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Jumio to Power KYC & AML Services for Krypto Commerce

Jumio to Power KYC & AML Services for Krypto Commerce

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Mobile authentication company Jumio announced this week it will provide anti-money laundering (AML) and know your customer (KYC) services for Krypto Commerce.

The Spanish crypto-currency company will use Jumio’s NetVerify to validate applicant identities for its new PoolMiner’s card, an online-only prepaid debit card for crypto-currencies. Rubén Arcas, project director at Krypto Commerce said that while “compliance and security are critical to our proposition,” he doesn’t want to compromise by offering “a clunky verification system that doesn’t provide a good user experience.” Arcas goes on to say that Jumio, which accepts IDs from 200+ global territories, is perfect for Krypto Commerce’s needs.

The new card is available to users in Spain, Portugal, Italy, Switzerland, South America, Russia, and will soon be open to U.S. users. New applicants scan their passports and answer a few questions to confirm identity.

Palo Alto-based Jumio demoed NetVerify at FinovateEurope 2015 in London. Presenters David Pope and John McIntosh showed how scanning a government-issued ID facilitates the onboarding process. The company announced last month that NetVerify is powering identity verification for Switzerland-based bob Finance, which enables clients to check their credit score for free.