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Blockpass Newsletter – KYC Requirements and an AML Anniversary

Courtney Lau | October 2020

This week in our newsletter we have the latest from Blockpass to bring to your attention as the various updates we featured last week continue to roll out. Our main story this week looks at the subject of KYC requirements - what do people have to provide for the KYC process and why? As it's the anniversary of the introduction of our key ongoing AML capability we also highlight our update on it from this time last year. Below, check out our 'Current Offers' section to see the latest options available to users on the Blockpass Marketplace. Finally, have a read of 5 Minutes With section, where Operations Manager Ruslan Tarasov sits down to answer some questions about himself and his work. Keep an eye out for an interview which should be released in the next week or so, and check out our website for all the latest news and opportunities available through Blockpass

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Understanding KYC Requirements
In the most recent addition to the Blockpass blog, we take a look at the requirements of KYC. Many people will go through their lives and undergo KYC without even knowing it’s happening, such as when providing identity documents when opening a bank account or engaging in various financial services. The information an individual shares in this is used to check their suitability for the services, exposing and denying access to any criminals.
There are guidelines that financial services have to adhere to in terms of data that needs to be verified and vetted, and due to the nature of the information this usually leads to specific forms of identity being requested; asking for one or two documents which cover the range of data needed is better than asking for half a dozen different documents. This process is not entirely satisfactory however, and is something Blockpass aims to improve. Click here to read about KYC requirements and the way Blockpass improves compliance with them.

Ongoing AML Reaches It’s One Year Anniversary
This month marks one year since Blockpass introduced a new and vital function in the provision of ongoing anti-money laundering capabilities. This was something that had then been recently requested by some of our partners, and came at a fortuitous time as changing regulations were just coming in which also required ongoing AML provision.
Introducing this ongoing AML capability actually allowed Blockpass to provide a more streamlined and efficient solution, further reducing the cost and time of compliance from the already-efficient levels it had been. Click here to read about this development and please don’t hesitate get in touch with us if there are further suggestions or developments you would like us to implement so we can provide even more useful solutions!

Current Offers Available to PASS Club Members

Crypto Experts 
A cryptocurrency OTC broker and consulting service in Canada, Crypto Experts offer a variety of services and are offering Blockpass users a 1% discount! Click here to access the services.

Easy Crypto Accountancy
Our latest partner, Easy Crypto Accountancy, is a specialist in dealing with the often-confusing issue of crypto taxes for personal and business needs. Click here for more information about their services.

TurbaPay, TurbaPay logo, Turbapay transparent logo, Blockpass Partner Turba Pay

Turbapay
Turbapay is a payment solution aggregator for E-commerce designed save merchants time and money by providing an unbiased assessment of their available payment options. Click here for further details.

SBSB LLP
SBSB is a law firm that advises on aspects of the FinTech sector. Cryptocurrency-related services include jurisdiction advice, account opening, and the obtaining of licenses. Click here for more information.

Comistar
A recent offer on the markerplace is from Comistar, providing its Estonian e-Residency: Zero to Scale solution for business management, with €75 off for Blockpass users! Click here for details.

AdvancedFX
Recently come to the Blockpass Marketplace, AdvancedFX is a business solution to transfer foreign money 24/7 and for private customers to manage payments overseas. Click here for more info.

KYC Connect
We’re constantly working to improve the functionality and usability of our flagship product, KYC Connect. From new partners and new campaigns, to easy onboarding, we are making sure we offer the premium compliance gateway to financial services. We’ve designed the process to be as quick and simple as possible; getting started is free and only takes a few minutes. Visit the Admin Console to create your service now!

Get Started

 

Meet The Team
In our 5 Minutes With interview this week we sit down to chat to Blockpass Operations Manager, Ruslan Tarasov. Click here to read about Ruslan, where he comes from, what his background is and the kind of work he gets up to as part of the Blockpass team. You can also find out what Ruslan thinks of Blockchain technology and where the industry is heading in the near future.