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Today saw Koi Trading, an OTC exchange backed by money from Binance Labs, announce in a press release that they are partnering with IdentityMind to offer Anti-Money Laundering (AML) compliance as a service.
IdentityMind already offers various AML and KYC services, so it is a logical company to team up with to begin this venture. The new services offered by Koi will be branded under the name Koi Compliance.
The hope is to give crypto businesses a veritable plug and play solution for AML. This way companies can let Koi and IdentityMind do the compliance work and instead focus on running their exchange effectively. Kieran Sherlock, CTO of IdentityMind, had the following to say:
"We’re excited to work with an innovative company like Koi Trading... They have created a new way for more entrants into the digital currency space to be compliant from day one, and effectively serve their customers across different markets and geographies while minimizing their regulatory risk."
This should be a useful service especially for smaller companies that may struggle to enforce AML and KYC rules effectively in-house. Will it become the new industry standard? Stick with Chepicap for all updates!
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