iDenfy and 5 Star Jets have collaborated to incorporate identity verification and Anti-Money Laundering (AML) screening into the private aviation firm’s cryptocurrency payment system.
This integration merges iDenfy’s identity verification and AML screening tools with 5 Star Jets’ client onboarding and payment processes, supporting over 1,000 digital assets.
Solving compliance in high-value crypto transactions
The private aviation industry is experiencing greater regulatory attention as digital assets gain traction for high-value payments. Historically, accepting cryptocurrency payments has posed challenges due to concerns about anonymity and compliance, which have been obstacles when dealing with traditional banking partners. 5 Star Jets collaborates with top-tier financial institutions and needed a verification solution that aligns with their stringent compliance requirements while ensuring an uninterrupted client experience.
Guided by EU AML regulations and the Financial Action Task Force (FATF) guidelines for high-value dealers, operators who accept digital asset payments are required to perform rigorous customer due diligence. Considering this, iDenfy’s solution is tailored to meet both regulatory compliance and a seamless onboarding process.
The integrated system acts as the initial screening layer of 5 Star Jets’ crypto payment platform. Every client funding a flight or aircraft purchase with digital assets undergoes real-time checks against global watchlists.
Features and verification scope
The official press release highlights that iDenfy’s identity verification platform can recognize over 3,000 document types across more than 200 countries and territories. The system includes facial recognition with deepfake detection and analysis of altered images. In-house verification experts support these features. Additionally, the solution is designed to integrate seamlessly into existing payment systems without necessitating substantial technical modifications from the client side. The pricing model only applies charges for approved verifications, while rejected or incomplete checks are excluded from billing.
5 Star Jets is also nearing the launch of a Jet Card program entirely funded with digital assets, intended to operate globally on an ongoing basis.
