Coinchange reduces manual effort of watchlist screening by more than 70% to accelerate customer onboarding

Coinchange Customer Success Story

Coin Change

Coinchange is a Canadian consumer Fintech company that generates yield for customers through blockchain-based financial instruments.

Coinchange provides earning opportunities with no minimums, no lockups, and no private access to its customers, paving the way to bring “Wall Street to Main Street”.


Maxim Galash

Coinchange CEO

When it came to compliance with money laundering and financial crime, we just did not want to do the bare minimum, we wanted to follow best practices...

The Outcome

KYC2020 demonstrated the power of DecisionIQ,
and Coinchange quickly realized it was vastly superior technology.

Reduced Manual Effort & Overall costs
Faster Onboarding
Lower False Positives

The Challenge

Coinchange Sought the Best in Compliance

We were driven by a compliance philosophy but completely unaware of the friction and hassle the wrong sanction screening tool could create.


In an industry where the vast majority of crypto and blockchain firms are either purposefully evasive of compliance or see it as an unnecessary cost of doing business, Coinchange demonstrated a unique culture of compliance. Following best practices, Coinchange adopted an AML policy that required Fuzzy screening of watchlists beyond just OFAC – from global sanction and Canadian PEP to Regulatory Authority and HIO – they wanted to be an exemplary case of compliance success in their industry.

Coinchange had an incredibly successful product launch in 2022. In fact, their yield products were so appealing that the platform had more than 50,000 registration requests within 10 days of launch. Coinchange quickly realized their existing watchlist screening solution could not keep up with the pace needed to onboard so many new customers. Coinchange’s prior screening service was unable to automate over 60% of client onboarding requests – that is over 30,000 of the fuzzy searches had an average of three name variant matches (‘hits’) per name screened and all required manual review. This meant having to manually clear more than 135,000 hits – a process that would take more than 1,000 person-hours. What made matters worse was that 99% of the hits were being cleared as false positives. The manual process of documenting and storing these false positives was time-consuming and was taking attention away from more important tasks that prevent fraud and financial crime.

When it came to compliance with money laundering and financial crime, we just did not want to do the bare minimum, we wanted to follow best practices...


The Coinchange compliance team was
overwhelmed, and change was needed immediately

The Solution



Screens automated

Unlike traditional score-based screening tools, DecisionIQ uses the power of AI to auto-clear false positives on fuzzy search and deliver real-time screening decisions – which are marked as “PASS”, “FAIL”, or "VERIFY”. Most useful to Coinchange was DecisionIQ’s innovative verifiable auditability, which provides an explainable proof of decision for each screen and ensures total clarity and control

Upon implementing the technology, DecisionIQ automated 47,000 screens and 94% of the client onboarding requests were auto cleared against watchlists. While these results were extremely promising, KYC2020 knew that 3,000 screens would still require manual review, which would have taken too long and might have negatively impacted the customer experience.

A compelling part of the technology is that it provides a proof of decision for every screening decision. We liked this feature because unlike other 'black-box' AI solutions, KYC2020 approach is similar to blockchain concept of transparency via 'proof of work'.



KYC2020’s Rapid Review and Clearing System, solves the slowdown caused by case management systems that are not ‘human factored’ for large volume reviews. RABBIT is equipped with built-in functions for visualizing and processing information at scale and as a result, is a better, faster bulk review system.

… it`s Excel
on Steroids.

Rajeev Bahri CEO, KYC2020


Similarly, the launch of Watchdog in 2022 improved DecisionIQ technology to handle edge cases in AI that result in false positives. Watchdog tech stack is designed around Human Intelligence (HI) and includes a hit pattern recognition system, Contextual AI to predict gender and nationality of names, and a proprietary name relevancy scoring system that is more effective and intuitive than fuzzy scoring. This additional intelligence is used as part of a rule based system to lower the rate of false positives caused by borderline cases that humans can detect better than AI. Watchdog further reduced false positives by 15%, resulting in autoclearing of more than 97% of screens — all of which are supported by a clear proof of work for verifiable auditability.

Within a matter of days Coinchange was able to

Onboard tens of thousands
of new customers

Reduce manual effort by
over 35%

All without compromising on
AML compliance

This partnership was enabled by KYC2020's commitment to Coinchange and their product and Coinchange's commitment to compliance. As Coinchange grows while navigating a constantly changing industry, they will continue to enjoy the reliability and quality KYC2020 delivers in all stages of their expansion.

We were looking for a vendor… we found a partner. All the product enhancement done by KYC2020 to help us succeed is a testament to their commitment to customers.


Discover the DecisionIQ Advantage


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