Sumsub and Blackmoon Partner for an AI-Powered Compliance Exchange Solution

  • Artificial Intelligence
  • 17.09.2019 08:23 am

Blackmoon and Sumsub are joining efforts to meet the FATF requirements for a secure and compliant crypto to fiat exchange environment. Sophisticated compliance and anti-fraud solution enabled Blackmoon to upgrade and secure the process of investing and exchanging currencies for investors.

In 2017, Blackmoon developed an investment platform allowing  the crypto community to access traditional financial markets without leaving the blockchain ecosystem. Recently, Blackmoon launched an exchange within the Platform to provide its users with the opportunity to trade 50+ assets and 200+ trading pairs (including fiat pairs). The platform is built in line with the highest security standards which were validated by a security audit conducted by a Big 4 company. 

Blackmoon selected Sumsub for its crypto exchange as an efficient, reliable and comprehensive compliance and fraud protection solution to maintain investor protection and uphold the regulatory requirements..

“Regulatory and AML compliance is the foundation for a long-term success and a core value of Blackmoon. AML prevention continues to be the greatest challenge for the blockchain industry and the most serious concern for the competent authorities. We firmly believe that market participants play a vital role in building the regulatory confidence by introducing and implementing compliance solutions as innovative as the industry itself. We have chosen Sumsub as our partner to ensure we have the most comprehensive AML checks, compliance & onboarding analytics, liveness tests, fraud controls, and negative database screening with minimal onboarding time. The Sumsub solution enables us to improve the conversion rates and allow the users to use the Blackmoon exchange in a convenient, safe and secure matter,” said Anna Cox, Chief Compliance Officer at Blackmoon.

Sumsub enables fast and engaging onboarding, KYC, AML screening and ongoing monitoring with GDPR-compliant record keeping, to powerful analytics and report generation for regulators, banks and auditors.

Having advised on AML laws in several countries, Sumsub is constantly in touch with banks and regulators with their comprehensive reports welcomed and accepted as a confirmation of legal diligence.  

“In recent years the demand for compliance and anti-fraud increased as businesses are being put under the magnifying glass of strict regulatory commissions, and criminals use businesses as an intermediaries to launder their money. Both checks have crucial importance for the legality and therefore for the life expectancy of any company. As the environment is getting more and more transparent, everybody chooses to be compliant, taking care of their finances and protecting the personal data of their users. Blackmoon is one of the companies who puts compliance forward,” comments Jacob Sever, Co-Founder at Sumsub.

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