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Screenshot of a breaking news alert e-mail from Q2 2017
iSignthis Ltd (ASX: ISX) an Australian based leader in digital AML/CTF KYC identity proofing has launched Paydentity, a new automated identity, and payments system which will be used by Forex brokerage XM.com, the trading name of Trading Point Holdings Ltd. to reduce the time customers spend onboarding while keeping in line with all existing and upcoming regulations.
The new system allows customers of XM to execute trades and payments in accordance with all rules from the UK’s Joint Money Laundering Steering Group (JMLSG) and the EU’s 4th AML Directive (4AMLD).
According to the directives set by these agencies, customers of the trading platform have to undergo continuous monitoring and due diligence, with KYC-checks being performed on a regular basis to track suspicious activity and combat money laundering and other illegal activities.
The Paydentity system foresees in requirements by offering a full cloud-based platform offering a PCI DSS V3.2 Level 1 payment gateway.
KYC requirements are met through a remote enhanced due diligence systems with full compatibility with directives from the EU’s 3 & 4AMLD’s, UK’s JMLSG, Austrac Regulations and Cypriot CySec Directives.
The system furthermore offers payment instrument verification, including preparations for the potential PSD2 Strong Customer Authentication, with integration to multiple card acquiring institutions.
The Paydentity will allow customers and back office staff at XM to reduce the time spent with onboarding procedures while increasing the customer reach of XM.