There is nothing worse than knowing that people are funding and managing the funds for terrorists, therefore, one company which is backed by Binance and another which manages risks online have come up with a plan to develop a product that will fight money laundering. Koi Trading, which is an over-the-counter digital currency trading firm and IdentityMind, a platform that manages risks online have entered a partnership and are planning to develop an Anti-Money Laundering (AML) product which is going to be ‘compliance-as-a-service’ product. Koi Trading is the biggest exchange for trading crypto assets, the biggest in the market with respect to volumes traded. A press release held by IdentityMind on March 12th in which it announced this information.
The Chief Technical Officer of IdentityMind, Kieran Sherlock said that they are very excited to be working alongside Koi Trading which is an innovative firm. The new service has been named as “Koi Compliance.” He further added that the firm Koi Trading has developed a way for more newcomers to enter the world of cryptocurrency to be cooperative from the first day. He also said that this new path is going to serve their users productively by reducing their regulatory risk throughout various markets and geology.
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The main motive behind AML is targeting MSB which function with crypto assets so that it will be possible for the companies to do their business smoothly and if there are any issues related to AML it is taken care by Koi Trading and IdentityMind. Things like Know Your Customer process, screening of sanctions are conducted, transactions are monitored and records maintaining are executed by Koi Compliance.
A platform will be developed by IdentityMind which will be put together with Koi Compliance’s compliance analysts and legal expertise. With a combination of all these, the service will be able to support 35 various types of crypto assets throughout the world.
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The very first AML compliance solution that will be plug-and-play type will be offered by Koi Compliance which will support cryptocurrency. The Chief Compliance Officer and General Counsel of Koi Trading, Harry Zhou said, “When we first set out to help companies with compliance, we immediately chose IdentityMind as our primary platform.” He further added that IdentityMind is highly experienced in the field of digital currency and the AML solutions offered by them are risk-based, therefore, this will allow Koi Compliance to offer the finest “technology-driven digital currency” AML services.
