Newly released survey data from SmartSearch have raised concerns over the commitment of cryptocurrency firms when it comes to effective customer verification. According to the findings, most aren’t properly checking customer lists against sanctions or politically exposed persons (PEP) records.
The findings reveal that barely one in five crypto firms (17%) consistently verify new customers. Furthermore, half of them admit to conducting such checks only sporadically.
Crypto Firms Failing on Customer Verification
The comprehensive survey, conducted by digital compliance firm SmartSearch, sheds light on various compliance practices within a spectrum of industries, including high-street and challenger banks, cryptocurrency platforms, property developers, and gambling companies.
Take a look at some of the exchanges that do not have KYC requirements: 13 Best No KYC Crypto Exchanges in 2023
The research, carried out by Censuswide, involved 500 UK compliance decision-makers aged 18 and above. The survey took place between May 26 and July 2, 2023.
The data show that just over 42% of over-the-counter (OTC) traders have adjusted their compliance procedures since the imposition of sanctions on Russia, following its invasion of Ukraine. Crypto exchanges are doing slightly better, with over 52% adopting additional measures.
But critics will say it is still not enough, and businesses risk putting themselves outside o
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Author: Josh Adams
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