Koi Trading in partnership with IdentityMind have developed an AML compliance-as-a-service product supporting cryptocurrencies.
Binance-backed over-the-counter (OTC) desk Koi Trading has partnered with IdentityMind, a platform for online risk management, to develop an Anti-Money Laundering (AML) compliance-as-a-service product. The development was announced in a press release published on March 12.
The parties have reportedly released an AML compliance-as-a-service product dubbed “Koi Compliance,” supporting digital currency and targeting money services businesses. The new platform will purportedly enable companies to focus on conducting their business, letting Koi Compliance to perform Know Your Customer (KYC) procedures, monitor transactions, conduct sanctions screening, and keep records.
Last November, Koi Trading received $3 million in investment from Binance Labs, an incubator arm of the world’s leading cryptocurrency exchange (as of press time) Binance. The move was purportedly taken to enable Binance Labs to utilize Koi’s quantitative research, data science, and compliance consulting services.
That same month, Binance confirmed to Cointelegraph that it would use an automated KYC application provided by financial software firm Refinitiv. That would allow Binance to integrate the World-Check Risk Intelligence database into their internal workflow and streamline the screening process for onboarding, KYC, and third-party risk due diligence.
In January, Cointelegraph reported that blockchain compliance startup TRM, which developed a so-called token relationship management platform to help crypto businesses streamline their AML compliance, closed a funding round totalling $1.7 million led by United States-based investment firm Blockchain Capital.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.