Binance Canada, a subsidiary of the world’s largest cryptocurrency exchange Binance, has strengthened its know your customer (KYC) and anti-money laundering (AML) compliance with a new relationship.

Binance Canada, as reported on Tuesday, is collaborating with MinervaAI, an artificial intelligence-powered financial crimes detection and investigation company whose products are used globally in KYC and AML compliance.

AI-powered KYC and AML initiatives

The move comes as the cryptocurrency exchange seeks to improve its standing with Canadian regulatory authorities, and will rely on MinervaAI’s artificial intelligence solutions and risk screening skills to do so.

Binance Canada’s chief AML officer, James Moore, stated:

“Binance Canada has a robust compliance program that incorporates AML efforts and global sanctions principles, as well as tools to preemptively detect suspicious accounts and fraudulent activity. These tools already meet or surpass the tools that are commonly used in traditional financial institutions, and we will utilize Minerva’s state-of-the-art technology to further enhance the strength of our KYC process.”