25/04/2023 Alexander

Problems in crypto world corporate onboarding

I thought it would be beneficial for you to see some of the growing problems in the #crypto / #NFT / #DEFI world with #AML/CFT and onboarding, especially corporate onboarding.
— Pawel Kuskowski, CEO of Gatenox

3-4 months – time needed to onboard a corporate client to any main exchanges

DEFI/DEX without any solution

90% of corporate customers lost during the onboarding process

Wrong tools – Variety of tools implemented – some companies use Jira / Hubspot / Pipedrive etc to manage very sensitive data

Third parties access to the data and no proper disclosure to the user – breach of data protection laws in many cases

Lack of talent – it is estimated that at least 3 times more people are needed with relevant skills in the compliance / AML / KYC departments – unless automated.

No proper training – I don’t see anything that I can recommend at the moment