BASIS ID, a global digital identity verification provider, and innovative Swag Corporate announce a partnership focused on streamlining verification and compliance processes for Swaggy, the SWAG App that allows using bitcoin with a euro bank account.

The cooperation is aimed to pursue the following goals:
1. SWAG needs seamless, secure and 100% compliant verification for the digital onboarding of their customers.
2. In addition to liveness checks and biometrics, SWAG needs a fast and smooth address verification solution.

As one of the COVID-19 pandemics consequences, the cybercrime rate has increased significantly across the globe while the regulatory demands for the cryptocurrency sector are getting higher than ever. The requirements to monitor financial transactions, along with sanctions screening and analysis for money laundering have become a very serious concern for many cryptocurrency businesses. …

2020 has been a difficult year for all of us. Humanity experienced vicious natural disasters, global pandemic, civil unrest all over the planet. Just when we thought we’ve seen it all — something even more unprecedented arrived.

A global economic downturn has driven an increase in searching for alternatives in an attempt to rescue one’s financial security through digital transformation across many sides of life and business.

The urgency with which new tech is being deployed raises many risks. Of course, regulations are getting tighter than ever.

Discover five BASIS ID 2020’s articles that will help your business meet all the regulatory requirements in 2021 without compromising customer satisfaction.

What is the KYC/AML Process And Why It Is Important?

The security of financial assets is the top priority of every organization. In the retail or insurance sectors, the security is provided by the terms of the agreement…

There are many ways to build a compliant FinTech: from creating an in-house identity verification software to partnering with a KYC and AML service provider. We have prepared a checklist for designing an effective KYC process, no matter whether you are integrating a 3rd party solution or building one on your own.

FinTechs have a massive risk of being involved in money laundering, terrorist financing, or other types of financial fraud. However, some measures help reduce those risks. One of the tools to mitigate the danger of criminal activities taking place on your platform is KYC.

Know Your Customer (KYC) is not only a process of verifying your customer’s identity. It’s also determining client’s risks, being compliant with specific regulations, building a seamless onboarding process, storing data, conducting ongoing monitoring, making reports to authorities, and much more.

Creating a KYC flow might seem overwhelming when trying to balance fraud prevention, compliance, and…

According to the United Nations Office on Drugs and Crime the amount of money laundered each year is 2% to 5% of global GDP. In order to combat money laundering and terrorist financing, the Know Your Customer (KYC) procedure was introduced, which is a part of a broader Customer Due Diligence (CDD) process. Every bank or financial institution has to implement KYC into its onboarding process. KYC, however, often includes address verification. What is Proof of Address (PoA)? Why and when should you use it?

What is address verification?

Address verification is a process, during which you make sure that a person lives where they claim to live. It also ensures that address data is accurate and up to date. Address verification services can also check that the address is accurate and exists as well as whether it is a residential or a commercial building.

Southeast Asia consists of 11 countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor Leste, and Vietnam. Despite having so many countries, only some of the regional regulations differ. These states usually take best practices from each other and often have similar legislation especially regarding the safety of financial services.

1. Indonesia is Making Cross-Bank Transactions Cheap

There’s a global trend of moving from cash to cashless transactions. In Indonesia, however, 50% of transactions are completed with cash.

In 2017, Bank of Indonesia (BI) in order to promote the sustainable development of cashless transactions introduced The National Payment Gateway (NPG) or as it’s known in Indonesian language — Gerbang Pembayaran Nasional (GPN).

NPG was created to have a smooth, safe, efficient, and reliable national payment system. It establishes an interrelated and interoperable ecosystem, which lowers cross-bank transaction costs.

Indonesia requires all of the cashless transactions made on the territory of Indonesia to be processed through NPG. …

5AMLD came into force on January 10, 2020 but do you know what your company needs to do about it? What are the biggest changes and how can you stay compliant?

European Union always strives to combat Money Laundering and Terrorist Financing. One of the measures for doing so is a set of regulatory requirements called Anti Money Laundering Directive or AMLD. Recently, on January 10, 2020 The Fifth Anti Money Laundering Directive (5AMLD) came into force. It was adopted on May 30, 2018. 5AMLD is an amendment to 4AMLD, which came into effect on 26 June, 2017. 5AMLD tries to address weaknesses in the European Union’s Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT) regime.

Why Do We Need 5AMLD?

According to the 5AMLD factsheet, 5 primary goals of the directive are to:

  • Increase transparency…

Coronavirus has hit the restart button for global economies.

From news of its first incidence in December 2019 to March 2020, the economic path wrought by Coronavirus has been a dramatic journey. As the Coronavirus spread exponentially from Asia to Europe, it brought about a change in events that nobody could have ever foreseen. With the Q1 of 2020 drawing to a close, Europe is grappling with the burden of widespread Coronavirus incidences and huge casualties, while China where it first began has recovered quick and jumpstarted its economic activities.

Fallouts of the Coronavirus (COVID-19)

In the current uncertain economic environment, the fallouts have been…

As we are seeing a downturn in the economy, companies are expecting to see a rapid influx of new users. In this article, you will understand what you will need to do to prepare your company for the new bull run.

What’s The Economic Impact Of The Coronavirus?

The World’s economy is suffering COVID-19 pandemic consequences. According to the Center for Strategic and International Studies Chinese economy is worse than originally estimated: China automobile sales decreased by 80% and exports sank by more than 17%. China’s first-quarter GDP is predicted to drop for the first time since 1992.

China is the first but not the only one to suffer economical aftermath of the spreading virus. S&P 500 is down more than 32% since its peak on February 19th while Euro Stoxx 50 is down 35%.

Many countries are trying to introduce measures of dealing with the recession and…

BASIS ID will dedicate 1 million free verifications to companies from the APAC region to aid them recover from the crisis.

During this difficult time, COVID-19 is restricting face-to-face contact between people, whereas the necessity to conduct customer identification and verification remains. Moreover, ensuring security of relations with the clients and partners has never been so important for SMEs. BASIS ID will support enterprises from APAC by dedicating 1 million free identity verifications.

“We have made a decision to support companies in our economic region, as they still need to operate during the pandemic and require identity verification. We have…

Anti Money Laundering becomes a widely used term in the financial industry and moreover becomes a term that is making headaches for the financial institutions itself. AML as a function gets high attention due to the scandals that arise from the biggest financial institutions and the amounts of imposed penalties. For maintaining compliance with the regulations, often there are certain measures that an entity needs to implement.

Money laundering is the process of converting the proceeds of illegal activities into funds that originate from seemingly legal sources without identifying their true source, nature or ownership, i.e. …


The best solution to business tasks of KYC, AML and verification procedure.

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