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  1. LivePod's solution would allow video creators/broadcasters and video chat providers a better incentive to concentrate on making higher quality content, which was created by strong and goal oriented team from Hungary. LivePod is an innovative technology which gives content providers a better deal to convert their talent into cash. LivePod provides a complete solution for those who provide or stream video contents and video chats; they merge Skype, YouTube and a live webinar platform – all at a fraction of the typical cost. LivePod and KYCBench are tempting to solve industry problems such as cost, innovation and security. Therefore cooperation with KYCBench is aiming to develop an innovative, flexible and inexpensive solution, which is needed to better ordinary users along with professionals’ blockchain experience. https://livepod.tv/ KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  2. KYCbench

    2019 started with another high-profile scandal: Canadian cryptocurrency exchange QuadrigaCX cannot return approximately $ 190 million to its customers and the reason is sudden death of its owner, Gerald Kotten. QuadrigaCX lost access to customer assets, as only Gerald Kotten, had access to wallets. Most of the funds of the exchange are stored in "cold" wallets (without connecting to the network). This is an effective way to protect customer funds. It turned out that Cotten himself managed the “cold” wallets and after his death no one could get access to the funds that are stored on them. In the Supreme Court, Kotten's widow, Jennifer Robertson, stated that QuadrigaCX owes its clients about $ 190 million in the form of cryptocurrency and fiat money. Cotten's laptop is with Robertson, as she is his only executor and beneficiary, but it does not help much. She does not know the password, and the specialist hired by the company could not bypass encryption. Robertson claims that Cotten did not leave any business records. Also, the widow of the entrepreneur reported that the "hot" wallets (which are connected to the network) kept the "minimum number of coins"… Some believe that Cotten faked his death and left clear instructions to his wife. According to another version, the leaders of the company who took advantage of the situation are to blame. Robertson has already posted death certificate of her husband and his death was confirmed by the government. If the company really does not have access to “cold” wallets, it will not be possible to return the funds. Cryptocurrency will remain there forever. At the same time, QuadrigaCX filed for creditor protection with the Supreme Court of Nova Scotia. But hopes of the company that the authorities will assist them and recognize their financial difficulties are gone. Accordingly to latest news victims won’t get any help from Canadian Regulator. The moral of the story can be only one: appliance of the proper practices and standards in any company daily operations are vital and essential along security in any business. Achieving ISO27001 accreditation demonstrates commitment of KYCBench to maintaining the highest standards of data security and provides an independent, expert assessment that information security is managed in line with international best practice and KYCBench business objectives. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  3. KYCbench

    End of January, 2019, on the darknet market named “Dread”, one of the vendors was reported to have been selling know-your-customer (KYC) information from top exchanges such as Binance, Poloniex, and Bitfinex. The post by ExploitDOT claimed they have “100k documents” containing user data from “every country”, where the exchanges operate. The seller’s offer is still valid and describes in details all the process, where prices start from 100 documents for $10 each with discounts for bulk purchases. An anonymous cybersecurity expert contacted the individual posing as a buyer and got some free samples as proof that the leaked documents – KYC selfie pictures of persons holding up their identity cards or drivers’ licenses and a paper with “Binance” name and the date the picture was taken at. But this can be easily faked as number of samples was limited and it’s difficult to emphasize on how this data will be greatly useful. All exchanges are notably praised for its security practices. Although all three deny that they were hacked, that doesn’t mean that such a breach never occurred. One of the first exchanges to deny was Bitfinex: “We want to assure our customers that Bitfinex is aware of this situation and can confirm there is no security breach to our platform. As always, if there are any queries please get in touch with our support team - https://www.bitfinex.com/support”. Some of the mainstream media also reported that the “Largest collection ever of breached data found” detailing an 87 GB database leak, which includes over 700 million email addresses and 21 million passwords, data that had been labeled “Collection #1”. But experts assure that the data could be coming from a number of breaches by different hackers worldwide and could be two to three years old, so there is no direct danger to the general user community. Overall, the alleged KYC hack might not be relevant, this kind of news are always disturbing and bring once again lots of attention to the security of sensitive users information. