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Topics - KYCbench
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106
« on: January 22, 2019, 02:49:25 PM »
When it comes to cryptocurrency regulation, there is a lack of consensus on how to protect investors. Criminal activity such as fraud, hacks and theft is prevalent, not only in the crypto reality, but in the traditional financial world also. Some exchanges have denied Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, claiming it infringes on the user’s right to privacy.
There are a number of crypto exchanges doing everything in their power to avoid having to introduce KYC. These exchanges require no lengthy signup process and no interminable wait for KYC checks to be approved, but such platforms are the exception rather than the rule. For legal and regulatory reasons, exchanges and similar financial organizations within the crypto sector are usually obliged to perform KYC.
There is evidence to show that instances of money laundering and other financial crimes are significantly lower in the crypto space than they are in the traditional financial sector. Onerous KYC and AML regulations also serve to deter new entrants, increase compliance costs for crypto companies, and arguably stifle innovation. Rather than deter criminals and increase transparency, some argue that all KYC/AML does is financially exclude those who lack the documentation to prove their identity – a particular problem for the world’s 1.7 billion unbanked. While some exchanges, such as Binance, are famously KYC free, its decision to partner with blockchain forensics firm Chainalysis is evidence that Binance is taking its regulatory obligations seriously. The crypto exchange, the world’s largest by trading volume, is now preparing to introduce KYC for its customers, accordingly to bitcoin.com.
KYCbench has developed a GUI friendly and cryptographically secure KYC platform to verify sensitive KYC data businesses, wanting to improve on their existing regulatory compliant KYC processing procedures. KYCbench is built to fulfill the requirements of the GDPR and to comply ISO27001 standard in handling and storing of personal data. KYCbench works to establish a tailored and customized solution, which would allow KYC processing requirements to be applied with each client, business and startup in the most cost efficient way.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
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107
« on: January 19, 2019, 08:48:39 PM »
SWIDOM is the largest end-to-end international blockchain agency based in Kyiv, Ukraine, focused on fundraising and service providing, being expert in building communication with all types of projects and companies.
SWIDOM helps ambitious teams to raise capital in three key areas - ICO, STO and VC, raised more than $150m for projects like NAGA, BANKEX, and many others in both public and private sales, covering all services from business development and community management to security and legal services.
Blockchain investor and Evangelist, Co-Founder at SWIDOM David Shengart has demonstrated success delivering partnership contracts with more than ten biggest banks within CIS, the EU, and Asia region; devising improvements, planning executable strategy, building teams, coaching, and leading cultural/ competence change.
Therefore strategic partnership with KYCBench brings SWIDOM and their customers to the world of official regulations compliance. This will result in the integration of the KYC verification process, which will benefit the cryptocurrency service sector by insuring trust between users and providers.
Cooperation framework with a KYCBench, GDPR and ISO27001 compliant KYC platform solution, aims to significantly increase the security and desire to eliminate any potential threats associated with financial damage and other criminal activities of the ICO, STO and VC investors.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
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108
« on: January 19, 2019, 08:21:56 PM »
On May 25th, 2018, the biggest overhaul of EU data protection law will come into force for all EU Member States with the introduction of the General Data Protection Regulation (GDPR).
Under GDPR, banks and other organizations, blockchain or non-blockchain, which carry out identity checks and hold sensitive information about customers will have to be completely transparent about what happens to that data after it has been used.
Adequate KYC procedures can be powerful Anti Money Laundering and risk management tools but the introduction of GDPR will have further consequences on the way businesses manage their customer data.
Data protection has always been a high priority for the financial sector, but the impact of GDPR will be widely felt.
KYCBench identified 2 main strategies applied on KYC operational procedures in order to comply and protect sensitive identification data:
1. Increased security requirements for KYC data;
Under GDPR financial institutions have to be stringent in their control in the storage of data. Many companies are still not careful enough; employees may be inadvertently storing data in the public cloud, inexperienced managers allowing unsecured BYOD’s (Bring Your Own Device) and staff taking work and sensitive data home.
