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   460

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.

Ex S&P President to Invest in iComply Startup

The startup is aimed at developing tools and services to meet the regulative standards for blockchain start-ups
14 August 2018   114

Startup iComply, working in the field of regulatory technologies and compliance with standards, has just completed the initial round of financing, which was headed by former Standard & Poor CEO Deven Sharma, CoinDesk reports.

IComply, aimed at developing tools and services to meet the regulative standards for blockchain start-ups (especially for those that conduct ICO), said on Monday that it attracted a seven-figure sum during this invest-round, but did not say the exact figure. The round was also attended by DMG Blockchain and Block X Capital.

In addition, iComply reported that it was joined by former employee of the Commodity Futures Trading Commission (CFTC) Jeff Bandman, former Managing Director of NASDAQ and the Financial Services Industry Regulation Service (FINRA) Manny Alikandro, MIT Connection Science program member, Praveen Mandal and Prosecutor Thomas Linder.

According to Sharma, he decided to invest in the startup iComply, because the project "is focused on services for ICOs related to risks and compliance with standards." Compliance with the standards, he said, will ensure the transparency of ICO issuers and thereby help to ease the concerns of regulators.

Sharma also believes that iComply can contribute to the spread of crypto technologies, helping the entry of traditional financial services into this industry.

My interest is to see iComply evolve into a benchmark that investors can use to assess credibility of issuers, sustainability of underlying services and the price of ICOs. iComply's patent-pending software enables both security and utility tokens to monitor and document compliance, governance and risk procedures, before a public blockchain executes an immutable trade, providing trust, integrity and transparency for our clients. There have been a few ICOs that had a fundamentally robust offering that I understood and did interest me [but I] missed the opportunity. Others that have transparency from a service like iComply, I would [invest in].

Deven Sharma

Ex-president, Standarts & Poors

It is the ideas of transparency and trust, according to Sharma, that sparked his interest in order to start working with the blockbuster.