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X1 Selects Resistant AI’s Document Forensics Solution to Maximise Efficiency and Accuracy of AML Checks Across its Cryptocurrency Trading Platform
Resistant AI, the AI and machine learning financial crime prevention specialists, has announced that X1, a cryptocurrency trading platform, has selected Resistant AI’s Document Forensics solution to increase the efficiency and accuracy of its Source of Funds (SOF) and Proof of Address (POA) checks, a statutory obligation under EU Anti-Money Laundering regulations. As a result of the implementation, the time required to carry out document authentication processes will be reduced from days to just seconds.
X1 is an innovative cryptocurrency exchange platform designed to service both novice and experienced traders alike. With their previous manual SOF and POA checks creating bottlenecks in crucial customer onboarding processes, X1 is implementing the Document Forensics solution to increase efficiency, help them scale more effectively as they grow, and widen their ability to detect unknown fraud that can evade checks carried out by the naked eye.
Resistant AI’s Document Forensics technology is a proven solution that verifies the authenticity of digital documents with machine learning. Each document goes through a layered analysis to provide clear, substantiated verdicts in just a few seconds, giving X1 the ability to find modifications in digital documents, images and scans, and print-and-rescan modifications.
“X1 is a highly successful and rapidly expanding leader in the cryptocurrency industry and, as such, needs to meet its AML requirements while also providing customers with a quick and efficient process,” explained Martin Rehak, CEO and Founder of Resistant AI. “By implementing our Document Forensics solution, they can deliver on both those objectives while also putting them in an ideal position to scale their offering for the high levels of growth they expect to see in the years to come.”
“Document Forensics enables us to deliver on our mission-critical compliance and customer service objectives,” said Radislav Stanev, the Director of X1. “In addition, the time to value is extremely rapid, not only because of the significant efficiency gains it offers, but it also enables our in-house team to apply their experience and expertise to more complex and demanding processes.”
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