Redotpay, a cryptocurrency payment company, has announced the enhancement of its Know Your Customer (KYC) and Anti-Money Laundering (AML) screening capabilities through the integration of the London Stock Exchange Group’s (LSEG) World-Check Intelligence platform.

The company aims to simplify and streamline payments, offering secure and efficient solutions to individuals and businesses globally. By incorporating LSEG’s compliance intelligence solution, Redotpay seeks to bolster its KYC/AML processes, ensuring compliance with regulatory requirements and mitigating risks associated with financial transactions.

Redotpay CEO and co-founder Michael Gao said: “We are thrilled to integrate LSEG’s World-Check Intelligence into our KYC/AML screening processes.

“This collaboration underscores our commitment to maintaining the highest standards of compliance and security. By harnessing the power of LSEG’s renowned risk intelligence, we can improve our customer’s onboarding experience and ensure the integrity of our payment ecosystem.”

LSEG’s World-Check Intelligence provides a comprehensive database that includes risk intelligence on sanctions, politically exposed persons (PEPs), and other high-risk individuals and entities. This integration will enhance Redotpay’s ability to identify potential risks more quickly and accurately, improving overall customer due diligence.

LSEG Asia Pacific risk intelligence director Michael Meadon said: “Integrating our World-Check One platform into Redotpay’s KYC/AML processes confirms our dedication to providing top-tier compliance solutions. This enhancement will enable Redotpay to speed up onboarding, elevate their due diligence and screening and ensure robust regulatory compliance.”

Redotpay, which is based in Hong Kong, aims to enable the use of cryptocurrencies in everyday transactions, akin to fiat currencies, and to reduce transaction costs through blockchain technology. The company also has an objective to provide financial services to the unbanked and promote financial inclusion and economic prosperity.