Digital currency trading platform Atlas ATS has partnered up with Strevus, Inc., a company specializing in compliance lifecycle management solutions for financial service institutions to help out Atlas’s institutional clients be in compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance.
In April, Strevus expanded their business model to encompass bitcoin and digital currencies.
“The single biggest barrier to the institutional adoption of cryptocurrency is the conflict between the pseudonymous nature of the transacting counterparties and the regulatory requirements,” said Shawn Sloves, CEO at Atlas ATS. “Using Strevus’s solution, our members will be able to easily manage the onboarding process, collect information for KYC and AML reporting, and monitor and analyze the data required to ensure ongoing compliance. In the future, we plan to leverage Strevus’s compliance technology for multiple private markets.”
The conversation surround AML/KYC has increased significantly over the past year as the use of bitcoin and other digital currencies has increased significantly. And it’s become one of the major issues to consider when establishing an exchange.
Companies that neglect to comply in a proper fashion face stiff penalties, too.
“It’s clear that cryptocurrency exchanges and their members are under pressure to meet the enhanced due diligence requirements needed to maintain compliance,” said Strevus CEO Ken Hoang. “Strevus, recognizing this need, is providing a solution for the initial onboarding and KYC checks as well as ongoing due diligence. Our solution follows industry best practices and cuts the time to onboard new customers while dramatically reducing costs.”