior and provide an AML/CFT risk profile of the customer, which permits to determine whether to accept or refuse the business relationship.
AMLEXA MONITORING
MODULE FOR AML BITCOIN AND AML CRYPTOCURRENCY
The Amlexa Monitoring Module for the Blockchain Industry assures an automated ongoing monitoring of the customer AML/CFT Risk for the cryptocurrency sector, using a patented artificial intelligence algorithm that scrutinizes all the transactions undertaken throughout the course of business relationship to ensure that they are consistent with the knowledge of the customer and his risk profile. The AMLEXA artificial intelligence algorithm for the cryptocurrency sector checks if the activity is not in keeping with what it knows or expects from the customer and depending on the extent of the divergence noted, it collects more information and documentation and reconsiders the initial risk assessment assigning automatically a new risk profile to the customer.
AMLEXA MLRO BACK OFFICE SERVICES
AML LEGAL BACK OFFICE FOR AML BITCOIN AND 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).