Web3 Enabler’s products integrate crypto AML in Salesforce, the world’s leading customer relationship management (CRM) status.
Recent Lawsuit Over a Pig Butchering Scam
According to a recent Cointelegraph article, Ken Liem, a California resident is suing three Asia-based banks over allegations they failed to conduct basic checks, which could have prevented crypto scammers from defrauding him of nearly $1 million.
The scammers defrauded Liem by using a technique called “pig butchering”, which involves building a trusting relationship with victims, in order to manipulate them into investing large sums of money, usually in the form of cryptocurrency payments.
An Overview of the AML Requirements Landscape
- Know Your Customer (KYC): These are checks that verify a customer’s identity and assess their risk levels.
- Know Your Transaction (KYT): KYT refers to a process that financial institutions use to monitor and verify financial transactions.
- Know Your Business (KYB): These checks verify a business’s identity, ownership, and financial stability.
Crypto AML in Salesforce
We at Web3 Enabler integrate compliance checks into our leading Blockchain Payments product. We streamline these processes directly in leading enterprise systems, such as Salesforce, the world’s leading customer relationship management (CRM) software.
Our BitRank Verified brings risk real-time compliance monitoring and risk scoring to automated workflows for our users.
