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Messages - KYCbench

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Politics, society / What are the legitimate ICOs currently on the market?
« on: November 10, 2018, 03:25:33 AM »

Companies that are looking to complete an ICO have an incredible task of performing their due diligence on their investors. To realize how significant performing due diligence is, imagine a scenario where an ICO has raised funds and is about to reach the end of its crowdfunding successfully. The project is solving a real world problem, there is mass appeal and strong partnerships already announced. The company executives are rejoicing and the bottles are popping. Plans are being made on the upcoming tasks of managing the funds, assignment of workloads, new employees to interview etc.

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Right at that moment imagine now the SEC (or any other governmental regulatory enforcement body) serves a Cease and Desist order on that ICO because of a lack of KYC (Know Your Customer) and AML (Anti Money Laundering) processing. This is the nightmare all ICO owners face if they do not perform their regulatory due diligence when crowdfunding. As one of the gatekeepers for ICOs, KYCbench works to ensure that ICOs can appropriately process their investors data and documents in a safe secure and private way. ICOs do not have access to the personal data of their investors and investors know their information is secured up to the industry standard (ISO27001 and GDPR compliant). So in the future a legitimate ICO is one that takes the necessary steps to ensure that their ICO will stand the test of time and the test of regulatory compliance.

KYCbench, your reliable KYC partner
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Politics, society / Crypto- industry regulations in Russia
« on: November 10, 2018, 03:20:15 AM »
The orders of the Russian president to the government and the Central Bank to introduce the concept of “crypto-currency” into Russian legislation, given in October 2017, sparked optimism in the crypto community. However, the bill prepared by the Central Bank and the ministries is based on the false belief that it is possible to regulate crypto-economy as a new oil and gas field: impose restrictions on raising funds, motivating it with concern for future deceived investors, while removing restrictions for foreign investors.
For example, it is proposed to introduce taxation for miners, although mining is a process of generating program codes (crypto-currency), and if it does not exchange for classical (fiat) money, it is impossible to tax the process of mining with taxes. Taxation can only be a process of exchanging crypto-currency for fiat money. It is for this that the race of regulators is going on all over the world. The one who will offer the best conditions for this, meeting the requirements of anti-laundering legislation, will also collect financial and intellectual capital of the new digital economy in his country.
[/color]In addition, it is necessary to understand that mining is not so much a process of producing crypto-currencies, but rather a support for the operation of block-chain chains around the world. The country that will provide the best conditions for mining, for example, will gather 30-40% of its capacity, will receive a strategic win. A transaction can be initiated from anywhere in the world, but the provision of a chain lock depends on the resources of a particular country, not only about cheap electricity, but also about good laws. The country that will maximize this process will win. In the world, there is a flow of miners from China to Canada, the United States, Japan and South Korea. Russia is still losing this competition, although electricity is cheaper. Chinese miners often want to work in Russia, but they are stopped by the lack of clear rules and guarantees. Industrial mining could load our energy capacities, additional budget revenues and substantial investments in regions where there is a shortage of highly qualified jobs.
[/color]Russian Opportunities
[/color]A positive example of the regulation of the new sector of the economy is given by Belarus, where the decree “On the development of the digital economy”, defining the conditions for crypto-investors and the long-term responsibilities of the government, was issued. Physical persons in Belarus got the right to extract, store, exchange, buy, bequeathed and give to the crypto currency, and also engage in mining, which is not classified as an entrepreneurial activity and does not require a special license.
[/color]Russia could go the same way: to allocate several special economic zones, and enable them to create digital territories by the same rules. And create the appropriate infrastructure, of course, under the supervision of the Central Bank and with the participation of the Ministry of Finance.
[/color]Precedents for such solutions in the world already exist: Malta, Switzerland, Cyprus, Singapore, Estonia. These special digital territories do not presuppose the participation of crypto-economics in domestic life, but they will allow investors from all over the world to transfer their operations to them and pay taxes fairly, taking into account all requirements of anti-laundering legislation.
[/color]The problem of anonymity, which is so worried about the state, is solved very simply – by passing the authentication procedures of KYC by the owners of wallets, which in general is already an everyday practice for the crypto industry. KYCBench is one of the largest KYC players today, which is trusted not only due to compliance to the latest personal data protection regulations, but due to security and reliability in terms of anti-money laundering.
[/color]The introduction of a smart tax (automatically paid) when transferring crypto assets into classical money, for example at a rate of 5%, would be extremely positively received throughout the world and would make Russia the most attractive jurisdiction for crypto entrepreneurs.
[/color]There is only one way for Russia – to run twice as fast. Because Cryptoeconomy is primarily people. And if something does not suit them, they will just scatter around the world. Competences and technological projects will be developed, but not in the Russian jurisdiction.
[/color]KYCbench, your reliable KYC partner
[/color]GDPR & ISO/IEC 27001:2013 compliantPlease contact KYCbench today, the most reliable ID verification processor at: contact@KYCbench.comJoin our Telegram Groups:
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[/size][/color]KYCBench Community

