How a Swiss VASP scaled from 4,000 to 45,000 verified users with automated identity and business verification — closing every FINMA-flagged gap without rebuilding its onboarding stack.
After Switzerland's FATF grey-listing, FINMA intensified VASP supervision. CryptoVault received a pre-inspection questionnaire flagging three gaps with an eight-week remediation window: structured per-customer audit trails, documented ongoing AML monitoring, and UBO mapping for corporate accounts.
Its manual process couldn't meet the bar — 18 compliance hours/week, a 42% drop-off in scheduled video-ID onboarding, evidence scattered across email, no rescreening after onboarding, and KYB built from hand-assembled registry extracts and spreadsheets (4.5+ days per entity).
VerfiX replaced the entire flow with two REST endpoints — KYC and KYB — plus a webhook receiver for monitoring alerts. No schema change, no platform rebuild. Live in 72 hours.
Document capture → MRZ & NFC chip validation → face match + ISO 30107-3 liveness → AML → Trust Score.
Company UID → live registry extract → ownership mapping → UBOs above 25% auto-routed to KYC.
Multi-tier structures (e.g. Cayman holdco) handled by a guided document workflow.
Daily SECO/UN/PEP + weekly OFAC/EU rescans of the whole base, with webhook alerts.
For Swiss ePassport holders, NFC chip reading elevated verification to eIDAS High — exceeding FINMA Circular 2016/7 minimums — with an immutable JSON audit record per verification.
"The audit-trail quality from VerfiX was the strongest we have seen from a VASP of this size. The ongoing-monitoring evidence was exactly the format we would design ourselves for an ideal AML programme."— FINMA-mandated external auditor (illustrative)
| Metric | Before | After VerfiX |
|---|---|---|
| KYC completion rate | 58% | 91% |
| Auto-approval rate | — | 97% |
| Compliance time / KYC case | 22 min | 0–6 min |
| KYB completion (Swiss entity) | 4.5 days | 2.1 days |
| Ongoing monitoring | None | Daily / weekly rescans |
API-first KYC + KYB + ongoing monitoring, deployable in days.