Cryptocurrency exchange Binance collaborates with Refinitiv for KYC automation

Crypto exchange Binance is collaborating with Refinitiv, formerly the Financial & Risk business division of Thomson Reuters, for an automated Know Your Customer (KYC) application.

Using the Refinitiv automated KYC solution, Binance will be able to integrate the advanced functionalities of World-Check into it internal workflow, which would allow it to streamline the screening process for on-boarding, KYC and third-party risk due diligence.

According to the official release, KYC as a Service integrates trusted legal entity information from authoritative sources in over 200 countries and 60 languages. It is underpinned by a global policy that has been stress tested with more than 100 regulators and financial institutions.

“Following existing Anti-Money Laundering (AML) standards in the fiat world and incorporating advanced third-party transaction monitoring tools, as well as our own proprietary tools, will help us build trust with regulators and financial institutions,” said Wei Zhou, CFO at Binance.

The service offers client identity, verification, screening and monitoring for accelerated client on-boarding, remediation and refresh built on a collaborative platform that streamlines KYC compliance and the distribution of due diligence documentation.

"Increasing regulations on the cryptocurrency market have led exchanges to establish KYC programs in order to comply with AML regulations. In the past few years, regulators have been working to ensure that anyone moving cryptocurrency into fiat currency is subject to the same KYC requirements as individuals dealing with a conventional bank,” says Nadim Najjar, Managing Director, Middle East & Africa, Refinitiv.