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Media

Ongoing AML Provision Comes to Blockpass

Matthew Warner | October 2019

Since its inception, Blockpass has been looking to provide the best and most frictionless KYC experience for businesses to implement. To achieve this, we continually update and improve our app and constantly strive to provide additional functionality and possibilities for our customers and users alike. Our latest development, we are proud to announce, fulfils a long-requested functionality which we have had requested by a large number of potential partners: ongoing AML.

Whilst Blockpass enabled AML checks to take place previously, this latest capability will see Blockpass’ partners able to enjoy continuous AML screening of their customers – providing the peace of mind that comes with knowing customers are always being checked against the relevant watchlists and criteria. 

This news comes at a fortuitous time, as recent developments from regulators are requiring financial services to perform ongoing AML to comply with the latest guidelines. Thanks to Blockpass’ dedication to providing the most suitable product, we are already in a position to offer ongoing AML solutions and meet the latest AML compliance requirements. 

Even without this feature coming in as a regulatory standard, ongoing AML has benefits for partners and users alike. For partners, performing continuous AML rather than periodic AML checks actually allows Blockpass to create a more efficient and streamlined compliance process, meaning that the cost of compliance and the time to verify AML compliance can be even further reduced. For users, the capability to provide ongoing AML will open up Blockpass to an increased number of potential partners, meaning that their Blockpass Identity can be used to onboard seamlessly and instantly to a wider range of services. Through this, Blockpass aims to provide companies with an ever-increasing pool of pre-verified users, and users with an ever-increasing pool of easily-accessible regulated services to enjoy.  

Although this represents a significant step for Blockpass, we are always looking to improve further. If there is any other developments or functionality that you would like to see implemented for the Blockpass Mobile App, or services you would like to see provided, or even if you simply want to get in touch to find out more about what Blockpass can provide for you, please don’t hesitate to contact us by sending an e-mail to the marketing team or posting on our Telegram channel.