KYC procedures in crypto may become increasingly stringent, including regular verifications and incorporating more biometric data.
While KYC has been a part of Bitget's procedures since the platform launched in 2018, initially, users could access certain services without full KYC, especially if they weren't dealing with substantial sums.
“Despite advancements made in [KYC and AML] processes over the past decade, their effectiveness often falls short,” Chen said, with crypto exchanges needing more cost-effective, sustainable and scalable solutions for detecting and investigating financial crimes. AI, in particular, offers a dynamic response to modern challenges, enhancing regulatory compliance efforts, according to Chen.
“AI has the capacity to deliver substantial operational efficiencies in critical areas such as customer due diligence, screening and transaction monitoring controls,” she added. “For instance, traditional AML transaction monitoring systems often produce an excessive number of false positive alerts, leading to substantial operational burdens.
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