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Author Topic: The importance of KYC/AML solutions such as KYCbench  (Read 866 times)

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The importance of KYC/AML solutions such as KYCbench
« on: September 20, 2018, 07:31:39 AM »
For blockchain related projects, KYCbench is built to fulfill the requirements of the GDPR and to comply to ISO27001 in handling and storing personal data for ICO whitelisting. For non blockchain related companies where other regulatory requirements apply, KYCbench works with each client to establish a tailored and customized solution which would allow their own KYC processing requirements to be applied with a state of the art KYC processing platform.

Legislators all over the world are beginning to look into ways to regulate the cryptocurrency world and ICOs. Regulators have yet to create a uniformed approach to regulating the cryptocurrency space. This brings much uncertainty to the industry.

Unfortunately with the current lack of regulatory certainty this means that many people who want to invest in an ICO for its utility (to disrupt/improve current industries) feel as though they are at risk of appearing as money launderers, criminals etc. As national legislators look to create balance between protecting investors from scams and not limiting them from investing, ICOs should also take the initiative to insure they are not putting their investors at risk. While national legislation has been often absent and unclear, (KYC) which is KNOW YOUR CUSTOMER is a big concept widely known in global finance.

ICO providers need to know vital information about their investors or risk regulatory scrutiny. While the development of blockchain has been based on the belief to free people from the domination of governments and banking monopolies, it doesn’t change the fact that trading parties have a legitimate interest to know some certain information about their counterparty. ICO’s need to know if their investors have for example, links to terrorism and organised crime.

Regulation for ICO’s worldwide has been a large focus in the last 6-12 months and KYC (know your customer) is now in fact becoming a requirement of many ICO’s to ensure the right investors can legally participate in ICO’s.

KYCbench recognizes the need to provide regulatory clarity to help the ecosystem develop. If blockchain projects want to receive mainstream adoption they need to work within framework that is approved of, in the traditional financial investing sector. With so much to consider in the regulatory landscape let KYCbench provide clarity.

The KYCbench team has collective experience in compliance legal KYC/AML, finance, banking and business management so allow KYCbench to provide clarity in this highly problematic field.

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