iComply Investor Services has appointed Jeffman Badman, a former senior official of the CFTC, to its advisory board.
The RegTech is focused on digital identification, legal workflows and compliance automation for initial issuance and secondary trading of tokenized assets.
Prior to forming Bandman Advisors, Bandman served in senior leadership roles at the CFTC, including serving as its first FinTech Advisor and founding director of LabCFTC. He also led FinTech and RegTech coordination with domestic and international regulators, chaired an international regulator workstream on post-trade digital innovation, and chaired the CFTC staff blockchain, virtual currency and FinTech working group. He also lead the CFTC’s Division of Clearing and Risk, which oversees several of the world’s largest clearinghouses.
Matthew Unger, CEO and founder of iComply, said: “When I saw Jeff testify during an SEC hearing, I realised we shared a common view of how blockchain can be used to programmatically enforce compliance into the transaction of capital. It’s an honour to have his experience as a regulator, innovator and technologist as we leverage blockchain to build a better capital market on integrity and immutable transparency.”
iComply’s automated compliance protocol, Prefacto Compliance, for securities regulation enables blockchains to assess and report on both the buy and the sell side before a transaction executes. It consolidates auditing into a single immutable ledger of compliance while enabling ICO issuers, security token platforms, licensed stock exchanges and investors to launch and trade coins or tokens in compliance with global securities, identity and privacy regulations.
The RegTech’s software also enables reporting on the sources of funds that come from a blockchain ledger in real time, supporting anti-money-laundering (AML) and anti-terrorist-financing (ATF) efforts of financial institutions and governments more securely and cost-effectively.
In his October 2017 testimony to the SEC Investor Advisory Committee, Badman said: “Today, most data and reporting comes into regulators at the end of the day, or else the next day or even later—at the end of a month or quarter, and so on. Regulators are therefore seeing events in the rear-view mirror, well after they have already occurred.
“With this next-generation technology and the ability to harness real-time data from distributed ledgers, future regulators may be able to monitor events as they unfold…to see through the windshield instead of through their rear-view mirror.”
The company also provides iComplyID, which covers identity verification and investor privacy. The software streamlines legal and accounting processes and provides automated checks and balances which occur before a transaction is posted, enabling an efficient workflow between investors, regulators, securities issuers, and capital markets service providers.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
