iFOREX to Pilot 4th AML Directive ‘ready’ iSignthis Ltd (ASX : ISX) Digital KYC service

Company Name: iSignthis

Announcement Date: 26/05/2016
Announcement Category: Contract/Partnership
Announcement Content:

Highlights:
• iSignthis executes pilot agreement with global online CFDs trading platform, iFOREX
• iSignthis Digital KYC service to be made available to German iFOREX customers from mid to late 2016

Cyprus, 24th May 2016 - iSignthis Ltd (ASX : ISX) is pleased to announce that it has entered into a pilot agreement with the industry leader in online trading, iFOREX. iSignthis will integrate with iFOREX to pilot and optimize the ISX Digital KYC service. A successfully optimized pilot will provide iFOREX with a user friendly onboarding system.

The aim of the two month 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”). The 4AMLD is set to come into effect in June 2017 within the EU.

Post successful pilot, and subject to finalisation of contract, the iSignthis service opens up the potential customer market for iFOREX to any of the worlds 3.5Bn financially included persons. The iSignthis service will be able to onboard customers who elect to pay by credit card to iFOREX within minutes.

iFOREX is one of the largest online trading platforms in the industry. Having experienced exponential growth every year, iFOREX have expanded their client base generating mass trading volume and providing vast financial assets to traders located across the globe. Their online trading platform can be easily accessed from mobiles, laptops and tablets which has enabled users to trade whenever they choose, whilst also receiving instant professional support when needed.

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 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 on boarding experience.”

Announcement URL: http://www.asx.com.au/asxpdf/20160525/pdf/437ggf0zkvl1mn.pdf
About iSignthis:

Australian Securities and Frankfurt Stock Exchange listed iSignthis Ltd (ASX : ISX / FRA : TA8) is the only neobank focussed on making business banking simpler. We are the global leader in remote identity verification, payment authentication and payment processing to meet AML/CFT requirements. iSignthis provides an end-to-end on-boarding service for merchants, with unified deposit taking, IBAN accounts, payments, card acquiring and identity service via our Paydentity and ISXPay® solutions.

By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard. We offer global reach to any of the world’s 4.2Bn ‘bank verified’ card or account holders, that can be remotely on-boarded to regulated merchants in as little as 3 to 5 minutes.

iSignthis is the trusted back office solution for regulated entities, allowing our customers to stay ahead of the regulatory curve and focus on growing their core business.

We are a principal of Visa, Mastercard, JCB, ChinaUnionPay and AMEX.

Go to Company Profile for: iSignthis

Announcement Contact: [email protected]