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LCX Enhances KYC Compliance and Reduces Fraud with Regula Forensics Solution

LCX, the Liechtenstein Cryptoassets Exchange, is pioneering a blockchain infrastructure bridging the traditional monetary system and the fast-moving trusted technology landscape.
LCX.com is a fintech company that focuses on tokenization of assets, utility and security token offerings and advanced trading tools.
Goals
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 digitalisation trend in financial services, have placed automated KYC (Know Your Client) 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.
Solution
LCX has partnered with Regula's digital forensic technology 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 to 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.


Results
As an integrated part of the KYC automation solution, Regula helped LCX to enhance compliance, reduce fraud and ensure a frictionless customer experience:
KYC compliance.
Regula helps to build solutions that comply with KYC requirements without compromising smooth user experience.
Streamlined client verification.
Regula's Document Reader allows LCX to recognize client document data in seconds, delivering first-class customer service without any delay.
"Regula's invaluable expertise and know-how play a key part at LCX to prevent identity document fraud and deliver a frictionless customer experience."
Discover how Regula can help you optimize your KYC automation needs and provide your business with a secure and efficient solution!
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