Australia based iSignthis Ltd (ASX : ISX) announced today that it has entered into a pilot agreement with online broker, iFOREX. iSignthis will integrate with iFOREX to pilot and optimize the ISX Digital KYC service. A successfully optimized pilot aims to provide iFOREX with a user friendly onboarding system. Per the announcement, the program will start with iFOREX German clients starting in mid to late 2016.
The aim of the pilot is to optimize the iSignthis service, and to demonstrate compliance to the stringent requirements of CySEC and the EU’s 4th AML Directive (4AMLD), which is set to come into effect in June 2017 within the EU.
Post successful pilot, and subject to finalisation of contract, the iSignthis service will open up the potential customer market for iFOREX. The iSignthis service will be able to onboard customers who elect to pay by credit card to iFOREX within minutes.
iSignthis Managing Director John Karantzis said:
“We are excited to be piloting our recently released 4AMLD customer due diligence KYC solution with industry leader, iFOREX. Noting that both the 4AMLD and PSD2 (Payment Services Directive) are now visible on the horizon, we are delighted by the foresight shown by iFOREX to solve the challenges associated with 4AMLD and PSD2 ahead of time, and offer their customers a seamless, quick and low friction onboarding experience.”
For details on the European Union Fourth Anti-Money Laundering Directive click here.