XM, a European forex broker regulated by UK’s FCA and the Cyprus Securities and Exchange Commission (CySEC) and ASIC, has deployed the Paydentity service for faster customer on-boarding and enhanced due diligence.
Paydentity is an automated identity and payments platform incorporating real time remote verification of end users. It is developed by the Australian company iSignthis and covers UK’s Joint Money Laundering Steering Group (JMLSG) and the EU’s 4th AML Directive (4AMLD) requirements. They stipulate that customers have to be subject to on-going and continuous due diligence, with ongoing Know Your Customer (KYC) and transactional checks for unusual or suspicious activity required on active customer accounts.
This service is currently available only to XM’s clients from the UK and the EU.
For the rest of world, where independent and reliable databases are limited, Paydentity provides the XM group with global reach and access to over 3.5billion ‘bank verified’ potential customers, optimizing customer on-boarding and conversions with marketing campaigns.
XM, formerly known as XEMarkets, is a trading brand of Trading Point Holdings. The broker is licensed by the Cyprus Securities and Exchange Commission (CySEC), the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). It is also registered with Germany’s BaFin and is compliant with with the Markets in Financial Instruments Directive (MiFID) of the European Union.
The brokerage is based in Cyprus, but also has offices in Hungary and Greece. It is mostly active in some EU countries, Russia and some of the Asia-Pacific countries. It claims it has more than 700 000 clients.
XM offers trading in forex and CFDs on indices, commodities, energies and precious metals and a leverage of up to 1:888.
iSignthis is a developer of identity proofing. The ISXPay identity and payments solution is an EU licensed eMoney Monetary Financial Institution by the Central Bank of Cyprus and a payment facilitator partner of the National Australia Bank.