Morpho Labs, a software company committed to the development of open-source blockchain programs, and Shufti Pro, an AI-powered ID verification service provider, have signed a strategic partnership to perform KYC and AML checks on investors that wanted to fund the company with cryptocurrencies.
With global regulators imposing stringent KYC and AML requirements on the cryptocurrency industry in recent years, effective KYC solutions have become vital for streamlining compliance. AI-powered KYC and AML services delivered by Shufti Pro will assist Morpho Labs in maintaining compliance with regulatory requirements.
Automated ID verification solutions offered by Shufti Pro will monitor Morpho Labs’ investors, assuring the mitigation of financial frauds through cryptocurrencies. Shufti Pro’s AML screening solution verifies the crypto users by screening them against Politically Exposed Person (PEP) lists, global sanctions, and criminal watch lists gathered by regulatory bodies such as FINTRAC, FATF, AUSTRAC along with others. With the help of these services, compliance targets and digital ID fraud prevention will be achieved seamlessly in one go.
“Shufti Pro definitely helped us to perform KYC and AML checks for funds that invested In Morpho Labs with cryptocurrencies” stated CEO of Morpho Labs Paul Frambot.
Commenting on the partnership, the CEO of Shufti Pro, Victor Fredung said, “We are excited to join hands with Morpho Labs in delivering state-of-the-art KYC and AML solutions for the crypto industry. We believe this collaboration will certainly mitigate the risks of identity and monetary fraud for Morpho Labs and will assist them in staying compliant with global KYC and AML requirements”.
AI-based identity verification solution provider Shufti Pro currently offers ongoing AML monitoring and KYC services to more than 500 businesses worldwide, in industries including finance, banking, crypto, and fintech among others. The company has extended its services to 230+ countries and territories and has won various awards owing to an accuracy rate of 98.67%.