Kirobo Signs Partnership with PureFi to Bolster AML Compliance Systems

PureFi, a decentralized protocol, announced on Monday that it had signed a partnership with Kirobo, an Israel-based developer of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term applications, to bolster their respective anti-money laundering (AML) fronts by cross-integrating both companies’ proprietary systems.

According to the press release, the deal comes in the wake of the FATF’s recent guidelines about anonymity, which directly impacts AML and Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) facilitation. That said, both companies will deploy their cooperation through various stages. For example, PureFi Beta is integrated with Kirobo’s existing interfaces for human errors in cryptos, which is set to be launched soon.

Also, with PureFi’s AML tools, Kirobo users could investigate the source of the sender’s funds, while at the same time, PureFi users could retrieve crypto transfers sent in error by using Kirobo’s platform. “We are humbled to be partnered up with Kirobo! It always feels great to meet big believers in the potential of cryptocurrency and DeFi and find a way to be useful to each other. I am looking forward to the integration,” Slava Demchuk, the CEO of PureFi, commented.

Recent Integration with BSC

Moreover, both firms agreed to arrange additional collaboration to implement elements later in the signed existing partnership. “Kirobo is proud to announce a partnership with PureFi, a specialist in AML certificates for DeFi users and operators. This collaboration emphasizes Kirobo’s two main goals: providing a safer experience to crypto users, and advancing the maturity of the crypto ecosystem,” Asaf Naim, Kirobo CEO and Co-Founder, said.

Early this month, Kirobo announced its integration with the well-known Binance Smart Chain (BSC) and the addition of blockchain guru Dr W. Scott Stornetta to its advisory board today. In addition, the company highlighted its plan to expand services in the future through the creation of a multi-chain service suite. The integration with the hugely popular Binance Smart Chain will enhance the reach of Kirobo’s DeFi applications.