Politics, society / 4 Reasons why you should consider KYCbench
« on: November 10, 2018, 03:14:03 AM »
Here are 4 reasons why KYCbench should be considered by any project that is looking to raise funds as an ICO or CDE are as follows.
[/size]GDPR and ISO 27001 Compliance,  KYCbench understands the need to protect personal data and has been preparing for the GDPR for the last 6 to 8 months.  KYCbench also recognizes that if ICO’s and CDE’s do not comply with the GDPR and ISO 27001 that not only can they personally be held liable but also it will have a negative impact on the entire blockchain ecosystem. The media is quick to showcase blockchain projects that get shut down by a regulatory body and this may have a short term effect on price of cryptocurrencies as a whole (especially if the ICO has raised substantial amount of money) and long term investors may be hesitant to invest more in good ICO/CDE projects.[/color]
[/size]Join our Telegram Groups: KYCBench Announcement | KYCBench Community[/size]
[/size]Why KYCbench’s solutionCryptocurrency exchange platforms are starting to exclude some cryptocurrencies that have not properly implemented the KYC processes. Not running these checks poses a great risk to a project long term. Just recently the Financial Times had reported that the Exchange-backed GDAX says that it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”.[/color]
[/size]Future ICO projectsAs noted by CCN cryptocurrency exchange platforms are starting to exclude cryptocurrencies that have not implemented KYC due diligence procedures. CCN also mentioned how an ICO called protostarr was shut down. Due to incorrect KYC procedures (amongst other issues). In protostarr’s case funds needed to be returned to investors[/color]
[/size]Blockchain projects and the banking sectorUntil a regulatory framework is created banks will continue to be hesitant to consider ICO funded projects as legitimate investments for their clients. By at least showing GDPR and ISO 27001 compliance projects that receive funds through the ICO funding process can at least show they are aware of the need to be somewhat regulated and this can only be a positive improvement for the ecosystem.[/color]
[/size]KYCbench provides a customized solution which can be plugged in to an existing ICO’s website or an ICO can register and its users and investors can login directly through the KYCbench’s platform. KYCbench’s platform has been designed on GDPR and ISO 27001 requirements. KYCbench strives to be the main go to platform for all parties to ensure KYC procedures are met with limiting the risk of any complications for the ICO providers and ICO investors into any particular fund raising project.[/color]
[/size]KYCbench has worked on ensuring that the services offered are easy to access, safe and are always complaint to regulatory needs. If you are an ICO that requires KYC/AML checks or you are an investor that is looking to process your personal data to be vetted for a project feel free to contact KYCbench. KYCbench provides 24h support via telegram where you can let KYCbench know your requirements.[/color]
[/size]KYCbench, your reliable KYC partnerwww.kycbench.comGDPR & ISO/IEC 27001:2013 compliant[/size]
[/size]Please contact KYCbench today, the most reliable ID verification processor at: contact[b]@[url=;u=19590]KYCbench[/url][/b].com[/size]
[/size]Join our Telegram Groups:KYCBench AnnouncementKYCBench Community[/size]

Politics, society / News in the Crypto industry – Telegram passport
« on: October 28, 2018, 09:47:08 PM »

Telegram messenger announced in their blog a launch of a cloud-based service for verification and storage of users documents in July 2018. Users will be able to upload their documents to the cloud with end-to-end encryption and have them always at hand.