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  4. BOLT is a new category of entertainment developed by users for users - focusing on live TV and snack-sized content for an individual mobile experience, which is now live in Kenya, Indonesia, Malaysia, and Brunei. Some of BOLT content partners include Al Jazeera, Discovery Channel, Citizen TV and Channel NewsAsia. BOLT aims to be the world’s first open entertainment economy, guided by the principle that empowering the community to bring more access to information and equality of opportunity on a global scale. Concept of the belief that access to information, education and entertainment is a universal right for everyone is fully supported by KYCBENCH and therefore our mutual cooperation is aimed to facilitate the exchange of experiences and to disseminate information on good practices in order to strengthen confident position and acceptance of blockchain in the modern world. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  5. Members of the European Parliament have cast their votes overwhelmingly in favor of a new directive that introduces stricter countermeasures against money laundering across Europe — a move that will have consequences for crypto investors. The new edict is titled the Fifth Anti-Money Laundering Directive. Its proposals included stricter border controls, tighter laws on firearms and more inclusive information sharing policy amongst state bodies. Additionally, the legislation aimed to introduce stricter controls for tax-related activities because of evident causation between funding and terrorism and other crimes. The council explained the motivation behind the new legislation as well as its relatively speedy ratification. “The brutal terrorist attacks in France, Belgium and other European countries and the leaks concerning the laundering of money from criminal activities in tax havens, the most recent of which was the ICIJ (2) Panama papers leak, have led the Commission to propose new measures for the prevention of the use of the financial system for the purposes of money laundering and terrorist financing.” Crypto providers now 'Obliged Entities' The new directive touched on a number of aspects of the global financial system. The legislation allows for enhanced state access to information about the owners of firms in the EU. This is to ensure that letterbox companies cannot be used to evade tax as was the practice by the parties embroiled in the Panama papers scandal. In order to make this enhanced access to data possible, all obliged entities would be required to gather and store data on their customers as well as related parties. “The proposed 5AMLD imposes some new due diligence obligations which obliged entities — financial institutions, related professionals, trust and gambling service providers, real estate agents, etc. — must apply to their clients, both new and existing. This article of the directive affects the cryptocurrency sector because the term ‘obliged entities’ was widened to include electronic wallet providers and crypto exchanges. Currently, many cryptocurrency service providers allow for transactions to be processed without thorough verification until a certain threshold is reached. Although many service providers have taken measures to implement KYC/AML practices (Know Your Customer / Anti Money Laundering), the new laws will make thorough KYC/AML compliance mandatory for all of Europe. Interestingly, a paper published by blockchain intelligence firm Elliptic identified Europe as the region where criminals currently have the most opportunities to cash cryptocurrency out into fiat currency. Members of the European parliament further stated: “The new measures also address risks linked to prepaid cards and virtual currencies. In a bid to end the anonymity associated with virtual currencies, virtual currency exchange platforms and custodian wallet providers will, like banks, have to apply customer due diligence controls, including customer verification requirements. These platforms and providers will also have to be registered, as will currency exchanges and cheque cashing offices, and trust or company services providers.” How will this impact Crypto investors? While most within the cryptocurrency industry are striving for legitimacy and motivated to leave its Wild West days behind, many in the political class still regard the sector with suspicion due to its associations with criminal activity on the dark web. While cryptocurrency is not the cause of such activities, the relative anonymity provided by digital currencies can play a part in facilitating crime. A European member of parliament, Krisjanis Karins, explained that the legislation was created in order to keep up with advancements in technology that can be used to facilitate criminal activity. He said: “Criminal behaviour hasn’t changed. Criminals use anonymity to launder their illicit proceeds or finance terrorism. This legislation helps address the threats to our citizens and the financial sector by allowing greater access to the information about the people behind firms and by tightening rules regulating virtual currencies and anonymous prepaid cards.” This new regulation likely means that customers will need to input more of their personal information and provide more state verifiable documentation when registering for a wallet or an exchange. It is also likely