Binance to Implement KYC Solutions from Financial Services Giant Refinitiv

Refinitiv, the former financial and risk division of Thomson Reuters, can search 400,000 records including sanction lists, politically exposed persons, regulatory and law enforcement watchlists.

Binance, one of the largest crypto markets, signed on Tuesday a partnership with global financial services giant Refinitiv with the aim to implement automated Know Your Customer (KYC) procedures. The cooperation will allow the exchange to follow the existing anti-money laundering (AML) rules that are in force for the fiat world, in a bid to build trust with regulators and financial institutions, Binance chief financial officer (CFO) Wei Zhou explained.

Refinitiv, previously known as F&R company, is the former financial and risk division of Thomson Reuters. The firm rebranded itself earlier this year after the US company Blackstone acquired a majority stake in the analytical entity. Refinitiv offers KYC solutions based on a world check – a database of 400,000 records from around the globe including politically exposed persons, sanctioned entities and individuals, regulatory and law enforcement watchlists.

The new solutions will allow Binance to identify, screen, and monitor client onboarding and remediation as Refinitiv implements a KYC-as-a-Service system. It also provides the distribution and streamlining of due diligence documentation from third parties.

“In the past few years, regulators have been working to ensure that anyone moving cryptocurrency into fiat currency is subject to the same KYC requirements as individuals dealing with a conventional bank,” Nadim Najjar, managing director for the Middle East and Africa (MENA) region at Refinitiv, explained in the press release.

The deal with Refenitiv is the second major agreement under the leadership of Binance new CFO Zhou, who is a former Wall Street specialist. Last month, the exchange partnered with Chainalysis to implement its Know Your Transaction (KYT) product – a service that provides real-time transaction monitoring capability for the digital space.

Also, in October, Binance launched a crypto-to-fiat exchange in Uganda. The company plans similar services from its office in Malta, Singapore and from its forthcoming joint venture with Luxemburg’s LCX. The Malta-based exchange will be subject to the European Union Anti Money-Laundering Directive (AMLD), which requires AML measures including KYC for crypto-to-fiat trading.

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