As explained by the developers, Telegram Passport is a single way of authorization for services that require identification. Before that, users had to enter their personal data every time while registering and entering new applications and with new function from Telegram this will be allowed at a time. To do this, the Telegram Passport service will be able to upload your data – photos, scans of documents, information about bankcards, and then share this data with various Internet services that require confirmation of identity.

Telegram assures that all documents and personal data will be stored in the messenger’s cloud using end-to-end encryption.

“For Telegram, this data is just a random set of words, and we will not have access to the information that you keep in your Telegram Passport. When you share your data, it will be transferred directly to the recipient. <…> In the future, all Telegram Passport data will be moved to a decentralized cloud”, the developers said in an announcement.

Telegram now has a lot of information about its users’ preferences and about their phones, but it’s difficult to actually identify the user. If the so-called digital profile will be applied (with personal data, address, name), they will grow in price by times.

However, the data that users provide about themself will not be reliable enough, and for most services, information verification will be required. Therefore, most likely, Telegram Passport will come in handy as a niche product for ICO, since the fact of identification of the owner’s identity is important there.

➡️ Read our article to learn more!!

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GDPR & ISO/IEC 27001:2013 compliant

The creation of new digital economy has two components: the modernisation of the existing “analog” economy, and the construction of a fundamentally new “crypto-economy”, which is based on new digital products and assets. Its manifestations are not only the beginning of payments in crypto-currencies or the receipt of investments using ICO procedures as a form of crowd-funding, but also the generation by telecommunication companies, social networks or search engines of new digital profiles of subscribers that do not fall under the current law on personal data.
If in the former case there is an established system of law, then in the second – the world has to create it anew, starting with a single glossary and ending with civil-law relations. It is for this reason that the head of the IMF Christine Lagarde, who can hardly be called a proponent of the distribution of crypto currency, called for regulating this industry systematically and without excessive rigidity. And this was one of the main results of the meeting of finance ministers and heads of G20 central banks in Buenos Aires. World regulators already recognize crypto assets, but still hesitate to call them money.

The pace of development of crypto-economics amazes and overturns all forecasts about the next speculative soap bubble. The volatility of the crypto currency, which we observe, is a common occurrence for newly emerging industries. Recall how through the ups, downs and at some point the cleaning up of excess garbage was born the world IT industry, as appeared Apple, Amazon, Google.

With the advent of blocking technology and digital assets, this industry is moving into a new quality. It is enough to look at the growth in the number of projects and investments in blockchain over the past three years.

️ Read our article to learn more!!

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5th Anti-Money Laundering Directive was recently adopted in the European Union. Accordingly to this directive crypto currency exchange platforms and wallet providers are regulated within the EU by anti-money laundering (AML) rules, including know-your-customer (KYC) requirements and reporting obligations for suspicious transactions. 5AMLD entered into force on July 9, 2018, and all EU-member states must implement its provisions in their national law by January 10, 2020.
In July 2018, Cipher Trace published a report stating that crypto currency exchange theft in the first half of 2018 was three times higher for all of 2017, with a total of $1.5 billion in crypto currencies predicted to be lost to cyber-hacks by the end of 2018. According to the report, this increase in theft tripled the amount of crypto currency money laundering. The report was released just after another major exchange hack, the $31 million theft from South Korea’s Bithumb, and right before the recent hack of $13.5 million from Switzerland’s Bancor.
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Politics, society / Once a PEP remains a PEP forever?
« on: October 24, 2018, 04:28:58 AM »
      A PEP is an individual with a prominent public role in a government body or international organisation. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. Immediate family members and close associates of the PEP are also PEPs.
What happens when PEPs retire?
In the UK they are de-PEPped after being out of power for a year, while in Guernsey and some other places, they remain a PEP forever. And because the PEP definition includes grandchildren, strictly speaking they should be considered PEPs forever too.
In theory, money stolen or accepted in bribes by a corrupt PEP remains dirty forever – even when bequeathed to his heirs. So perhaps it makes sense to consider PEPs and the next two generations to be high risk and subject to enhanced due diligence forever.
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Everyone who hunts for airdrops and bounties knows the feeling. You sign up to website newspapers, join multiple Twitter/Facebook/Telegram channels, chat with bots, write articles and then the airdrop ends. A month or two goes by and suddenly (if you noticed the telegram announcement amongst the hundreds of Telegram Groups) you are asked to perform KYC through a rushed website with a simple buggy form.

