CryptoBridge KYC verification efforts just got serious as the gateway announced that all its existing and new users will have to undergo mandatory document verification. CryptoBridge is the ubiquitous Bitshares gateway that allows users to access the renowned exchange.
The Fifth EU Anti-Money Laundering Directive (AMDL5) will be applicable from January 2020 and the firm plans to become compliant with these ‘Know-your-Customer’ regulations to curb money laundering.
CryptoBridge KYC verification to help curb money laundering
AMDL5 compliances require crypto firms involved in trading to undertake customer verification. These strict compliance standards are being made so as to curb money laundering through cryptocurrency channels. Users will have to go through these checks before using CryptoBridge.
CryptoBridge published an official blog stating these new identity checks. The changes are in line with the firm’s motto of providing decentralized finance in a responsive manner that satisfies the jurisdictional and technical legal provisions. And it believes that AMDL5 is the best way to achieve this target.
International financial regulations present new challenges. CryptoBridge gateway services will be fully compliant with AMDL5 directives to pave the way forward towards responsible crypto trading operations.
In June 2018, the Official Journal of the European Union published ‘Directive 2018/843’ which related to the latest anti-money-laundering counter-terrorism-financing (AML/CTF). These regulations kicked in from July 2018.
The foremost purpose of AMDL5 is to help curb terrorist financing by fixing the loopholes in the financial system. The focus is specifically on prepaid cards and virtual currencies allowing the financial entities to regulate such activities through the latest technologies of AML/CFT.
CryptoBridge KYC verification data protection
CryptoBridge team says that complying with this latest AMDL5 will pave the way to safer crypto space. At the same time, cryptocurrencies will enjoy a legal status enabling easy listing of security tokens. Crypto Bridge can place itself as a viable financial network too.
User data will be safe since CryptoBridge has no real access to the actual user data. They only have the UUID related to a user’s ID verification.