As KYCBench is constantly working on ISO/IEC 27001:2013 compliance, information security protocols are strictly defined in each area of the KYCBench operations, and upheld within third party organizations, to ensure that the requirements of GDPR are fully met.
2. Increased use of automation;
Data sensitivity has become so much more difficult in the digital age. Where a single photocopied passport might have been easy to keep track of, the amount of digital data and the simplicity with which it can be shared creates a heavy burden on those who hold it. Automated onboarding, monitoring and data enrichment processes applied in KYCBench to manage the requirements of GDPR.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community
109
« on: January 14, 2019, 10:18:58 PM »
Almost one year has passed since the new Money Laundering and Terrorist Financing Prevention Act (MLTFPA) came into force introducing two types of licenses for cryptocurrency in Estonia. MLTFPA has helped businesses dealing with cryptocurrencies to understand whether they are required to apply for a license or whether they can operate without one.
Estonia was the first country in the European Union that introduced such legislation. This fact led to a boom of international cryptocurrency exchange clients coming to Estonia to try to obtain licenses.
Nearly a year after the new law came into force, close to 1000 licenses have been issued and several challenges have arisen. Now Estonia decided to tighten its licensing regime for cryptocurrency companies. The financial authorities in Tallinn want to introduce stricter regulations for fintech businesses registered in the Baltic country. The Ministry of Finance is currently preparing draft amendments to the country’s Anti-Money Laundering and Counterterrorist Financing Law, the local news outlet Äripäev reported.
Obtaining cryptocurrency licenses is a relatively easy and fast process and the package of documents, which are required to be submitted, is minimal. But licensed company needs to strictly fulfill all the requirements provided in MLTFPA and one of the first requirements is set up of KYC/AML procedure. Estonia is one of several jurisdictions spearheading the adoption of crypto-friendly and compliance laws and rules in Europe, therefore KYCBench expects bright future of crypto regulations adoption not only in Estonia and Europe, but worldwide.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
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KYCBench Community
110
« on: January 13, 2019, 12:05:28 AM »
BlockOn is a blockchain and cryptocurrency platform for corporate incubation projects consisting of seminars including panels, keynotes and fireside chats accompanied by roundtables and demos to and from the blockchain community. A platform that aims to provide knowledge exchange, foster synergies among market players to find solutions, and implement and promote best innovative blockchain practices in a collaborative, open and transparent manner, therefore cooperation with KYCBench is aimed to provide compliance and bring AML practices to adoption and life.
BlockOn helps innovators from seed to sale, guiding them starting from the development of their idea and road maps, accelerating their development and customer acquisition efforts, connecting with and secure investment and partnerships, and gaining visibility through online and in-person community building efforts. In addition to client services, BlockOn is a premiere hosts of the most impactful blockchain events in the ASEAN (Association of Southeast Asian Nations) region, cooperating with some of the biggest players in the ASEAN government, private sector and beyond.
Partnership with KYCBench and the most active communities in the Asian cryptosphere is set up to serve common idea of commitment to revolutionizing the cryptoworld and professionalizing the blockchain space.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community
111
« on: January 12, 2019, 09:01:36 PM »
Currently, there are a lack of tools and standards in the crypto space, unlike in traditional markets. Identifiable information is not immediately accessible on the blockchain. But, it is possible to track down the source of the code, from the original wallet the token came from. Following financial institutions, cryptocurrency exchanges have started to embrace anti-money laundering regulations and the KYC rule.
Accordingly to KYC procedure, including verification, performed by KYCBench, before opening a digital wallet, identification process is set in place, via name and proof of address. However, crucially, several tokens are more anonymous than others. These provide more safety and privacy for some, but are a significant compliance concern.
In the last few months, relevant bodies in various countries worldwide have been looking at ways to stop transactions using tokens that prioritise anonymity.
Self-regulation may be the right answer. Within the context of cryptocurrencies, self-regulation is the establishment of guidelines and a code of conduct for market participants to operate businesses within the ecosystem. Those guidelines span a broad spectrum, from KYC to maintaining transparency to ensuring security against hacks.