You have completed already all the tasks asked of you, spent so much of your time and now you need to trust a quickly thrown together website as the ICOs owners only realized last minute it had to perform the airdrops KYC.

It can be more than frustrating to be filling out further forms, submitting documents to projects you may believe in, but whether you can trust their server’s security is another point entirely. Unfortunately we know that there is a very large number of ICOs disappearing but does your information just disappear as well?

KYC and AML regulatory procedures are important to follow because they ensure that the crowdfunding process is free of bad actors. It may scream against every libertarian / anarchistic vein in your body to identify yourself to a third party but unless this is done, bad actors will be using ICOs to launder money and therefore permanently stain the entire blockchain industries reputation.

KYCbench can help ICOs and airdrop crypto treasure collectors like you by providing a platform that is easy to use, secure and private. ICOs can leave the work to the professionally trained staff to sort out and whitelist airdrop participants and airdrop participants know that their information is under their control and is safe (due to GDPR and ISO27001 compliance).

KYCbench, your reliable KYC partner

GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: contact(at)
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Off-topic / What has happened with ICOs this year?
« on: October 16, 2018, 03:51:51 PM »

Yes. It has been a troublesome time for the bulls and the faithful. The memory of 10-20% daily increases continuously day after day seem like a long time ago. However, what has happened to ICOs since the beginning of the year.

We have all read that over 80% of all ICOs have failed or been delayed after crowdfunding. Of course the downward turn of the market has affected the bottom line of many of these “ICO start-ups” but also government involvement has started to trickle into the industry and news about ICOs being closed down are slowly becoming more and more common.

From government regulatory bodies in America to the European Union seeking recommendations from its member states, blockchain/cryptocurrency regulation seems to be ‘around the corner’. This puts many ICOs in a tough position. Sure, there are many laws already in place dictating how crowd funding and storage of personal data must follow however until there is a clear unified approach to the blockchain/cryptocurrency ‘problem’, it is still up to the ICOs to ensure that they follow the current laws in place.

We often hear this term ‘unregulated’ however there are still certain laws that apply now that affect all industries and all sectors. The main law that needs to be followed by any company/enterprise/ ICO that processes or stores personal information of any EU citizen and that law is the GDPR.

The GDPR is especially important because when it comes to personal data this regulation applies to all EU citizens. With recent memory of facebook immorally selling users data the EU has taken a strict approach to force companies to not allow data to be used for any other purpose accept for that in which the individual has agreed to.

KYCbench has positioned itself to help the blockchain/cryptocurrency ecosystem by providing regulatory coherence and understanding through its service.

KYCbench, your reliable KYC partner
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: contact(at)
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Off-topic / The Future of ICO
« on: October 16, 2018, 03:50:00 PM »

Although governments have started a dialogue on how to even approach and define cryptocurrencies and blockchain it may be some time before this is a uniformed approach.

Until a time where ICOs will have a clear set of laws to follow ICOs will need to try align themselves as best as possible to existing laws currently in place especially in regards to the processing and storing of personal data of investors data.

KYC/AML is becoming a typical requirement of fund raising and for the immediate future, more and more ICOs will need to follow laws such as the GDPR or risk being shut down or fined for non-compliance.

For ICOs, receiving a knock on the door by an enforcement agency can have the effect of destroying their reputation and good standing in the blockchain investment world.

Negative publicity, long delays, fines (up to 20 million euro) and potential criminal charges are all the result of avoiding the EU regulatory requirements of the GDPR.

By aligning with companies such as KYCbench who put regulatory compliance as its main focus, will help insure that ICOs can continue with what their main purpose; to innovate and disrupt industries/sectors in a regulatory accepted fashion.
KYCbench’s platform has been designed in consultation with experts who know the regulatory requirements of personal data
processing/storage and the services offered are GDPR and ISO27001 compliant.
KYCbench worries about the relevant regulation so that ICOs do not have to.

