IdentityMind has formed a partnership with InvestorID, an identity solution for tokenised securities, to simplify KYC and AML compliance.
InvestorID, which was created by Tokeny, is a decentralised application which lets investors generate their on-chain identity to access and trade compliant tokenised securities. By working together, it enables security token offering issued through the token for regulated exchanges (T-REX) Ethereum standard to have access to IdentityMind’s compliance and risk management capabilities.
Tokeny is an institutional grade end-to-end platform for the issuance and servicing management of digital assets. The company uses T-REX infrastructure to ensure compliance of tokenised securities to their lifecycle management.
The company offers investor onboarding, tokenised security transfers, and support for corporate actions like dividends, voting and announcements. Tokeny also ensures regular KYC and AML checks.
With the close of this deal, its customers will now be able to access IdentityMind’s KYC and AML capabilities to authenticate investor participation and transfer this data into InvestorID. Investors can leverage the solution to have full control of their personal data and keeping full compliance.
InvestorID was released earlier this year and was built to become the principal solution for investors to manage their own data and be identified on the blockchain infrastructure.
To ensure compliant ownership transfer of securities on the blockchain, issuers need to identify and know their token holders. The TokenID solution enables issuers to identify whether participants are eligible for the offering, and if they are, jurisdiction rules and regulations are automated.
Tokeny CEO Luc Falempin said, “This partnership reflects the growing ecosystem of investorID, a not-for-profit application we recently launched. The top providers of KYC and AML information are joining one by one to give the tokenized securities issuers the best choices available in the market. By joining the investorID ecosystem, these identity providers have the opportunity to work with issuers using the T-REX Ethereum standard.”
IdentityMind is a provides digital currency exchanges with tools to meet compliance requirements of KYC and AML regulations around the world. It offers them real-time onboarding transaction monitoring and case management solutions.
The company has been on a streak of partnerships, having recently signed a deal with Binance, a crypto exchange. The deal was made to help improve the crypto’s compliance and data security measures.
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