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Automated Compliance Industry Boom


Automated regulatory compliance companies have reported that the rapid growth in the number of users of cryptocurrency exchange as well as ICO investors has lead to a boom of new business.

This is evidenced by the ten-fold increase in checks for crypto-related clients, from the start of 2017 to the end of Q4 as stated by Eamon Jubbawy, the co-founder and COO of document verification business Onfido. “It’s not insignificant. A 10X uptick in any industry you’re serving is going to show. It’s definitely helped our growth recently but we work with such a wide variety of people.”

Jubbawy said that his company, which offers services to Bitstamp, vets millions of IDs for clients that come from 214 countries. “Asia is massive, obviously Europe and the US as you’d expect but also places like India as well are big,” he said. “It’s a global phenomenon.”

One issue that crops up for cryptocurrency businesses is that they have to ensure that the must figure out which clients are genuine and which ones can put them at the risk of violating international laws or AML laws. Charles Delingpole, who is the CEO and founder of anti-money laundering checking service Complyadvantage, said: “We’ve had a definite uptick in companies using us for crypto-related activities. No company wants to deal with North Korean drug traffickers, right?”. “No company wants to have a supplier who’s linked to corrupt Venezuelan politicians exporting cash.”

Jubbawy further added: “The guys who are coming to us are saying hey, we want to make sure the people who are investing are legitimate people rather than people who are looking to move around dirty money, can you verify they’re not on any terrorist watch lists or anything like that? We love the fact we can inject a bit of trust and security into an industry that is otherwise set up for potential criminal activity.”


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