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iComply MasterClass: Understanding and Mitigating Risks in Crypto

iComply MasterClass: Understanding and Mitigating Risks in Crypto

by | Jan 23, 2019 | AML - Anti-Money Laundering, Blog, Crypto, Events, Fintech, iComply Insights, Knowledge Base, Prefacto

In this upcoming MasterClass hosted by iComply, BitAML’s Founder Joe Ciccolo and Coinstructive’s CEO Chris Groshong join iComply’s Head of Product Strategy Greg Pinn to discuss the importance of understanding and mitigating your company’s risk in crypto compliance and AML screening.

Compliance tends to be one of the larger knowledge gaps for modern business management; closing this gap is not only essential to the success of your business, it’s also the law. Our expert panel will discuss the areas of risk that your business could be subject to and the challenges associated with non-face-to-face transactions. Find out what can be done to mitigate these risks, and learn why regulators will no longer buy ignorance as an excuse for non-compliance.

Register Now

Save Your Spot: Registration Limited to the First 100 People
Date: Tuesday, February 5th
Time: 10:00 AM – 11:00 AM (Pacific Standard Time)

Key Learnings:
In this MasterClass, the panel will break down the existing risks surrounding digital transactions and what steps you can take to mitigate these risks in order to protect your company and your investors.

About Greg Pinn — Head of Product Strategy, iComply
Formerly the head of World-Check (Thomson Reuters’ most profitable company), Greg Pinn led product strategy for almost ten years—both before and after its $560-million acquisition by Thomson Reuters. World-Check is described as the “cornerstone of the Thomson Reuters risk business” and is the #1 compliance software for KYC, AML, ATF at Tier 1 and central banks globally. Greg’s experience in risk, governance and compliance analysis, product strategy, and leadership of large global development and sales teams were critical to World-Check’s success and now support him in his role to ensure iComply’s brand delivers confidence, trust, and security to all stakeholders.

About Joe Ciccolo — Founder, BitAML
Before founding BitAML, Joe Ciccolo spent over a decade in high-impact roles with leading institutions such as State Farm and Citizens Financial Group. He was a founding member and architect of a Bank Secrecy Act / Anti-Money Laundering program for one of the top 100 online financial institutions in the U.S., and worked as a project manager for a top-20 international bank, managing regulatory and AML audit remediation projects. His additional leadership experience includes risk management, vendor due diligence, fraud prevention, and corporate investigations. Joe regularly consults with bankers regarding the onboarding of Bitcoin customers, as well as complex cryptocurrency-related investigations involving federal and local law enforcement. He is a frequent speaker at cryptocurrency, payments, and compliance industry events and volunteers his time at the non-profit organization Blockchain Education Network.

About Chris Groshong — President & CEO, CoinStructive
As President of CoinStructive, a Bitcoin & Blockchain consulting firm in San Diego, Chris Groshong has developed a nationwide team that is furthering the development of cryptocurrency and blockchain adoption. With a focus on clarity, CoinStructive provides an obstacle-free transition for businesses and enterprises who are interested in using cryptocurrencies or blockchain tech as part of their business strategy. They are solutions architects and problem solvers and help fill the gaps in your business model. CoinStructive’s fundamental goal is not only to help organizations reach theirs but also to do so in a way that empowers founders, boards and entrepreneurs to make educated, well-informed, and confident business decisions.

Register Now

About iComply Investor Services Inc.
iComply Investor Services Inc. (iComply) is an award-winning software company focused on reducing regulatory friction in the capital markets. With powerful data, verification, tokenization solutions, iComply helps companies overcome the cost and complexity of multi-jurisdictional compliance to effectively access new markets. Learn more: iComplyIS.com

iComply Releases OFAC Screening For 6 Major Cryptocurrencies

iComply Releases OFAC Screening For 6 Major Cryptocurrencies

by | Nov 29, 2018 | AML - Anti-Money Laundering, Blog, Crypto, Industries, Prefacto, Press Releases, Product Updates

iComply Offers OFAC Screening for Sanctioned Bitcoin and Crypto Addresses

On November 28, 2018, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) added its first bitcoin addresses to its public list of sanctioned individuals and entities. iComply is capable of screening these addresses to ensure compliance for decentralized finance and assets

Vancouver, B.C. – November 29, 2018 – iComply Investor Services (“iComply”), a leading RegTech platform for global digital finance and cryptocurrencies offers comprehensive blockchain forensic screening to address risks related to blockchain addresses, including sanctions screening, fraud, theft, and cyber-security.

