ChainBytes LLC, a Bitcoin ATM manufacturer, has partnered with BTM Compliance LLC to improve anti-money laundering/know-your-customer processes for Bitcoin ATMs. The companies aim to study and recommend processes to improve data management, transaction monitoring and compliance with AML/KYC regulations, according to a press release.
By following these regulations, Bitcoin ATM operators can help prevent money laundering, fraud and other illicit activities.
“Bitcoin ATMs are an important onramp for millions of retail customers wanting to get involved in the Bitcoin and cryptocurrency space. Improving fraud protection and AML/KYC best-practices are key to keeping Bitcoin ATMs safe, secure and accessible to legitimate consumers,” Eric Grill, CEO of ChainBytes, said in the release.