IdentityMind partners with Lamassu to add compliance to Bitcoin ATMs
Lamassu Bitcoin ATMs, which has sold over 250 machines worldwide, has partnered with IdentityMind to bring compliance to its units.
IdentityMind (IDM) Global is a Bitcoin-focused anti-money laundering (AML) and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term solutions provider. In July, they expanded their offering to Europe and took measures to meet EU data privacy standards.
Lamassu machines will now integrate built-in Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) functions, transaction monitoring, Sanctions Screening, automated SAR filing and Anti-Fraud services.
In most jurisdictions, Bitcoin ATMs don't have the same compliance requirements as money services businesses. Still, Lamassu found it appropriate to be proactive due to "both U.S. and international scrutiny increasing on virtual currencies."
Even with new requirements from its users, Lamassu says that it hasn't compromised on ease-of-use. Said CEO Zach Harvey, "It has always been important for us not to burden the end-users of our machines with a complicated or intrusive compliance solution."
Lamassu Bitcoin ATMs, which has sold over 250 machines worldwide, has partnered with IdentityMind to bring compliance to its units.
IdentityMind (IDM) Global is a Bitcoin-focused anti-money laundering (AML) and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term solutions provider. In July, they expanded their offering to Europe and took measures to meet EU data privacy standards.
Lamassu machines will now integrate built-in Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) functions, transaction monitoring, Sanctions Screening, automated SAR filing and Anti-Fraud services.
In most jurisdictions, Bitcoin ATMs don't have the same compliance requirements as money services businesses. Still, Lamassu found it appropriate to be proactive due to "both U.S. and international scrutiny increasing on virtual currencies."
Even with new requirements from its users, Lamassu says that it hasn't compromised on ease-of-use. Said CEO Zach Harvey, "It has always been important for us not to burden the end-users of our machines with a complicated or intrusive compliance solution."