On November 28, 2018, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) added multiple Iranians and their bitcoin addresses to the Specially Designated Nationals (SDN List) for laundering the bitcoin proceeds from the infamous SamSam ransomware scheme. This is the first instance of OFAC adding a cryptocurrency address to their public list of sanctioned individuals and entities.

“Agencies such as OFAC protect the integrity of financial markets, warning companies about individuals or companies that may pose a risk to their business. We developed our RegTech software, iComply, to make it possible to screen for these kinds of threats in both centralized and decentralized finance to address the unique risks when financial assets are traded using public blockchains. Currently, our solution supports Bitcoin, Ethereum, Ethereum Classic, Litecoin, Dash and Bitcoin Cash,” said Qayyum Rajan, Chief Data Officer, of iComply Investor Services Inc.

iComply’s solution addresses risks related to blockchain addresses and the trading of financial assets using public blockchains, this is an integral process that is complementary to traditional AML/KYC for fiat. Institutions can query addresses to achieve financial grade compliance around the individuals and entities that it transacts with.

“As blockchain is increasingly used for mainstream finance, it is integral to enforce regulatory compliance not just for the individual and entity but also for the transactions themselves,’ added Rajan. “While there has been a lot of talk about the Howey test to determine whether a token is subject to securities laws, institutions such as OFAC are now also enforcing criminal liabilities once these assets are trading.”

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Looking for financial grade KYC and AML in an enterprise ready API?

iComply offers global screening for humans, corporations, and blockchain transactions in a single REST API.

Book a demo with one of our specialists to learn more.

About iComply Investor Services Inc.
iComply Investor Services Inc. (iComply) is an award-winning software company focused on reducing regulatory friction in the capital markets. With powerful data, verification, tokenization solutions, iComply helps companies overcome the cost and complexity of multi-jurisdictional compliance to effectively access new markets. Learn more: iComplyIS.com

The Future of FATF Travel Rule and Regulatory Compliance
The Future of FATF Travel Rule and Regulatory Compliance

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Special Report: The Compliance Trilemma for Digital Assets

Special Report: The Compliance Trilemma for Digital Assets

by | Nov 19, 2018 | Blog, Crypto, iComply Insights, KYT - Transaction Monitoring, Prefacto, Press Releases

A cross-disciplinary research team from the University of British Columbia (UBC) conducted an industry study spanning the compliance, assurance, and technology requirements that financial institutions, legal and accounting firms need to see in place before digital assets can be used at scale in their sectors. Hundred of hours of interviews with industry experts across 13 leading financial jurisdictions explored the past, present, and future state expectations that are blocking the industry adoption of digital assets, security tokens, tokenized payments, and digital identity from diverse perspectives.

iComply Investor Services Inc, in partnership with the Government of Canada, Mitacs, and the University of British Columbia commissioned the study in order to better understand the challenges that token issuers face to meet the regulatory standards for issuing and tracking digital assets. Currently, these projects face significant barriers that result in trade-offs – hindering the true potential of blockchain managed assets. The research collaboration was supported by Mitacs’s Accelerate Program.

The Findings:

The use of blockchain technology allows token issuers to efficiently gain access to global customers, partners, and capital.

Key Challenge: The burden of the cost of regulation

Challenges broadly stem from the cost of complying with regulation. In 2017 there was significant ambiguity surrounding whether and how digital assets were regulated, and many issuers neglected this dimension altogether. While a large number of issuers were well-intentioned, others could not resist exploiting the prospect of unlimited access to global investors. Early offerings could often raise more with savvy marketing than a well-reasoned project plan, and a large number of early token offerings were little more than Ponzi schemes. Today, regulatory clarity and enforcement are essential if tokenized securities are to become a safe and legitimate fundraising mechanism.

The study found that issuers currently face a compliance trilemma, whereby they can realize only two of the following three goals in their token offerings:

  • Cost-effectiveness
  • Widely distributed investors
  • Regulatory compliance

While we focus here on ICOs, the compliance trilemma also holds more generally for other decentralized finance practices involving cryptoassets including ICOs, STOs, TGEs, and IEOs.

