Paxful, a peer-to-peer (P2P) Bitcoin marketplace, has teamed up with Jumio, a digital identity and address verification company in order to improve Anti-Money Laundering (AML) procedures and implement Know Your Customer (KYC) requirements onto the marketplace.
Jumio’s AI-powered Trusted Identity Service and verification process will help minimize risk. It will also ensure all users have submitted proper documentation.
Jumio’s end-to-end identity verification and authentication technologies will be used to fight fraud. It will also help maintain compliance when onboarding users in order to continue to enrich the community that already exists on the Paxful platform.
By adding Jumio’s ID verification to the platform, Paxful has taken a stance to improve its AML procedures and compliance program in every operating country.
Paxful is constantly improving to protect honest customers in the marketplace. The company boasts a growing community of consumers in Africa. This community’s feedback has been vitally important in advancing security and compliance on Jumio’s peer-to-peer marketplace.
Through Jumio’s AI-powered Trusted Identity Service, Paxful will now be able to verify customers’ real-world identities.
With a simple ID scan and real-time biometric authentication and liveness detection which will go into full effect this April.
Paxful, therefore, will now require users around the world who reach an equivalent of USD $1,500 in trade volume or wallet activity to verify their accounts through ID verification. In addition, users who reach USD $10,000 in trade volume or wallet activity must provide ID verification and address verification.
Upweighted global security team
Paxful has also invested in the new Compliance and Information Security team. They have hired Lana Schwartzman as Chief Compliance Officer (CCO). Lana has 14 years of experience in compliance and anti-money laundering.
Prior to joining Paxful, she was a manager in the Regulatory and Compliance Risk Group at Grant Thornton LLP. Her compliance experience included working in Deutsche Bank and Morgan Stanley.
She will be enhancing the current compliance program and growing the existing compliance team to better serve the needs of Paxful’s customer base.
In addition to Lana, Dmitry Moiseev also joined the Paxful team as Information Security Manager. Dmitry has over 12 years of experience in Information Security. He’s also an expert in high-risk personal data security in the financial sector. Prior to joining Paxful, he was an Information and Security Manager at Western Union.
“We take compliance and security very seriously here at Paxful. We’re hoping that these and other upcoming changes will help our customers understand the importance of regulation and compliance when it comes to operating on a peer-to-peer finance marketplace,” said Lana Schwartzman, Chief Compliance Officer at Paxful.
“Paxful now reaches over 2 million people worldwide through our P2P trading platform. When operating at such great numbers dedication to strong security measures that align with a future goal of enhanced oversight and compliance, will provide a better customer experience by affording a greater degree of trust and transparency for all customers,” she added.
Paxful’s mission is to give people a simple, fair, and secure platform for trading bitcoin. They aim to bring financial inclusion to the underbanked and unbanked through peer-to-peer finance. Every user gets a free digital wallet that lets them send, receive, and store bitcoin.
They’re cutting out the middleman with their secure escrow service and provide help to their users with 24/7 customer support system.
When identity matters, trust Jumio. Jumio is the creator of Netverify which enables businesses to increase customer conversions while providing seamless customer experience and reducing fraud.
By combining the three core pillars of ID Verification, Identity Verification, and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer.
Leveraging advanced technology including augmented AI, biometric facial recognition, machine learning, and human review, Jumio helps organizations to meet regulatory compliance including KYC, AML, and GDPR, and definitively establish the digital identity of their customers.
Jumio has verified more than 150 million identities issued by over 200 countries from real-time web and mobile transactions. Leading companies in the financial services, sharing economy, cryptocurrency, retail, travel, and online gaming sectors now use Jumio’s solutions.
Based in Palo Alto, Jumio operates globally with offices in the U.S., Europe, and the Asia Pacific. It has also received numerous awards for innovation.