If you’re looking at accepting cryptocurrency payments such as Bitcoin, one of the most important issues is whether all transactions will be safe and secure. While it is a known fact that due to blockchain technology, crypto payments are a safer method of payment for goods or services, the threat of internet fraud is always apparent so you need to be aware of the potential for untoward activities such as hacking and money laundering.
For this reason, it makes sense to ensure that you enforce strict measures to assure your clients that all transactions will be safe and secure.
Conducting KYT/AML Checks
Businesses should therefore track all transactions by way of KYT and AML procedures, otherwise known as Know Your Transaction and Anti-Money Laundering, respectively.
Most people are now familiar with KYC (Know Your Customer) regulation when it comes to banking. KYT is the equivalent of the crypto world and involves examining all aspects of the transaction in question to provide full information on the device, amount, time, counterparty, etc, in real-time. AI procedures ensure that the information is matched with the customer’s profile in order to provide an accurate risk assessment for every transaction.
Money laundering also poses a big risk and for this reason, businesses need to have strong AML procedures in place to avoid handling money that has been obtained illegally which has passed through a complicated sequence of transactions.
To sum up, AML procedures take into account policies and legislation that financial institutions must adopt to monitor their clients in order to prevent money laundering and corruptive behavior. The associated laws that are in place cover various different types of transactions and criminal activities.
KYT and AML procedures are highly important for EU regulated crypto payment service providers who are now obligated to abide by strict rules and regulations. They also apply to all entities who provide related services and have an obligation to make sure their clients and business activities are safe and secure.
B2BinPay is a well-known EU-regulated payment processor in the crypto industry that enables businesses to send, receive, store, exchange, and accept cryptocurrency payments online, safely, securely, and cost-effectively across the world in a matter of minutes.
Its user-base continues to grow and includes cryptocurrency exchanges, forex brokers, and a multitude of online stores and merchants who can confidently conduct their operations in a safe and secure manner. This is to a large degree thanks to 2-year cooperation with Crystal Blockchain, a blockchain analytics platform (part of the Bitfury Group), whereby Crystal analytics has been integrated into the B2BinPay platform to strengthen its anti-money laundering compliance.
Crystal analytics was designed to better verify customers and their audit balances with the intention of preventing money laundering and illicit activities on the B2BinPay platform. Crystal analytics gives a detailed overview of cryptocurrency transactions, including identities, risk scores, and transaction histories, and is used by B2BinPay to improve its due diligence and boost its cryptocurrency compliance processes.
Crystal is an ideal platform for companies dealing in cryptocurrencies who wish to improve their AML and security procedures and win the fight against illicit actions on blockchains. The platform ensures better compliance and more security, meaning that both B2BinPay users and the blockchain community as a whole benefit.
Crystal Analytics, the industry’s leading KYT compliance technology, is therefore the perfect partner for B2BinPay which has chosen to collaborate with the company to ensure all its clients meet its anti-money laundering requirements. Complete data-centric information relating to all transactions means that crypto businesses can properly comply with their regulator:
✔Track the legitimacy of crypto funds
✔Fully compliant with local and global regulations
✔Comply with AML/CTF regulations with in-depth case by case investigations
✔Enhances due diligence and AML compliance procedures for all businesses involved with cryptocurrency
✔Monitor and control over risky transactions
✔Identify any criminal activity on the blockchain
✔Automatically identify high-risk activities including tracking ransomware payments
More on B2BinPay
Offering crypto payments can prove highly beneficial to businesses, many of which are already seeing impressive results from this exciting new revenue stream. As well as offering your existing clients an extra transaction method in which they can pay in Bitcoin, for example, you can also draw new clients which will help you grow your company revenues.
B2BinPay is the ideal payment solution for businesses who can in turn, offer their clients a multitude of possibilities:
✔Send. Unlike sending money abroad, you can send Bitcoin or any other cryptocurrency to anyone, virtually anywhere in the world.
✔Accept. Offer your customers Bitcoin, Ether, Ripple’s XRP, Bitcoin Cash, Litecoin, and lots more as a payment option
✔Hold. Many customers hold onto their Bitcoin in the hope its value will rise. Store your Bitcoin in your B2BinPay account or transfer it to a private wallet.
✔Transfer. If you want to send crypto to your own wallet, you can do so whenever you need to, easily and quickly.
✔Convert. The conversion of Bitcoin is simple. Any portion of your Bitcoin balance can be converted to another crypto on demand.
Supported Coins, StableCoins and Tokens
Coins: BTC, ETH, LTC, DASH, BNB, ADA, XMR, BCH, XRP, NEO, NEM, XLM, ZEC, EOS.
Stablecoins: USDT, USDC, GUSD, PAX, TUSD.
Tokens: OMG, BAT, KCS, and many other tokens.
In summary, B2BinPay offers a convenient way to accept crypto payments and is one of the industry’s most recognized and trusted solutions. With high-level functionality, ease of use and a focus on the highest level of compliance, secure, legitimate, and transparent transactions are all part of the package with B2BinPay. Contact us today!