Diem Networks US Collaborates with K2 Integrity

K2 Integrity, a leading compliance, investigations, and monitoring firm, announced today that it has partnered with Diem Networks US to establish an industry-leading financial crime compliance framework.

The press release shared by K2 Integrity states that the company is planning to develop innovative solutions for the Diem Networks US Financial Intelligence Function (FIF). The FIF has been developed to secure the Diem Payment Network (DPN) from illegal financial activities.

The blockchain-based payment system developed by Diem Networks US has been designed to make Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term faster and cost-effective. According to the company, Diem’s FIF prevents illegal activities through efficient financial crime risk management tools.

Commenting on the partnership, Stuart Levey, Chief Executive Officer of Diem Networks US, said: “Designing a framework that sets high financial crime compliance standards have been one of the Diem project's top priorities, and this is an area where we are continuing to innovate. We are excited by this opportunity to partner with K2 Integrity, a team that has a wealth of experience in this space and is respected internationally for their leadership on anti-money laundering and counter-terrorist financing (AML/CFT) issues."

Diem Association currently has 26 members including Coinbase, Xapo, Temasek, Spotify, Ribbit Capital, 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 Capital and Uber.

K2 Integrity

K2 Integrity is providing solutions to protect clients from risks related to illicit financial activities. During the latest announcement, the company mentioned that Mariano Federici, Managing Director at K2 Integrity, will act as the initial FIF Head. "We are proud to be partnering with Diem Networks US to continue developing innovative FIF solutions and supporting Diem's financial crime risk management program. Diem's financial crime compliance framework, which is focused on protecting the integrity of the DPN and the financial system, is setting a high bar for the virtual asset industry,” Juan Zarate, Global Co-Managing Partner at K2 Integrity, commented on the latest partnership with Diem.