iComplyICO, a blockchain startup focused on regulatory compliance, has hired Thomson Reuters’ former head of World-Check.
Greg Pinn, who ran Thomson Reuters’ risk intelligence and financial crime screening platform, will now be tasked with leading product strategy at iComply according to his LinkedIn profile.
The company recently released a know-your-customer (KYC) tool and have launched a toolkit for blockchain startups who seek to incorporate governance and compliance systems.
Pinn stated the importance of KYC processes for cryptocurrencies. “Both World-Check and iComply are in the KYC space, and World-Check came about at a time before there even really was a compliance space – it was one of the first players in the market to solve a major problem”, he said. “iComply is doing the same thing for the emerging blockchain and cryptocurrency world, not only removing the ‘tinfoil hat’ from crypto but solving a real problem and building a solution for it.”
ComplyICO is a regulatory technology platform that automates compliance procedures for initial coin offerings (ICOs), enabling them to be securely utilized as efficient financial instruments.
The platform streamlines legal and accounting processes, providing automated checks and balances throughout the issuance, purchase, and resale of encrypted digital share certificates. It claims that investors, accountants, lawyers, regulators, ICO issuers, and marketing firms can all benefit from an ecosystem that supports trust, democratisation, decentralisation, and integrity.
Mathew Unger, CEO, and founder of iComply said that cryptocurrency projects, exchanges, and startups need a robust KYC tool than the one currently in place as some of the KYC tools do not comply with the set legal requirements.
“While Blockchain opened the door to non-compliance with ICOs initially, the underlying technology actually has the ability to provide more robust and effective compliance, transparency and integrity than traditional tools, at a fraction of the cost.”
According to Unger, the existing KYC tools do not have the capabilities to determine the nature of ‘unique risks’ within cryptocurrency markets. He added: “The irony of the cryptocurrency markets is that while blockchain opened the door to non-compliance with ICOs initially, the underlying technology actually has the ability to provide more robust and effective compliance, transparency and integrity than traditional tools, at a fraction of the cost.”
In February, iComplyICO collected an angel investment from Conrad Whelan, a member of the founding team of Uber. The company said in the statement, “Whelan’s dedication to innovation aligns seamlessly with our values of trust, integrity, and compliance, and we are pleased to have him on our team.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
