Baanx partners with HooYu to strenghten KYC processes

Leading customer onboarding and KYC technology firm, HooYu, has been deployed by mobile crypto and fiat specialist Baanx. The HooYu Identify KYC journey has been selected to provide identity verification for the onboarding of new customers.

Baanx is a mobile cryptocurrency platform and the team at Baanx are continually looking to improve how their products work for their customers and that they are easy to apply for and manage.  Baanx have decided to implement an ID document validation solution that would speed up KYC and customer onboarding, whilst also improving the customer experience.

Baanx’s implementation of HooYu Identify comes as the new Money Laundering and Terrorist Financing (Amendment) Regulations 2019 have come into effect. One of the major updates in this regulation brings crypto businesses into the scope of the anti-money laundering regulatory framework meaning that crypto wallets & exchanges are now required to carry out Customer Due Diligence.

Garth Howat, CEO at Baanx commented, “It’s important that as the crypto industry matures and scales, that we all adhere to KYC regulation. That said, we haven’t chosen HooYu solely to help us comply with the money laundering regulations, HooYu also helps us to curate a smooth KYC journey and improve our onboarding success rates”.

David Pope, Marketing Director at HooYu said, “It’s been great to see the results of Baanx implementing the HooYu digital KYC journey and how the HooYu UI and UX tools are helping their customers though the KYC process whilst helping meet KYC regulations.”