KYCbench, your reliable KYC partner
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: contact(at)
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Off-topic / Implementation of GDPR causes data complaints increase
« on: October 16, 2018, 03:47:11 PM »

The number of complaints filed to the UK’s data protection regulator has doubled since the General Data Protection Regulation was implemented in May 2018. According to figures from law firm EMW which reveal the number of complaints to the Information Commissioner’s Office (ICO) between 25 May and 3 July this year climbed to 6,281 versus just 2,417 during the same period last year.

An ICO spokesperson said: “It’s early days and we will collate, analyze and publish official statistics in due course. But generally, as anticipated, we have seen a rise in personal data breach reports from organizations. Complaints relating to data protection issues are also up and, as more people become aware of their individual rights, we are expecting the number of complaints to the ICO to increase too.”

The law firm pinned the increase on individuals having more awareness of their data rights, as well as companies being forced to report their own data breaches.

Accordingly, to The Guardian in Austria, more than 100 complaints have been filed in July, along with 59 breach notifications – the same number that would typically be received in eight months.

A significant amount of complaints have been filed against giant companies. Facebook and Google have already been the subject of complaints filed by privacy campaigners and consumer rights group,

For firms across Europe, complying with GDPR is critical. Risking fines of minimum 10 million euros or 2% of a company’s annual turnover is a significant threat and as such is forcing companies to move toward greater transparency and openness with authorities and consumers.

Fearing such complaints, other companies exited European operations entirely in May, and still hav enot worked out a way to re-establish themselves on the continent. Operations at the LA Times, Chicago Tribune and other papers owned by the Tronc media group are blocked to EU readers; the Pinterest-owned reading app Instapaper has been down for maintenance for a month; and USA Today has taken to offering those in Europe a slimmed-down, ad-free experience, hoping that will leave their title compliant with the law.

KYCbench is created to ensure that our customers can appropriately process their data and documents in a safe secure and private way and they know, that their information is secured up to the maximum required industry standard -ISO27001 and GDPR.

KYCbench, your reliable KYC partner

GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: contact(at)
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Off-topic / The Future of KYC
« on: October 16, 2018, 03:44:33 PM »

Today, in many organisations, know your customer (KYC) is still a manual and time-consuming process.

Things are expected to change over the next few years, as more and more organisations started to implement automatic tools to streamline the KYC process.

A good example of how organisations can utilize technology to enhance their KYC process is outlined below:

1. Client is prompted to take a picture of a government-issued identification on their mobile device and submit it through the internet to the organisation.

• The organisation can then automatically authenticate that identification.

2. Client is prompted to take a selfie on their mobile device and submit it through the internet to the organisation.
• The organisation can then automatically validate that the selfie matches the picture on the government-issued identification initially provided.

• Furthermore, when a client takes a picture from their mobile device, the organisation will also receive the client’s location, device identification number and type of device operating system.

3. Automatic screening against sanctions lists
• The organisation can then screen the data against sanctions lists, PEP lists, law enforcement lists etc.
4. Client connects social media account(s)
• The organisation will then be able to understand clients’ interests, needs and anticipated behaviour during the business relationship.

There is no doubt that the whole world of KYC is changing. From now on KYC will be conducted in a seamless manner and what remains to be seen is how machine learning technology can take KYC to the next level. With this new data incorporated in a machine-learning model fraud can be prevented and reduced.

KYCBench is here.

KYCBench is already using this technology on its online KYC/AML platform, where individuals can be whitelisted and have their KYC performed online and made available for ICOs they wish to participate in.

KYCbench, your reliable KYC partner

GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: contact(at)
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Off-topic / KYCBench and Vguard protocol
« on: October 16, 2018, 03:42:04 PM »

The recent increase in reported incidents of surveillance and security breaches compromising users’ privacy call into question the current model, in which third-parties collect and control massive amounts of personal data. Bitcoin has demonstrated a decentralized network, which is trusted in the financial space. KYCBench presents a decentralized personal data management system that ensures users own and control their data. We implement a Vguard protocol that turns a blockchain into an automated access-control manager. Unlike Bitcoin, transactions in our system are not strictly financial – they are used to carry instructions, such as storing, querying and sharing data.