that users may need to divulge more information on the recipients of their transactions or any other otherwise related parties. As in Japan, legislators will also likely view license applications by exchanges negatively if such exchanges continue to trade ‘anonymous’ coins like Monero and Dash. While new KYC/AML processes will increase sign up times for cryptocurrency services, the new legislation will most likely turn into a positive for cryptocurrency investors because the more bad actors are being flushed out of the sector, the more legitimacy it will gain. This, in turn, could lead to an influx of investor money, which would push up asset valuations. EU member states have 18 months to prepare to ratify the directive into their respective national laws. Members of the European Parliament have cast their votes overwhelmingly in favor of a new directive that introduces stricter countermeasures against money laundering across Europe — a move that will have consequences for crypto investors Source: https://bravenewcoin.com/insights/how-eu-money-laundering-laws-will-impact-crypto-investors KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  6. Thailand has emerged as one the most interesting crypto and blockchain countries in Southeast Asia starting from the beginning of 2018. Despite military dictatorship, the Kingdom government has become outspoken and welcoming of cryptocurrency projects and exchanges last year and regulators are working quickly to provide a legal path for these technologies. The Stock Exchange of Thailand (SET) has plans from setting up cryptocurrency company licenses to permitting exchanges and ICOs. In June 2018, Thai government permitted a few cryptocurrency exchanges and broker-dealers to apply for operating licenses and legalized 7 cryptocurrencies: Bitcoin, Ethereum, Bitcoin cash, Ethereum classic, Litecoin, Ripple, and Stellar. According Bangkok Post, if SET application to become brokers and dealers for digital asset trading is successful, Thailand’s stock exchange will become one of the first in the world to setup a separate crypto exchange. In the last week of January, 2019 Bank of Thailand (BOT) announced ‘Project Inthanon,’ its central bank digital currency (CBDC) initiative: “The BOT and the participating banks will collaboratively design and develop a proof-of-concept prototype for wholesale funds transfer by issuing wholesale Central Bank Digital Currency (Wholesale CBDC).” This is a very similar project to the ones, initiated by other central banks, including the Bank of Canada, the Hong Kong Monetary Authority and the Monetary Authority of Singapore. BOT outlined a roadmap of the project, where it is planned to cooperate with other eight participating banks for a prototype creation for testing of key payment features such as a liquidity-saving mechanism and risk management. Phase 1 is expected to be completed by the end of March 2019, and its outcome will be very telling of Thailand’s progress in Southeast Asia. Nevertheless Thailand is still at the early stage of adoption and every country in the blockchain adoption phase is at different stages, there are signs of a healthy competition between Southeast Asian nations which will benefit industry and its progress in the region. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  7. The "blockchain" makes it possible to manage information securely with a distributed, decentralized and synchronized registry and will be the main tool in the finance sector after 2020, according to Spanish experts. This data storage and data transmission technology, on which cryptocurrencies or digital currency are based, is a trend that is becoming "mainstream" in financial applications and, according to the founder of the Bitcoin Foundation, Jon Matonis, will be used "on a large scale" in the sector in 2020. Last Tuesday, January 22, at the Movistar Center in Barcelona, KYCBench team visited FinTech & Blockchain: Disrupting FinTech meetup, organized by Blockchain Institute & Technology Barcelona. Eternity ambassador in Spain, Manel Ruiz, talked about the blockchain revolution on the finance sector and Pablo Ruiz, CEO of WallWings and Infinit and professor of Blockchain Institute & Technology updated on the latest innovation in blockchain and fintech. With the proliferation of financing systems through the internet, various fintech business models have been generated, the objective of which is to streamline the economic operations of companies. Fintech deals with companies that offer their customers innovative financial products and services, through the use of ICT technologies. That means that it unites technology and finance with the objective of creating financial services that are easy to hire, understand and with a standardized price that allows access to a greater number of people and companies, both investors and borrowers. The fintech, as the blockchain, are the most advanced companies. 77% of them foresee adopting it as part of their systems in two years and 90% of the payment means companies foresee adopting them for that same year. KYCBench again had a great opportunity to meet several companies, from financial institutions to large retail businesses, which are already working to implement Blockchain solutions to be pioneers of technological change and share our ideas with these experts while networking. