Blockchain Helps to Combat Money Laundering

Shyft Network will help industry, governments, and consumers by setting new standards for Know Your Customer (KYC) and Anti Money Laundering (AML) compliance
22 June 2018   623

Cybersecurity breaches and theft of sensitive personal data has reached epidemic proportions. How can you protect your company and your customers?

The problem

Compliance obligations for financial institutions are increasing in number, complexity, and rigor. Costs of satisfying these obligations continue to rise exponentially. Anything less than strict compliance can result in significant legal penalties and / or reputational damage.

For banks and large institutions, compliance represents a substantial drain on resources. For smaller institutions, it can stifle even basic operations.

Shyft is the solution

Identity verification shouldn’t come with the risk of data compromise and extreme costs.

Blockchain-based distributed ledger technologies have the potential to streamline, cut costs, and reduce risks inherent in traditional compliance systems.

Shyft's blockchain-based network is building unbreachable data protection for industry, governments, and consumers, setting new standards for Know Your Customer (KYC) and Anti Money Laundering (AML) compliance—all while reducing the cost of verification.

In recent years, financial technology has been evolving by leaps and bounds. Unfortunately, at the risk of disruption or even catastrophic failures like terrorist financing, industry players have been struggling to keep pace with the advancements. Financial institutions are facing an increasing number of compliance obligations with heightened complexity and rigor, where failure to comply can result in significant legal penalties and reputational damage. The current processes used by financial institutions to handle regulatory compliance are broken and highly ineffective in stopping money laundering. Identity is being looked at in an improper manner and the industry is ready for a seismic change.

Joseph Weinberg

Chairman, Shyft

Shyft's distributed blockchain-based network offers data consolidation through decentralization

The Shyft Network standardizes the KYC/AML verification process, while providing the highest level of personal data protection for businesses and consumers

Shyft benefits financial, government, and regulatory bodies, and every entity concerned with proving, protecting, securing, and providing KYC/AML.

Bitfinex to List BCH' Chain Split Tokens

Bitfinex warned that support for BAB and BSV could be temporary
14 November 2018   57

The Hong Kong cryptocurrency exchange Bitfinex has listed the so-called Chain Split tokens for the two implementations of the Bitcoin Cash protocol. Bitcoin Cash hardfork is planned on 15th of November.

BAB [Bitcoin ABC client] and BSV [Bitcoin SV client] tokens will be traded in pairs with Bitcoin and the US dollar. The Token Manager tool will allow users to convert their Bitcoin Cash into one of the tokens. This process is reversible, Bitfinex emphasized. At the same time, marginal trade in tokens will be unavailable.

After snapshot of the network, the corresponding coins will be automatically converted into BAB and BSV onchain tokens, and all current Bitcoin Cash holders will receive an equivalent number of coins. However, if the user has a short BCH position at the time of the snapshot, the margin will be canceled, and the borrower, if he does not have enough tokens, will have to cover the negative balance sheets until December 31.

Bitfinex also warned that support for BAB and BSV could be temporary, and that as soon as all negative balances were covered, the exchange could delist them, allowing limited time for withdrawal.