In June, Coincheck confirmed removal of Monero (XMR), Zcash (ZEC), Dash and Augur’s Reputation (REP) coin from trading on its exchange to maintain accordance with Japan’s Financial Services Agency’s new policy, which aims at banning tokens that offer significant anonymity.
At this point, it is important to understand, that domestic regulation within the country will not be sufficient enough and there is a need for a global cryptocurrency approach.
Currently, because of regulation and compliance challenges, some investors may be hesitating, waiting for clarity of crypto regulation and protection. Combining self-regulation with more established practices of trust and accountability could be enough to reinvigorate the cryptocurrency boom.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community
112
« on: January 08, 2019, 10:16:08 PM »
Year 2019 has started with cumulative market valuation of all cryptocurrencies by approximately $ 417 billion. Before the recent downturn, when it has dropped to below $ 185 billion, representing a dramatic 75% drop, it was around $ 800 billion at the beginning of 2018. Thus, even if the cumulative market cap will be able to rise just 25% from the current situation, it would hit $ 1 trillion. Even though some cryptocurrencies are falling but cumulatively, the market cap increase over the years.
One of the problems in the growth of cryptocurrencies is regulatory concern. If proper regulatory framework, as well as trading mechanisms will not be involved, number of traders, as well as investors in cryptocurrencies, will decrease. This is the reason why many of the governments and authorities all over the world are working on it.
ICO’s bring in fresh capital to the cryptocurrency marketplace. This is the reason why any regulations on the ICO would not only make the process much more transparent but also make the ICOs much more valuable. Once the ICO’s get the approval, they would be valued higher as they would fulfil set out regulatory requirements as well. This is the reason why once a proper framework is in place, ICO market would be able to add more value to the cryptocurrency space, accordingly to CNBC.
In particular, regulation surrounding Anti-Money Laundering (AML) and Know Your Customer (KYC) are complicated to ignore. These are key areas of the traditional financial markets that fight the personal identification issue as well as track source of funds.
If the momentum is supportive and the negative news reduced, most of the cryptocurrencies would rise significantly in the near future. This is positive news for most of the cryptocurrency holders as many of them have been trapped since the recent bear market in cryptocurrencies, accordingly to Raconteur.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community
113
« on: January 05, 2019, 04:40:08 PM »
Dow Jones Risk & Compliance is a leading provider for Anti-Money Laundering verification, leader in information services since 1882.
Dow Jones is supplying Risk & Compliance data to Financial Institutions, Corporate, Governments and now also KYCBench!
With a proprietary research methodology based on core editorial competencies, Dow Jones provides enriched portfolios for sanctions, PEPs and negative news on people and companies. For anti-corruption, Dow Jones offers the most comprehensive list of state-owned or state-controlled companies, offering in-depth snapshots of over 22M public & private companies, 42M executive profiles, including corporate connections and key executives.
Dow Jones cover 30 risk categories 24 hours per day in over 68 languages and has more than 1 Trillion news stories in their archive, generated in more than 40 years.
The KYCBench team has great experience in compliance legal KYC/AML, finance, banking and business management and always following newest rules and ways of financial crime controls. Therefore KYCBench cooperates closely with world leading information suppliers as Dow Jones in order to comply with one of our primary aims – close control of Money Laundering field.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community
114
« on: January 05, 2019, 10:46:27 AM »
Today, more than one company is engaged in digital identification, and not two companies that once began as young start-ups. Most of them have the capitalization of the average bank, and this despite the active growth of the market.
One of the companies in the digital identity sector is Trulioo, founded in 2011 in Vancouver. The depth of verification in services is provided by using databases of both special services (for example, the FBI) and information obtained from open sources: user purchase history, viewing history, and so on. Company managers claim that their solutions identify more than 4 billion people around the world.
Similar projects can boast of American project Idology, where they use a patented algorithm to verify the identity of a user based on recent user behaviour, generating situational questions about cases that have happened to the user himself. For example, to confirm a transaction in the bank, you can hear the question about how much you withdraw at the particular ATM a few days ago.
