Security Token Platform Polymath to Add AML/KYC Verification via IdentityMind

The 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 industry’s first security token issuance platform called Polymath has just partnered up with IdentityMind for KYC (know-your-customer) and AML (anti-money laundering). The ongoing regulatory attention on the crypto and blockchain world is warranting some additional attention on part of firms in the industry.

The provider of the first security token issuance platform, Polymath has added best-in-class security and regulatory compliance capabilities from its partner. IdentityMind has been delivering transaction monitoring for e-commerce fraud prevention, anti-money laundering (AML), and the counter financing of terrorism (CFT).

Polymath also signed a deal with Agrello, a company that is offering blockchain-based smart agreement solutions. These new partnerships are aiming to streamline the issuance of security tokens in an environment where anti-money laundering (AML) and know your customer (KYC) processes are executed smoothly and securely.

Aside from smart agreements, Agrello will also provide digital signature and identity technologies.

Security Tokens and Regulators

Polymath is one of the main blockchain technology pioneers focusing to make ICOs of security tokens closer to mass scale adoption. With token sales and ICOs having raised over $4 billion worldwide in largely unregulated crowd sales, the regulatory pressure on the industry is increasing.

Earlier today a report by Europol shed some additional light on the AML/KYC issues surrounding the crypto-industry.

So @Europol say €2/3bn is laundered via crypto. If a €500bn market that's 0.5%

Compared to an estimated $2trn of money laundering in wider financial services this is tiny and much easier to detect / prevent. Im surprised it's being briefed against. Cc @ukhomeoffice — Simon Taylor (@sytaylor) February 12, 2018

The crackdown on part of authorities has made the issues of security tokens more difficult and have prompted most companies that are raising funds via an ICO to adopt a token model of sale.

Commenting on the deal, the CEO of Polymath, Trevor Koverko said: “We know a stampede is coming from capital markets to blockchain. Polymath is creating the technology platform that helps to form the basis of a security token.”

“In this new world, regulatory compliance and insight into the identity of issuers and investors is a must if sophisticated financial products are going to migrate to the blockchain. Having experienced, reputable partners like IdentityMind and Agrello by our side is critical to ensuring the long-term success of Polymath,” Mr Koverko explains.

IdentityMind has been providing digital currency, regulatory and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term solutions to FinTech companies. The company’s products handle the AML and KYC requirements necessary to launch regulatory compliant token offerings. Additional plug-ins allow issuers to monitor where their investors are coming from and prevent certain geographies from participating in the fundraising process.