With the adoption of the 5th EU Money Laundering Directive, financial institutions have committed to take appropriate actions for verification of their customers to combat money laundering and terrorist financing.
These so-called due diligence obligations, which are largely the responsibility of the compliance department, have a significant impact on the operating units of the companies.
Our KYC solution can be set up so that it is triggered during self-onboarding or if a transaction exceeds a specific amount of money.
It is also possible to manually input KYC data via batch files. Furthermore, when a customer executes a purchase with a credit card, the system can automatically check if this person (CC holder) is already in the KYC database. If not, an automatic KYC check will be requested.
In case that the client starts the KYC flow on a desktop device that has no camera, the client will be able to proceed with the verification via mobile device. This will happen through a verification link sent via SMS or email.
Verifying business entities and overarching ownership structure – also called Know Your Business (KYB) process – is an anti-money laundering compliance requirement, necessitating Enhanced Due Diligence (EDD).
This could be a slow and manual-intensive procedure for many organizations and their customers as additional information such as identifying the intended nature of the business relationship, the source of funds, and enhanced monitoring of the business relationship should be secured.
To support companies and their customers for seamless EDD, we have created our KYB module. The eKYB module uses instant real-time access to official commercial registers, shareholder information, company findings, annual and financial accounts in 90+ countries and jurisdictions.
Anti-money laundry is a key to meet compliance requirements in many countries. Our PEP & Sanction solution helps companies optimize their processes and speed the onboarding process by checking for politically exposed persons and sanction in world watchlists, e.g.:
It unifies the best available international sanctions, Politically Exposed Persons (PEP), global watchlist and adverse media data into a single consumable package to help businesses apply a true risk-based approach. It uses the following levels of checks:
The development of an eWallet is a crucial part of our overall solution, as it allows the company’s clients to store both fiat and cryptocurrency. This solution can be a good alternative for companies in the gambling industry regarding rejected transactions and credit card bans.
The eWallet can be developed so that it supports the opening of both fiat and cryptocurrency accounts. Moreover, the user will be able to top up their fiat account via card, bank transfer or exchange between own fiat accounts.
The fiat accounts can be linked to IBANs, which will allow the user to transfer fiat money to a bank account. The system can have the possibility to store the IBAN details of the user for easier pay-out requests.
On the other hand, the crypto account can support the following cryptocurrencies BTC, USDT, ETH, BTC SV, XRP, as well as own stablecoin (check next section of the white paper). In addition, the top-up of the crypto account can happen via a third-party crypto wallet to the company’s wallet.
The eWallet can also come with the following functionalities:
When there are payments involved, security is a number one priority. That’s why SEPA Cyber Technologies has been PCI DSS Level 1 certified. We provide our customers with highly secured solutions, and our eWallet is not an exception.
SEPA Cyber Technologies has qualified developers that can help with the development of custom fiat-collateralized stablecoins that can be used as an alternative payment method in casinos and other betting sites.
Our solution suggests that all stablecoins will be automatically stored only in an escrow account. At a later stage, when each of the clients reaches specific monthly volumes, separate stablecoins for each client will be developed.
The user can buy stablecoin from a selected business client account by crypto or fiat funding. The entire process of purchasing stablecoins can be automated. The user can exchange stablecoins to fiat currency respectfully digital-to-fiat currency to fiat currency.
Furthermore, the user can also exchange stablecoin for cryptocurrency. To achieve that, our solution can be integrated with crypto exchange platform such as Binance, Kraken, Coinbase, Huobi.
company’s stablecoins. For example, when a player purchases the stablecoin and uses it on the merchant web page for the top-up of the account, this stablecoin will be put on the escrow account in the merchant's name.
In this way, the stablecoin will stay within the company’s trading system. Then, the system needs to send through API authorization to the merchant information that stablecoin was credited on his behalf in an escrow account.
Casino clients will receive a checkout page that needs to be integrated with IPG.
When a casino player initiates an account top-up, he will be forwarded to the checkout page, where he could use his credit card.
On the T&C page will be mentioned that the player agrees his money to be used for purchasing crypto/digital-to-fiat currency which will be exchanged for stablecoins. That amount will be added to his player account.