A Guide to Anti-Money Laundering for Crypto Firms
UKDE is a global financial services provider focusing on digital finance and blockchain technology services. Their main products include blockchain technology-powered digital assets exchange platform UKEX and cryptocurrency wallet UKEX Pay. Their goal is to expand their global reach and become a leader in blockchain integration, technology implementation, digital asset trading, digital financial settlement, and venture investment services.
Industry: Blockchain & Cryptocurrencies
Product: AML Screening and Ongoing Monitoring
UKDE was looking to partner with an AML provider that could ensure full compliance with global AML regulations and support them in their growth ambitions. However, the legacy provider they had initially chosen only provided one-off customer rescreening, rather than ongoing monitoring of entities, and this did not allow sufficient risk mitigation.
In addition, UKDE has a large number of Chinese clients using their services. Their previous provider’s matching parameters were not powerful enough to differentiate between different Chinese names, which led to a high number of false positives and incorrect hits. Therefore, the UKDE team was spending a lot of time and effort manually remediating alerts in order to mitigate risk. To ensure continuous monitoring of entities and reduce manual efforts and time spent treating alerts, UKDE decided to move away from their previous legacy provider and partner with ComplyAdvantage.
Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
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