AutoCoinCars is a UK based car dealership, pioneering a seamless off-ramp service that allows customers to purchase using their digital assets. Truly giving a real-world usage for cryptocurrency.

AutoCoinCars.com is Europe’s biggest automotive marketplace and has been selling cars in cryptocurrency for more than five years. During that time, it has grown to become the largest marketplace in crypto space. The site connects cryptocurrency purchasers with a network of more than 800 dealers and an inventory of more than 42,000 vehicles.

The Brief

AutoCoinCars founder Mustansar Iqbal believes that crypto’s much publicised links to cybercriminals should not prevent it from being used properly by valid holders of the currency.

Mustansar wanted the cryptocurrency platform to lead the way in being fully compliant so that the site’s customers and dealers could have confidence in their transactions and AutoCoinCars could carry out full due diligence checks on its customers and dealers. However, the site had to overcome the many barriers for cryptocurrency holders trying to spend what is a legitimate monetary asset.

As well as know your customer (KYC) and know your business checks (KYB), AutoCoinCars needed to be able to carry out ultimate beneficial owner checks on potential purchasers. And it wanted to be able to re-confirm the identity of purchasers when they collected the car from the dealer.

Finally, AutoCoinCars needed an AML solution with an open API so that its compliance solution could be integrated into the online platform.

The Solution

Having integrated SmartSearch with an open API, AutoCoinCars were able to enhance their compliance solution quickly and efficiently.

The UK individual check, performed in just a few clicks is now embedded into their day-to-day processes, automatically triggering enhanced due diligence to confirm a “False Alert” has been made, saving the business major time and money.

Ongoing monitoring was also a challenge for AutoCoinCars, however SmartSearch’s daily monitoring service has provided peace of mind that their compliance is taken care of so they can focus on other aspects of their business.

The Results

SmartSearch’s award-winning technology has helped to remove the many barriers faced by AutoCoinCars cryptocurrency customers.

The confluence of the two pioneering technologies allows AutoCoinCars to remain compliant and accept a range of genuine cryptocurrencies, mainly from virtual asset service providers but also from unhosted wallets.

SmartSearch’s almost instant electronic verification checks allow AutoCoinCars to know and understand the customers and businesses they are dealing with. The checks also give the reassurance that customers and dealers need - and help AutoCoinCars to settle balances faster than those involving a debit or credit card transaction.

And the platform is investigating the possibility of using SmartSearch’s biometric technology for a final proof of identity of purchasers when they collect their new vehicles. AutoCoinCars founder Mustansar Iqbal says he would not hesitate to recommend SmartSearch, which he says has helped to protect his company from criminality in what is a high-risk industry.