In KYCBench it is worth mentioning the following trends in the development of technologies, such as the use of biometrics and machine learning technologies and especially new way of the digital data transferring - the sensational blockchain. The solution seemed obvious from the moment the technology began to be popularized: recording user identification parameters into blocks eliminates any attempt to fake a digital person. KYC Bench provides AML checks is all possible and mostly updated database, covering more than 200 countries and 28 languages.
By mid-2017, the identification market was estimated at $ 10 billion. But, according to industry experts, even this does not reflect the full potential, and in the near future we should expect the emergence of new players and an increase in the number of digital identification implementations in the business. The subsequent development of technologies in the field of user identification is dictated by both the needs of the market and regulators (for example, the emergence of demand for mandatory multifactor authentication from mid-2018 and the popularization of measures to introduce unilateral, personalized sanctions by a number of states) and the evolutionary development of technology - big data and biometric recognition sensors.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community
115
« on: January 01, 2019, 06:14:02 AM »
The Netherlands is a major financial center and consequently an attractive venue for laundering funds generated from illicit activities, including activities often related to the sale of cocaine, cannabis, or synthetic and designer drugs, such as ecstasy. Financial fraud, especially tax-evasion, is believed to generate a considerable portion of domestic money laundering.
At the beginning of 2019 the Netherlands will consider license issue to the companies and organizations working with cryptocurrencies. At the same time, the Central Bank of the country (DNB) will be directly involved in licensing, and the initiative aims to prevent (or substantially reduce) the use of cryptocurrencies for money laundering and financing of terrorism, according to DE Telegraf, the largest daily newspaper in the Netherlands.
The aim of licensing is significant reduction of anonymous use of cryptocurrencies, as companies will be obliged to abide by KYC rules (know your customer) - according to which you must identify and identify the counterparty before conducting a financial transaction and AML (anti-money laundering), and inform the regulator about all suspicious transactions.
Currently, the bill is under public discussion, and the regulator is collecting comments on it.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
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116
« on: December 29, 2018, 05:59:47 AM »
Year 2018 had been remarkable for many industries and special attention and impact it brings to compliance and Anti-Money Laundering (AML), this year is a year, dedicated to raising awareness in global action against terrorist financing, and in the wake of increased regulatory emphasis on improved standards and collaborative enforcement to fight financial crimes better.
Key events of 2018 include the much-awaited arrival of the General Data Protection Regulation (GDPR) in May and the EU’s adoption of the 5 Anti-Money Laundering Directive.
There were also other important developments on the regulatory front for which 2018 will be remembered in many economies worldwide, such is Malta, Russia and Korea.
By the end of 2018 KYCBench celebrate not only connection with some of the most professional global blockchain teams, but bring you events all over the world spanning from Korea, Russia, Spain, UK, Switzerland, Singapore and Malta!
We’ve had a brilliant year passed. So many great achievements and memories... May this New Year go off with a blast. KYCBench is wishing to accomplish all of our business goals very fast. Happy New Year!
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
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117
« on: December 29, 2018, 03:59:15 AM »
In 2018 KYC and anti-money laundering norms where imposed in Korea. Police and tax authorities bolstered their scrutiny of cryptocurrency exchanges, conducting raids to investigate alleged tax evasion, amid a spate of hackings. Korean banks that did business with exchanges also felt the heat.
Yet, from the ashes of the crypto craze, a blockchain boom has emerged in South Korea. There are already projects underway, backed by heavyweight local businesses, that could bring services built on blockchain platforms into the lives of almost every Korean. Beyond the private sector, government agencies are also embracing distributed ledgers, including a blockchain-based voting system. If successful, these projects would bring blockchain into the mainstream in one of the world’s most advanced economies, accordingly to Devjyot Ghoshal.
Salina Bo, CEO and Founder of KYCBench and Vice President of AA Union Capital is visiting Seoul and meeting some of the most powerful people in Korea, as well as our partners, SportsFix!
