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Regula Forensics secure document verification deployed for crypto exchange KYC and onboarding


identity document and smartphone

The Liechtenstein Cryptoassets Exchange (LCX) has partnered with Regula Forensics to integrate secure document verification as part of biometric authentication required to meet regulatory checks when onboarding investors.

LCX and Regula have formalized the partnership by signing a memorandum of understanding.

“Regula’s invaluable expertise and know-how play a key part at LCX to prevent identity document fraud and deliver a frictionless customer experience,” said Monty Metzger, founder and CEO of LCX.

According to the contract, LCX will utilize Regula’s digital forensic technology in accordance with regulations for know-your-customer (KYC) requirements and the Due Diligence Act (DDA) of Liechtenstein.

Regula has been on the market for over 25 years, and currently has around 70 partners around the world.

“International collaboration with key players in leading industries has always been Regula’s major value and strength,” said Regula Forensics CEO Ivan Shumsky.

Regula specializes in diverse categories of document verification products, including magnifiers and combined devices, multifunctional equipment for forensic analysis, and more.

The company’s solutions have so far been integrated into LCX’s investor onboarding process for LCX Terminal users, and the Exchange said that with the fulfillment of the partnership, Regula’s technologies will also be utilized by investors in digital securities and tokenized assets.

Under the Liechtenstein Blockchain Act, which came into force this year, all fintech companies providing tokens or virtual currencies will be subject to money-laundering supervision and required to implement FATF standards and advanced due diligence.

“Cryptocurrency market is trending and engaging more and more expert companies to develop this industry further,” Shumsky explained.

“Regula is proud to be trusted by leading fintech companies and be a part of cutting-edge solutions – such as LCX Terminal, which undoubtedly will contribute to the market progress.”

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