On November 20, Refinitiv, formerly the Financial & Risk business division of Thomson Reuters, announced it would provide an automated Know Your Customer (KYC) application to a crypto exchange Binance.

The solution will enable Binance to integrate the advanced functionalities of World-Check into their internal workflow, allowing them to streamline the screening process for onboarding, KYC and third-party risk due diligence.

“As we continue to grow our business globally, we will also continue to grow our compliance competency by partnering with well-recognized market leaders for KYC solutions. Following existing Anti-Money Laundering (AML) standards in the fiat world and incorporating advanced third-party transaction monitoring tools, as well as our own proprietary tools, will help us build trust with regulators and financial institutions,” – said Wei Zhou, CFO at Binance.

KYC as a Service offers client identity, verification, screening and monitoring for accelerated client on-boarding, remediation and refresh built on a collaborative platform that streamlines KYC compliance and the distribution of due diligence documentation. The service integrates trusted legal entity information from authoritative sources in over 200 countries and 60 languages and is underpinned by a global policy that has been stress tested with over 100 regulators and financial institutions, reads the announcement.

Earlier Coinstelegram reported that Binance would implement compliance tools from crypto compliance and investigation software provider Chainalysis.

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