iSignthis Agrees Deal with XM.Com to Deliver Enhanced Due Diligence Service

iSignthis Ltd, a company specialising in dynamic, digital AML/CTF KYC identity proofing, announced today that it has signed an agreement with XM.COM, a leading player in the online Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFD trading industry.

After recently entering into a pilot program with online brokerage iFOREX, as reported by Finance Magnates in May, iSignthis will now integrate with XM.COM to deliver its enhanced due diligence Digital KYC service.

Enhanced Client Onboarding

The iSignthis service will provide XM.COM with a user friendly, automated customer onboarding system, allowing XM.com to meet the stringent KYC requirements of CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term and the EU’s 4th AML Directive (“4AMLD”). The 4AMLD is set to come into effect in June 2017 within the EU.

The service also opens up the potential customer market for XM.COM to any of the world's 3.5 billion financially included persons, with XM able to onboard customers who elect to pay by credit or debit card within minutes.

Commenting on the new partnership, Managing Director John Karantzis said: “We are delighted to reach agreement with XM.COM, enabling XM to take advantage of iSignthis’ world best practice online identity services.”

The iSignthis Digital KYC service will be made available to all XM.COM customers from mid to late 2016.