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  8. Delinquent U.S. federal and state tax filings or unreported 2017 or prior tax years’ transactions may force taxpayers dealing in crypto to liquidate significant positions in cryptocurrencies at lower values to pay outstanding tax liabilities to the IRS, including interest and penalties. The meteoric rise of Bitcoin and other convertible virtual currencies’ value in 2017 were followed by a steep decline during 2018. The bursting of the virtual currency valuation bubble and continued market volatility will likely present many tax planning challenges for investors and businesses going forward. For some U.S. taxpayers, the situation is much worse. In May of 2018, a U.S. Department of Justice attorney indicated a possible need for new voluntary disclosure procedures, however, at the tax symposium held in November 2017 by the State Bar of Texas Tax Section, Daniel Price of the IRS’s Office of Chief Counsel dismissed the stories that the IRS intended to establish a separate, voluntary disclosure program for unreported income related to offshore virtual currencies. Contrary to some taxpayers and tax practitioners’ expectations, the Internal Revenue Service (IRS) is unlikely to provide a separate, voluntary disclosure program to assist taxpayers who failed to report income taxes resulting from virtual currency transactions. The IRS Voluntary Disclosure Practice still remains an option. However, the Practice generally does not guarantee a taxpayer immunity from prosecution. Nor does it offer penalty relief. Generally, for penalty abatement, a taxpayer has to show reasonable cause for failure to report and disclose. Taxpayers who have unreported income from convertible virtual currency transactions, unfortunately, face a multitude of civil—and possible criminal—penalties and charges of tax evasion and other crimes. In October 2018, the Information Reporting Program Advisory Committee (IRPAC) issued a public report that provided a number of specific recommendations and also expressed concerns over various tax reporting and compliance issues. The IRPAC, a collaborative forum between the IRS and tax professionals, also expressed interest in helping develop information reporting and withholding guidance for virtual currency transactions. The report recommendations came two years after the Treasury Inspector General (IG) for Tax Administration Report was released. The September 2016 Report openly criticized the IRS and its management for its absence of strategy, guidance, and reporting, including failure to execute management oversight as well as adequate controls. Though the IRS agreed with the report, no specific recommendations were made to the IRS’ Office of Chief Counsel. It appears, based on available public records, that there was no formal coordination with the Department of the Treasury’s Office of Tax Policy since the report issuance. Source: https://cryptoslate.com/internal-revenue-service-cryptocurrency-penalties-tax-evasion-compliance/ KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  9. KYCbench

    In 2018, several Spanish universities - have started institutional courses including Bitcoin, Ethereum, ICOs, smart contracts, and Crypto-Economics. Now you can get Master or Diploma in Ethereum, Blockchain Technology and Crypto-Economics, and other programmes within just six months from some of the most prestigious business institutions, such as Instituto de Empresa Business School in Madrid and other universities in Seville, Pamplona and Barcelona. Spain is starting to accept crypto coins – in Barcelona it is becoming very popular, from retail business to tourist and local restaurants. CrossFit centers in Madrid and Granada, operated by Singular Box, offer to its customers to pay gym memberships in Bitcoin and other tokens and the reaction from its members is very good. And other gyms and even network of holistic health clinics across the country have followed the stream, as they “believe cryptocurrencies are the future of commerce in all industries”. Earlier in October 2018, the Spanish government made a decision to begin taxing crypto earnings and Spanish investors now are obliged to disclose their cryptoassets in order to create transparency for digital assets taxation, the measures seek to make holders of crypto wallets declare them nevertheless whether they are in Spain or offshore. The Spanish traditional banks have also showed interest in crypto acquisition, expressing that independent citizens are not alone in their desire to hold cryptocurrencies. The Central bank of Spain has also mentioned about creating its own digital currency and issued a report stating, that “digital currencies and blockchain technology could benefit Spanish monetary policy and financial infrastructure.” KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  10. Since 2014, Elis Distribution LTD has been helping software development companies boost their sales through various advanced marketing strategies and well-targeted approaches to the expansion of their potential client base. Elis Distribution’s highly trained team of Marketing and Business Development experts assist each software development company individually, according to their industry, target audience, budget, and a wide range of other factors. Elis Distribution analyzes each client’s product in order to best determine what is the most effective strategy in promoting the client’s product. Their Marketing and Business Development experts fully understand what it takes to make product stand out, and ensure that the company reaches its full potential through well-targeted marketing campaigns. Successful collaboration between companies depends on both companies being able to benefit from the existing market of the other, or from gaps in the market that can be filled, through a collaborative relationship that competitors will find hard to replicate. Collaboration between KYBench and Elis Distribution is aimed to identify and execute what needs to be done in order to our companies grow together. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  11. In 2018, barely a month passed without an official at a financial institution or government department calling on crypto to clean up its act. In the last quarter of the year alone, the United States Department of the Treasury, the Canadian Parliament and the Russian Federal Financial Monitoring Service all urged or announced the introduction of Anti-Money Laundering (AML) laws for cryptocurrencies, and all of them based their moves on the (noticeably mistaken) presumption that cryptocurrencies are a primary haven for criminals, who use them either as a medium of exchange for illicit goods or as a means of hiding (i.e., laundering) the source of dirty money. As reported by Reuters, when the U.S. Financial Industry Regulatory Authority (FINRA) imposed a $10 million fine on 26th of December 2018 for compliance failures in the firm’s anti-money laundering program, this penalty didn't actually go to a crypto exchange or crypto-related business. Instead, it went to Morgan Stanley, the 38th biggest bank in the world (and the 6st biggest in the U.S.). A deeper inspection of recent history reveals that the traditional financial world, in fact, has just as serious a problem with money laundering as crypto, if not a more serious problem. In November last year, the Reserve Bank of India (RBI) levelled a 30.10 million rupee fine (about $420,000) on Deutsche Bank, which had failed to observe Indian KYC and AML regulations. Also in November, French bank Société Générale agreed to foot a hefty $95 million bill in order to settle charges that it had contravened U.S. AML regulations, a bill which comprised an even bigger charge of $1.34 billion for breaking U.S. trade sanctions against the likes of Cuba, Iran and Libya. Moreover, in December, Latvia's financial regulator levied a 1.2 million euro charge on BlueOrange Bank for AML noncompliance, while FINRA fined Swiss bank UBS $5 million for similar violations. And back in August, China's central bank, the People's Bank of China, fined five financial institutions anywhere from $100,000 to $250,000 each for falling foul of AML laws, including Ping An Bank, Shanghai Pudong Development Bank and the Bank of Communications, accordingly to Cointelegraph. While the cryptocurrency industry is rapidly tightening up its own codes and conduct, crypto exchanges are increasingly observing Know Your Customer (KYC) and AML regulations and new trade bodies are being established with the aim of erecting self-regulatory guidelines for the crypto industry to follow. And industry aimed to become a fully legitimate and secure feature of the global economic landscape. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  12. KYCbench

    When it comes to cryptocurrency regulation, there is a lack of consensus on how to protect investors. Criminal activity such as fraud, hacks and theft is prevalent, not only in the crypto reality, but in the traditional financial world also. Some exchanges have denied Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, claiming it infringes on the user’s right to privacy. There are a number of crypto exchanges doing everything in their power to avoid having to introduce KYC. These exchanges require no lengthy signup process and no interminable wait for KYC checks to be approved, but such platforms are the exception rather than the rule. For legal and regulatory reasons, exchanges and similar financial organizations within the crypto sector are usually obliged to perform KYC. There is evidence to show that instances of money laundering and other financial crimes are significantly lower in the crypto space than they are in the traditional financial sector. Onerous KYC and AML regulations also serve to deter new entrants, increase compliance costs for crypto companies, and arguably stifle innovation. Rather than deter criminals and increase transparency, some argue that all KYC/AML does is financially exclude those who lack the documentation to prove their identity – a particular problem for the world’s 1.7 billion unbanked. While some exchanges, such as Binance, are famously KYC free, its decision to partner with blockchain forensics firm Chainalysis is evidence that Binance is taking its regulatory obligations seriously. The crypto exchange, the world’s largest by trading volume, is now preparing to introduce KYC for its customers, accordingly to bitcoin.com. KYCbench has developed a GUI friendly and cryptographically secure KYC platform to verify sensitive KYC data businesses, wanting to improve on their existing regulatory compliant KYC processing procedures. KYCbench is built to fulfill the requirements of the GDPR and to comply ISO27001 standard in handling and storing of personal data. KYCbench works to establish a tailored and customized solution, which would allow KYC processing requirements to be applied with each client, business and startup in the most cost efficient way. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  13. KYCbench

