Everus welcomes Malaysia’s central bank’s measures to prevent cryptocurrency fraud, implements KYC in anticipation of AML/CFT legislation

Following the Malaysian central bank’s (BNM) tightening of measures to prevent the misuse of cryptocurrencies for money laundering and terrorist financing in 2018, Everus Technologies Sdn Bhd has plans to help it comply, starting with preliminary multi-layered “know your customer” (KYC) verification of cryptocurrency wallets.

Recent news headlines suggest that Malaysians can expect cryptocurrencies to play an active role in the economic ecosystem in the near future. Tan Sri Muhammad Ibrahim, Governor of Bank Negara Malaysia, recently commented: “In early 2018, Bank Negara Malaysia will designate persons who exchange cryptocurrencies for fiat currency as reporting entities under the Anti-Money Laundering, Counter-Terrorist Financing and Proceeds of Unlawful Activities Act (AMLA) 2001. This is to prevent misuse of the system for criminal and illegal activities and ensure the stability and integrity of the financial system.”

While it seems likely that a regulated environment could call into question the very nature of cryptocurrencies, it could be a catalyst for faster adoption by mainstream users.

Srinivas Odati, CEO, Everus Technologies

As a new era of decentralized currency emerges in the financial world, it is important that the great benefits and potential of cryptocurrencies and their underlying blockchain technology are not overshadowed by those who seek to use these platforms for criminal or subversive activities.

Speaking at Everus Technologies headquarters in Kuala Lumpur, Malaysia, Everus CEO Srinivas Odati praised the central bank’s objectives and acknowledged the role of regulatory action in the adoption of cryptocurrencies and other financial innovations.

“While a regulated environment may be counter to the very nature of cryptocurrencies, it is a catalyst for faster adoption by mass users. Putting in place safeguards against money laundering, terrorist financing, and other potential threats to the integrity of this powerful technology allows the masses to enjoy its benefits with less anxiety and fear,” he said.

Odatti also hinted that Everus is already developing a “user rewards” feature for the EVR crypto wallet in anticipation of BNM’s regulatory approval of the cryptocurrency and exchange. “A gamification model in the upcoming Everus World app will encourage users to verify the information they have submitted for KYC. We are happy to assist with compliance and will strive to provide a safe, transparent and enjoyable crypto experience for our users,” he said.

Malaysia, where Everus is based, is one of the few Asian countries that have begun implementing digital currencies and has made great strides. AML/CFT implementation entails preventative measures such as conducting risk assessments, applying customer due diligence, filing suspicious transaction reports (STRs), cash threshold reports, and maintaining and storing transaction records.

Odatti concluded his statement by reaffirming that Everus Technologies is committed to playing its part by taking the necessary steps to help central banks mitigate, identify and prevent cases of technology misuse.

Source: Everus Technologies


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