The amount of data in nova days is rapidly increasing. According to a recent reports, it is estimated that 20% of the world’s data has been collected in the past couple of years. Facebook, the largest online social-network, collected 300 petabytes of personal data since its inception. In the Data era, data is constantly being collected and processed, leading to innovation and rapid economic growth. Companies and organizations use the data they collect in many possible ways – to personalize services, decision-making process, forecasting and more. Today, data is a valuable asset in the world’s economy. While we all reap the benefits of a data-driven society, there is a growing public concern about user privacy.

Centralized organizations – both public and private, amass large quantities of personal and sensitive information. Individuals have little or no control over the data that is stored about them and how it is used. In recent years, public media has repeatedly covered controversial incidents related to privacy. Among the well-known examples is the story about government surveillance, and Facebook’s large-scale scientific experiment that was apparently conducted without explicitly informing participants.

In August 2016, a 2014 hack of online platform Yahoo was uncovered, affecting at least 500 million users accounts. In December 2016, the company revealed another hack dating back to 2013, which affected 1 billion user records. The impact of the second reported Yahoo hack was updated in October 2017, when the company revealed that 3 billion accounts had been affected, making it the largest data breach in history.

There have been various attempts to address these privacy issues, both from a legislative perspective, such as implementing GDPR in Europe, as well as from a technological standpoint.

Personal data, and sensitive data in general, should not be trusted in the hands of third-parties, where they are susceptible to attacks and misuse. Instead, users should own and control their data without compromising security or limiting companies’ and authorities’ ability to provide personalized services.

KYCBench platform enables Vguard protocol as a solution. KYCBench users are not required to trust any third-party and are always aware of the data that is being collected about them and how it is used. In addition, the blockchain recognizes the users as the owners of their personal data. KYCBench customers, in turn, can focus on utilizing data without being overly concerned about properly securing and compartmentalizing them.

Furthermore, with our decentralized platform, making legal and regulatory decisions about collecting, storing and sharing sensitive data should be simpler.

Moreover, by Vguard protocol laws and regulations could be programmed into the blockchain itself, so that they are enforced automatically.

KYCbench, your reliable KYC partner

GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: contact(at)
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Off-topic / KYCbench Tier 1 Banking Institution KYC/AML solution
« on: October 16, 2018, 03:35:04 PM »
Based on the in house designed Vguard Protocol, KYCbench has developed a GUI friendly and cryptographically secure KYC platform to verify sensitive KYC data for ICO whitelists and non blockchain enterprises wanting to improve on their existing regulatory compliant KYC processing procedures. KYCbench is built to fulfil 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.
The project was launched to solve a number of problems. The majority of ICOs currently exist in unregulated obscurity. In the past, ICOs have collected personal data in breach of regulatory requirements. ICO teams could inadvertently be exposed to legal liabilities of 20,000,000 EURO’s and potentially even criminal proceedings for processing KYC/AML data not in accordance with ALL the requirements of the GDPR.

On the other hand, investors/end users, may find the process of continually being requested to submit their KYC information to prospective ICO investments bothersome, and also a risky practice.

KYCbench’s solution is to safeguard investors most valuable asset in the 21st century; their personal data. By utilizing the highest standards in processing KYC/AML data, KYCbench seeks to ensure data integrity, security and privacy of data in compliance with the GDPR and ISO27001.

The KYCbench KYC processing solution, simplifies the KYC verification process for individuals and ICO organizers and provides tailored KYC/AML solutions for any enterprise which demands KYC to be conducted in a secure and effective manner whilst complying to international and industry specific regulatory standards.

KYCbench’s purpose is to provide a simple to use platform that allows its user base to control their data and manage their ICO portfolios effectively. For ICOs and KYCbench’s other strategic partners, KYCbench allows access to detailed statistical information on their users in order to understand their ICO choices, spending habits and actual activity in general.

KYCbench’s purpose is to complete verification checks on user’s/investors data and documents to ensure bad actors such as criminals, money launderers and PEPs (politically exposed persons) do not participate in the projects funding.

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Off-topic / 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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