To get a better understanding of what is AML / CTF, I suggest we look at why anyone is looking for a servicer. The latest news that Humaniq and Coinfirm have partnered is a perfect example of where their two missions are aligned. Humaniq will benefit from increased security, protect transactions with original HMQ signatures from uncontrolled use, and Coinfirm will fulfill their mission to make the global financial system safer, transparent, effective and accessible for new economies and individuals. In other words, the AML / KKP Coinfirm solution gives legitimacy to their digital currency and equals other asset classes.
Think about it. The AML / CTF Coinfirm solution is perfect for any entity that has the need to deliver and deliver a high level of trust. Whatever the crypto market sector of an entity, they do not want to expose themselves, their clients, and their partners to take risks. In other words, any entity that touches cryptocurrencies or operates with them needs to apply the AML / CTF compliance rules to protect themselves and enable its commercial growth. The cryptocurrency market can be applied to most economies and the entities operating within it will require AML / CTF compliance for legal, commercial, and moral reasons.
The AMLT Coinfirm compliance mark is a solution that can bring transparency and democratization to the system by actively engaging market participants in risk determination. Furthermore, the AMLT token will also trigger transactions on the Coinfirm platform, enabling risk management and creating a network for safe and transparent exchange of values.
MARKET CHALLENGES & SOLUTIONS
All markets are at risk when forbidden activity is left uncontrolled. Coinfirm noted in their whitepapers that traditional AML enforcement failed 99.9% of the time and less than 1% of global illicit financial flows were confiscated and canceled. Prevention and control mechanisms are essential for companies that want to make sure that they are not consciously or unconsciously exposed, partying, or facilitating such high-risk transfers or counterparties.
However, blockchain technology enables democratic participation and provides an opportunity for everyone to provide input and participation. Thus, it is possible to be more accurate, effective, and less arbitrary than traditional systems. Therefore, not only allows more transparency and efficiency but also opens the financial markets to more participants and promotes real financial inclusion.
Coinfirm's mission is to provide an efficient and effective global standard for AML / CTF compliance in a decentralized and democratic manner in which participants can rank AML / KKP / Fraud / business / risk (see example Risk Report below):
PLATFORM DETAILS
The AML / CTF Coinfirm platform currently serves three major obstacles as well as the ERC20 and ERC233 tokens:
- Bitcoin (BTC)
- Dash (DASH)
- Ethics (ETH)
The platform can support the majority of public and private blockchains and can be integrated within three days.
The table below describes technical metrics
METRICSDATAQuery Queries100 reports per secondSize Data Size3TB SQL table, 500GB graph data, 250GB raw blockchainNumber of Scenarios Rating186Average Time to Generate Reports10s
ICO DISTRIBUTION DETAILS
ICO Terms & Conditions
TOKEN: AMLT
- CIRCULATION: 210,000,000 in ICO
- TOTAL CIRCULATION: 400,000,000
- TOKEN TYPE: ERC 20
- CURRENCY ACCEPTED: ETH
- ICO DURATION: 28 November - 31 December, 2017
ROADMAP
MILESTONEMAKNAPra-1.0 AMLTThe Coinfirm AML / CTF Platform provides secure solution for virtual currency ecosystem 1.1.0 AMLTAMLT redeemable with AML Risk Reports with AMLT AMLT big discount2.0 integrated with Platform. Users who through the identification and verification process can exchange information to participate in AMLT Daily Distribution.
MIND FINAL
If you read this sentence then let me give you a virtual boxing lump because you must be very curious about how blockchain can change and develop compliance rules and markets. Few topics can kill dinner parties faster than trying to convince a guest that public opinion is all wrong and the topic of regulation / compliance is actually, sexy and exciting. That's when you look for the opportunity to politely excuse yourself into the restroom.
I understand the need for it, but this is not a field that keeps my blood flowing. However, what keeps my blood flowing is reading about how blockchain can be applied to places that I think are unlikely to happen. Rule / compliance is one place, so my curiosity on Coinfirm's plan gives me enough motivation to gain strength through their 50+ whitepaper pages, blogs, articles and websites. I still do not think this is a good topic for a dinner party, but I think it all depends on who you sit next to and how you are conveying the information.
Coinfirm market itself as a RegTech / compliance company, but I see them as more of a security firm where they promote and protect the interests of the cryptocurrency market by identifying, analyzing and neutralizing illicit activities (AML / CTF).
To help illustrate how and where Coinfirm matches the market, consider this fun analogy:
BIRTH OF CRYPTOTOWN
After the central banking policy caused the second major depression, Satoshi, Vitalek, and some of their friends decided "enough is enough." So they went to look for an island they could claim as their own independent state and set it based on the principles of decentralization. Soon after, Cryptotown was born.
Cryptotown started out small, but news of this fairy tale spread like wildfire, and business from other countries descended into Cryptotown faster than wigs in a storm.
Nothing is perfect, and Cryptotown residents identify two (2) major challenges:
Cryptotown individuals and business entities are locked out of the financial system because it is difficult to convince other businesses that they are legitimate and risk-free and the prevailing compliance system and associated tools and processes are not very effective.
Crime is expensive and hinders Cryptotown growth.
What to do? Cryptotown is decentralized and not regulated by a central entity. There is no way to fund the sheriff's department. As a result, crime is rampant.
On that day, an enterprising person named Coinfirm put forward a solution. Coinfirm asked "why do not we take advantage of a blockchain platform where all Cryptotown hosts participate in city security by sending their blockchain data for ongoing monitoring and analysis? The platform will also be used to assess the risk of any blockchain on the Coinfirm platform. As a result, the platform will become a global standard for compliance and external business from other countries will be able to quickly assess the legitimacy of existing or current businesses that seek liquidity. "
Initially, citizens were skeptical and said that the last thing they needed was another costly compliance regime. Some even say having this kind of regime will be a barrier to innovation. Coinfirm agreed that the wrong approach would be dangerous, but worth the shot and at least the Cryptotown citizens needed a way to prove themselves from the evil actor. Thus, Cryptotown residents agreed to adopt the idea of the Coinfirm platform.
In essence, Coinfirm became a Cryptotown sheriff and Coinfirm participants' network of the participants became sheriff's deputies. Everyone is a stakeholder in the security and financial health of Cryptotown.
Coinfirm went to work and oversee the development of clustering analysis and advanced platform pattern analysis to detect crypto block addresses owned by the same person.
Using an exclusive platform and large data analytics algorithm, the majority of Cryptotown's external and internal bad actors are identified, captured, and locked down. Dark activity degenerates and mainland business now has a way of accessing
For more information :
WEBSITE: https://amlt.coinfirm.io/
FACEBOOK: https://www.facebook.com/Coinfirm.io/
TWITTER: https://twitter.com/AMLT_Token
WHITEPAPER: https://amlt.coinfirm.io/pdf/white-paper.pdf
TELEGRAM: https://t.me/AMLT_Coinfirm
https://bitcointalk.org/index.php?action=profile;u=1096996
ETH: 0xbc37A4d7f960f4d1Dda9153Fb1a1Df7a81278263
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