The peer-to-peer bitcoin marketplace Paxful announced today, April 2, 2019, that it’s introducing AI-powered identity verification to help improve know-your-customer (KYC) and anti-money laundering (AML) procedures on the platform.

Teaming up with Jumio, a digital identity and address verification company, Paxful is hoping that this added verification will help to minimize fraud risk.

Speaking to Bitcoin Magazine, Ray Youssef, co-founder and CEO of Paxful, said that the platform was already emphasizing account verification as a way to prevent fraud.

“Prior to implementing Jumio, we had a zero-tolerance system for scammers, fraud and any other illicit financial crime,” Youssef explained. “We required all customers to verify their accounts through email and phone verification [and] we encouraged them to use two-factor authentication for added protection to their account.”

But with the aid of Jumio, the platform will be capable of improving its KYC and AML procedures and compliance program in every operating country…

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