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 solutions provider. In July, they expanded their offering to Europe and took measures to meet EU data privacy standards.
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Lamassu machines will now integrate built-in Know Your Customer (KYC) 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.”