Regtech Startup Coinfirm Investigates AML Provisions

Regtech Startup Coinfirm Investigates AML Provisions

Startups
January 1, 2020 Editor's Desk
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Coinfirm is a technology company centered on delivering high-quality compliance and anti-money laundering services to crypto companies to assist them in boosting transparency and trust. Its comprehensive AML platform assures companies and their clients that funds are not being used for evil reasons. And its collection of other compliance and advisory offerings add value to
Coinfirm

Coinfirm is a technology company centered on delivering high-quality compliance and anti-money laundering services to crypto companies to assist them in boosting transparency and trust. Its comprehensive AML platform assures companies and their clients that funds are not being used for evil reasons.

And its collection of other compliance and advisory offerings add value to tech startups and traditional financial institutions accessing the world of blockchain. 

Coinfirm’s mission is to offer technology for regulatory compliance, delivering new levels of transparency and trust to the world of digital currencies.

Since 2016, the company has placed itself as the go-to source for regulatory guidance. It has become the world’s leading provider of AML risk assessment products and services, according to the website.

The platform examines transaction patterns employing more than 300 risk evaluation situations across thousands of recognized entities, according to the company, with rich data to discover unauthorized activities sponsored by an array of technical resources to enable companies to make simple yes or no decisions.

Although cryptocurrency regulations are still emerging, Blaisdell stated organizations should take heed and implement liability and compliance measures now in the interest of having a long-term presence in the market.

Cryptos that cannot dispense anti-money laundering and compliance policies may have the risk of being delisted from exchanges in the coming years, he said, and could ultimately face the outcomes from regulatory agencies.

Trudatum, one of Coinfirm’s offerings, presents its data provenance solution on an industry level and is soon to spread it plainly to people even. The product is advertised as a regtech solution that can check the authenticity of any file, including documents and graphics.

When someone buys an item online, the seller may demand confirmation of the bank transaction to assure that the payment comes before shipping the product. Then, the other party sends them a corrupted PDF, a simple job for anybody with some graphic design abilities.

Blaisdell said, “I’ve had multiple attempts on me in the crypto space to do things like that. We had one where they tried to do it to Coinfirm, and we were like, ‘Guys, do you realize that we build systems to fight this?’” 

With Trudatum, once the bank produces a PDF record of a transaction, the user can then transfer it to the recipient who can check its authenticity against the document created by Trudatum on the Dash blockchain.

Although Blockchain and crypto regulations are still emerging, companies can show their dedication to transparency and trust by executing stringent compliance standards now. As the bad actors slip away, crypto believers will recognize which companies can be trusted and are in it for the long run.

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