SportsFix, being part of the group with such giants as Total Sports Asia and Glory Kickboxing, determined new investment opportunity and Salina, as invited blockchain expert made a valuable impact to SportsFix as their advisor.
SportsFix establishes a partnership with KYCBench in order to stay compliant with new Korean and worldwide regulations, GDPR and ISO27001. As the cryptocurrency space is not fully regulated, SportsFix aims to create a secure data processing on the platform for our users which includes, but not limited to, compliance verification, fraud detection and personal data protection. This is a very important step in project’s security and willingness to combat any potential threats associated with criminal activities. Financial damage and sensitive data leaks can destroy reputation of any project; therefore SportsFix is engaging KYCBench with its extremely secure, fast and user-friendly KYC platform to establish seamless KYC process to its ecosystem participants.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
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118
« on: December 24, 2018, 11:35:51 PM »
With Christmas right around the corner, crypto enthusiasts everywhere place crypto at the top of their wish lists. A recent Twitter poll by the Bank of England shows most people prefer digital currency if receiving money as a gift.
As seen in the Bank of England twitter poll, most people prefer to receive money through digital currency - 72%, over traditional means of payment, as a Christmas gift. Another indicator showing people’s interest in crypto is the Google trend search history, which shows search results for Bitcoin are at their highest point since the first week in April.
Therefore, though Bitcoin and crypto prices are down significantly, people’s interest for digital currencies is still strong. This suggests that Bitcoin and cryptocurrencies have a bright future and could potentially see massive interest and adoption. We believe that compliance and regulation trends among most of the countries worldwide will only support and raise new industry.
KYCBench is wishing Happy Christmas to its customers, business partners and counter parties. May the winds of Christmas arrive steadily and on time and bearing nothing but gifts. Merry Christmas!
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
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119
« on: December 22, 2018, 01:37:42 AM »
Blockchain Investors Group, or simply BIG, has an aim to share all possible knowledge about investing in Cryptocurrencies, Bitcoin, and Blockchain in general.
BIG investigate and invest in Crypto full-time and if there are any questions regarding investing, dangers, the potential in the crypto sphere, this is the right group and MeetUp for you.
In crypto, it is all about trust, community, and sharing.
BIG is passionate about helping to make better decisions when investing in crypto, therefore they created successful YouTube channel to spread and share the knowledge about everything related to crypto, Blockchain, investing, news, FUD, fake news, insider information, and even the newest hat of Brock Pierce!
KYCBench, as an incubator project of AA Union Capital Investment fund and an outstanding and fully compliant with GDPR and ISO27001 platform for KYC verification, brings a lot of attention to the problems of data security and prevention of account takeover and online fraud. It is mutually agreed that, with experience and connections of BIG, KYCBench we will fulfil our common aim, to spread awareness to the crypto world, as for any project it is both extremely important to know and trust your customers, as well as be compliant with laws and regulations.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community
120
« on: December 21, 2018, 08:30:11 PM »
Korea’s Bar Association publicly appealed to the government to create laws that would protect investors in cryptocurrency and encourage the development of blockchain technology within the state, Reuters reports.
"We urge the government to abandon the negative attitude and develop bills to help develop the blockchain industry and prevent the side effects associated with cryptocurrency," said the President of the Bar Association Kim Hyun.
Such large-scale lobbying for cryptocurrency occurs exactly at a time when the South Korean government actively prohibits the development of cryptocurrency in the country, which adversely affects the entire market.
Recall that at the end of October there was information that in Korea they could again allow ICO, which were banned in the country in September 2017. This move has caused a huge wave of discontent among representatives of numerous blockchain startups in the country. Today, many Korean lawmakers have come to the conclusion that the ICO should be legalized, said Min Bjung-Do, a member of the ruling party of Korea.
The official stressed that, by now, people should have developed an understanding that the cryptocurrency market is not an area where it is worthwhile to rush recklessly from side to side. With the help of an ICO ban, proper actions has already been carried out, and now it can be cancelled. This will have an overall positive impact for the country's economy also.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community
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