Atlas ATS Partners With Strevus For KYC/AML Compliance
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.”
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