Ensure a frictionless customer experience
LCX, the Liechtenstein Cryptoassets Exchange, is pioneering a blockchain infrastructure bridging the traditional monetary system and the fast-moving trusted technology landscape.
Regula’s invaluable expertise and know-how play a key part at LCX to prevent identity document fraud and deliver a frictionless customer experience.
As a global fintech company, LCX is aiming to provide a range of products and services for the token economy in a regulated and compliant manner. As part of the Liechtenstein Blockchain Act that entered into force in 2020, all fintech companies that provide services in connection with tokens or virtual currencies are subject to money-laundering supervision and responsible for implementing the FATF standards as well as advanced due diligence. These regulations, coupled with the growing digitalization trend in financial services, have placed automated KYC (Know Your Customer) verification at the forefront of LCX’s business agenda and raised the need for a reliable KYC software solution to reduce the risk of illegal practices and ensure compliance with banking regulations.
LCX has partnered with Regula to meet regulatory KYC requirements in accordance with the Liechtenstein Due Diligence Act (DDA). In particular, LCX uses Regula to integrate secure document verification as part of the biometric authentication required to meet regulatory checks when onboarding investors. Regula Document Reader SDK helps capture and extract data from LCX’s client identification documents, allowing the information to be verified to prevent fraud and other kinds of financial crime.
As an integrated part of their KYC automation solution, Regula helped LCX to enhance compliance, reduce fraud and ensure a frictionless customer experience:
- KYC compliance. Regula helps build solutions that comply with KYC requirements without compromising a smooth user experience
- Streamlined client verification. Regula Document Reader SDK allows LCX to recognize client document data in seconds, delivering first-class customer service without any delays.