IdentityMind Releases Know-your-customer Tool for ICOs

323
ADVERTISEMENTS

Share with:


California-based IdentityMind Global, a platform that builds, maintains and analyzes digital identities, announced, on Wednesday, that its know-your-client (KYC) plug-in for customers conducting token sales is now available.

The plug-in walks initial coin offering (ICO) participants through the KYC process to meet regulations worldwide, according to the company. These regulations include basic KYC rules and anti-money laundering rules, the company stated.

IdentityMind Global added that its KYC plug-in includes a web-ready software client that directs the participant through the entire KYC process, a preconfigured risk-based KYC ruleset that meets the regulations of countries with detailed rules and a general KYC process for those where regulation has not been specified. It also features a platform to perform enhanced due diligence for clients that require further assessment.

Following regulations is becoming increasingly important as ICOs become prevalent throughout the world, IdentityMind Global said, in its statement, adding that there were some 266 ICOs in the third quarter of last year alone.

advertisement
sonm
arcona ico
arcona ico
arcona ico

“As ICOs become more prevalent, and as money continues to flow into ICOs, regulators globally are starting to take notice,” said IdentityMind Global Chief Marketing Officer Jose Caldera. “The regulatory risk, in conjunction with the risk of enabling fraudsters, financing of terrorism and money launderers, should motivate organizations performing ICOs to properly identify the participants in the ICO process. IdentityMind is at the forefront of delivering an easy compliance solution to companies conducting an ICO.”

IdentityMind Global’s announcement came with feedback from a blockchain company that is using its product.

“By working with IdentityMind, we are assuring that all participants go through KYC and AML processes before partaking in our $500 million Dragon ICO,” said Dragon Corporation founder Chris Ahmad. “This is perhaps the largest ICO to date and by working with IdentityMind we’re able to verify participants on a global basis in a quick and efficient manner.”

More information is available on the company’s website: https://www.identitymindglobal.com

image by GDU Photography, CC BY 2.0

About Ken Silva

Ken Silva is a journalist who covers the financial services industry in the Cayman Islands and the British Virgin Islands.

View All Articles
advertisement