When it comes to accepting Bitcoin and other cryptocurrency payments, merchants need to be 100% confident that all transactions are safe. It’s a fact that cryptocurrency payments offer users a safer way to pay for goods and services by the very nature of blockchain technology itself, but fraud is omnipresent on the internet so there is always the potential for hacking or other illicit activities such as money laundering.
Therefore, any reputable payments provider needs to have water-tight measures in place to ensure the safety and security of their clients and all transactions that pass through their system.
KYT/AML Checks
For this reason, it is very important for a business to monitor their transactions by way of KYT (Know Your Transaction) and AML (Anti-Money Laundering) checks.
KYT is the cryptocurrency world’s equivalent to the Know Your Customer regulation we are familiar with in traditional banking. KYT looks at various aspects relating to each transaction in order to provide a detailed digital picture, for example, data on the type of device, time, amount, counterparty, language and more in real-time. Artificial Intelligence then uses this information to match the data with customer profiles to give an accurate and up-to-date risk view for each transaction.
Businesses also need to be aware of the potential for money laundering and should have in place AML (Anti-Money Laundering) procedures. Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions.
AML refers to all policies and legislation that force financial institutions to proactively monitor their clients in order to prevent money laundering and corruption. Anti-money laundering laws cover a range of transactions and criminal behavior.
Both KYT and AML procedures are not only important for EU regulated crypto payment service providers that are bound by strict rules and regulations, but for all entities providing related services who have an obligation to ensure their clients, as well as their business operations, are safe and secure.
Crystal Analytics
As one of the leading payment processors in the crypto sphere, EU regulated crypto payment service provider, B2BinPay enables businesses to send, receive, store, exchange and accept cryptocurrency payments online, safely, securely and cost-effectively globally in minutes.
Its growing user-base of cryptocurrency exchanges, forex brokers, online stores and other merchants can conduct their operations safely and confidently in the knowledge that for the last 2 years, the company has cooperated with Crystal Blockchain, a blockchain analytics platform engineered by the Bitfury Group, integrating Crystal analytics into its platform to strengthen its anti-money laundering compliance.
The Crystal analytics platform is designed to better verify customers and their audit balances in order to prevent money laundering and other illicit activities on the B2BinPay platform. Crystal analytics provides a deep insight into cryptocurrency transactions, including identities, risk scores, and transaction histories, which is