Crypto trading platform Binance Canada, an affiliate of leading global cryptocurrency exchange Binance, has taken another step towards enhancing its know your customer (KYC) and anti-money laundering (AML) compliance with a new partnership.
As shared with Invezz on Tuesday, Binance Canada is partnering MinervaAI, an artificial intelligence-powered financial crimes detection and investigation provider whose tools are globally utilised in KYC and AML compliance.
AI-driven KYC and AML efforts
The move comes as the crypto exchange looks to bolster its standing with regulatory authorities in Canada, and will tap into MinervaAI’s artificial intelligence solutions and risk screening capabilities to boost that outlook.
James Moore, chief AML officer at Binance Canada said:
“Binance Canada has a robust compliance program that incorporates AML efforts and global sanctions principles, as well as tools to preemptively detect suspicious accounts and fraudulent activity. These tools already meet or surpass the tools that are commonly used in traditional financial institutions, and we will utilise Minerva’s state of the art technology to further enhance the strength of our KYC process.”
Binance embraces regulatory compliance
Binance Canada is currently not registered with any Canadian securities regulator. However, its parent company Binance (BNB/USD) already has applied for registration with the Investment Industry Regulatory Organisation of Canada.
After being in regulatory cross-hairs for much of 2021 and early 2022, amid a broader regulatory crackdown by authorities across the globe, Binance has recently moved to secure various licenses and approvals. These include registrations in European countries such as France, Italy and Spain as it targets further expansion and dominance in a growing crypto industry.
The post Binance Canada partners with MinervaAI to boost compliance effort appeared first on Invezz.
