The growing popularity of Bitcoin is finally pushing governments and regulators to create a legal space for this new and disruptive industry. However, the new legal space is also bringing some additional responsibilities for Bitcoin startups, which — at times — feel too difficult to comply with. Among one such responsibility is following the prevailing anti-money laundering and know-your-customer laws.
Let’s face it: Bitcoin does have a strong foothold in criminal industry. Its secretive and anonymous features assist criminals in buying/selling illicit products, funding terrorist activities and conducting money laundering on web. The governments therefore put burden on companies that support digital currency transactions, only to make sure that no criminal gets to use Bitcoin for illegal activities. The compliance, however rightly motivated it may seem, adds nothing but workload for underprivileged startups, for they find it difficult to maintain records of each and every users within a limited timeframe.
Just very recently, New York’s highly controversial Bitcoin law, the BitLicense, literally forced local Bitcoin companies to draw out their banners from the state. A most of these companies, including cryptocurrency exchange ShapeShift, claimed that the new law stifles a fledgling privacy-supporting industry. In addition to this, the companies also complained how some decrees in BitLicense could force them to record even the smallest of the smallest Bitcoin transactions.
While a company cannot always pack their bags when faced with such stiff regulations, it can always look for ways to avoid them without violating them. Vogogo, an online payment and risk mitigation company, is one such way to remove this “extra compliance burden” off the Bitcoin businesses’ shoulders. The company offers a specifically designed AML/CTF compliance reporting service that helps Bitcoin businesses comply with the prevailing AML and CTF laws without breaking a sweat.
Vogogo offers an industrial-grade transaction and customer screening solution for Bitcoin businesses, while effectively protecting them against money laundering and terrorist financing activities. The company offers an intuitive and advanced decision analytics to fast-track the client assessment and on-boarding process.
Integrating Vogogo’s transaction and customer screening solution helps companies track the activities of their users without incurring additional compliance and operational costs. The solution includes: Due Diligence, Advanced KYC Process, Global Sanction Screening, Risk Rating, AML/CTF Compliance reporting, and Suspicious Activity Reports. Each parameter helps companies to spot suspicious transactions and users.
To know more about their services, visit here.
Let’s face it: Bitcoin does have a strong foothold in criminal industry. Its secretive and […]