    SWIDOM is the largest end-to-end international blockchain agency based in Kyiv, Ukraine, focused on fundraising and service providing, being expert in building communication with all types of projects and companies. SWIDOM helps ambitious teams to raise capital in three key areas - ICO, STO and VC, raised more than $150m for projects like NAGA, BANKEX, and many others in both public and private sales, covering all services from business development and community management to security and legal services. Blockchain investor and Evangelist, Co-Founder at SWIDOM David Shengart has demonstrated success delivering partnership contracts with more than ten biggest banks within CIS, the EU, and Asia region; devising improvements, planning executable strategy, building teams, coaching, and leading cultural/ competence change. Therefore strategic partnership with KYCBench brings SWIDOM and their customers to the world of official regulations compliance. This will result in the integration of the KYC verification process, which will benefit the cryptocurrency service sector by insuring trust between users and providers. Cooperation framework with a KYCBench, GDPR and ISO27001 compliant KYC platform solution, aims to significantly increase the security and desire to eliminate any potential threats associated with financial damage and other criminal activities of the ICO, STO and VC investors. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  14. On May 25th, 2018, the biggest overhaul of EU data protection law will come into force for all EU Member States with the introduction of the General Data Protection Regulation (GDPR). Under GDPR, banks and other organizations, blockchain or non-blockchain, which carry out identity checks and hold sensitive information about customers will have to be completely transparent about what happens to that data after it has been used. Adequate KYC procedures can be powerful Anti Money Laundering and risk management tools but the introduction of GDPR will have further consequences on the way businesses manage their customer data. Data protection has always been a high priority for the financial sector, but the impact of GDPR will be widely felt. KYCBench identified 2 main strategies applied on KYC operational procedures in order to comply and protect sensitive identification data: 1. Increased security requirements for KYC data; Under GDPR financial institutions have to be stringent in their control in the storage of data. Many companies are still not careful enough; employees may be inadvertently storing data in the public cloud, inexperienced managers allowing unsecured BYOD’s (Bring Your Own Device) and staff taking work and sensitive data home. As KYCBench is constantly working on ISO/IEC 27001:2013 compliance, information security protocols are strictly defined in each area of the KYCBench operations, and upheld within third party organizations, to ensure that the requirements of GDPR are fully met. 2. Increased use of automation; Data sensitivity has become so much more difficult in the digital age. Where a single photocopied passport might have been easy to keep track of, the amount of digital data and the simplicity with which it can be shared creates a heavy burden on those who hold it. Automated onboarding, monitoring and data enrichment processes applied in KYCBench to manage the requirements of GDPR. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  15. Almost one year has passed since the new Money Laundering and Terrorist Financing Prevention Act (MLTFPA) came into force introducing two types of licenses for cryptocurrency in Estonia. MLTFPA has helped businesses dealing with cryptocurrencies to understand whether they are required to apply for a license or whether they can operate without one. Estonia was the first country in the European Union that introduced such legislation. This fact led to a boom of international cryptocurrency exchange clients coming to Estonia to try to obtain licenses. Nearly a year after the new law came into force, close to 1000 licenses have been issued and several challenges have arisen. Now Estonia decided to tighten its licensing regime for cryptocurrency companies. The financial authorities in Tallinn want to introduce stricter regulations for fintech businesses registered in the Baltic country. The Ministry of Finance is currently preparing draft amendments to the country’s Anti-Money Laundering and Counterterrorist Financing Law, the local news outlet Äripäev reported. Obtaining cryptocurrency licenses is a relatively easy and fast process and the package of documents, which are required to be submitted, is minimal. But licensed company needs to strictly fulfill all the requirements provided in MLTFPA and one of the first requirements is set up of KYC/AML procedure. Estonia is one of several jurisdictions spearheading the adoption of crypto-friendly and compliance laws and rules in Europe, therefore KYCBench expects bright future of crypto regulations adoption not only in Estonia and Europe, but worldwide. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
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