To date, issuers have adopted various approaches to address the trilemma:

  • Sacrificing compliance by directly defying regulators and hoping to fly under the radar
  • sacrificing the scope of investment by restricting token sales to a limited group of investors
  • Compromising on all three dimensions in a hybrid approach
  • Forgoing a token offering entirely until this becomes more cost-effective

However, each of these current approaches is sub-optimal, and a solution is needed to the compliance trilemma.

The study also explored how industry experts expected the compliance trilemma to be resolved and found that the majority tended to advocate new regulatory rules and definitions that could relax what they see as the “burden” of compliance on issuers. Such an approach places the onus squarely on regulators, who would need to coordinate within and across jurisdictions to reach a coherent regulatory framework that appeases the challenges and costs of compliance for issuers. However, we argue that holding regulators solely accountable for the compliance trilemma is incomplete and misguided, and that other approaches are needed to reduce the costs and uncertainties of regulatory compliance.

 

Read the research by downloading the report here

 

About iComply Investor Services Inc.
iComply Investor Services Inc. (iComply) is an award-winning software company focused on reducing regulatory friction in the capital markets. With powerful data, verification, tokenization solutions, iComply helps companies overcome the cost and complexity of multi-jurisdictional compliance to effectively access new markets. Learn more: iComplyIS.com

Eliminating Security Vulnerabilities in Virtual Markets and Decentralized Exchanges

Eliminating Security Vulnerabilities in Virtual Markets and Decentralized Exchanges

by | Oct 1, 2018 | Blog, Crypto, Events, Fintech, iComply Insights

Following the release of the New York Attorney General’s report on Virtual Markets, iCompy and Hosho will co-present a blockchain security and auditing MasterClass for exchanges, protocols, and ICOs on October 4 as an online teaser leading up to HoshoCon

Las Vegas, Nevada – October 1, 2018 – iComply Investor Services (“iComply”), a leading global RegTech platform for digital finance and cryptocurrencies is announcing that it has partnered with Hosho Group LLC. (“Hosho”). Hosho provides smart contract auditing, penetration testing, and cybersecurity maintenance services focused on the blockchain industry.

This month, the New York State Office of the Attorney General launched the Virtual Markets Integrity Initiative, which issued a report that analyzed how virtual currencies (cryptocurrencies) are traded.

According to the report: “Few issues are of greater importance to customers of virtual asset trading platforms than the security of the funds … sophisticated criminals attempt to infiltrate these platforms constantly, and have reportedly stolen billions of dollars’ worth of virtual currency. Once an unauthorized third-party gains access to a customer account, those funds can be quickly transferred beyond the reach of law enforcement.”

An average of $23 Million USD of cryptocurrency hacked or stolen each day because of security vulnerabilities.

“Most virtual asset exchanges currently use an inefficient patchwork of products and services in an attempt to enable effective multi-jurisdictional compliance. These disjointed systems create hacker vulnerabilities that risk investor funds, data, and the platform’s reputation,” said Matthew Unger, CEO of iComply. “When we met with the product and engineering teams of these same exchanges we were shocked by the vulnerabilities we saw – specifically from their KYC, facial recognition, and AML providers. Investors’ personal data is being stored on local drives, in email inboxes, and often is neither transmitted nor stored with encryption.”

iComply offers end-to-end compliance solutions for digital finance. Through a single REST API companies – and specifically digital finance platforms – are able to achieve 100% coverage of every issue outlined in the Attorney General’s report in addition to the standards required by FINRA proof of ownership and source of funds reporting.

Hosho reported that on average, 82% of the smart contracts that the team has audited have some sort of vulnerability, 27% of which are critical and contract breaking, which means that funds could have been lost or stolen.

“It is Hosho’s goal to push the blockchain industry towards maturation by improving the overall security awareness and standards across the board. Partnering with iComply is a no-brainer given their ethos and philosophy align perfectly with our own. We are both putting in place the infrastructure, services, and technologies necessary to the long-term development of a strong and secure ecosystem,” said Hartej Sawhney, President of Hosho.

The companies have partnered on a MasterClass taking place virtually on October 4, 2018, that will aim to educate participants on cybersecurity for blockchain and smart contracts.

Both companies will also present at HoshoCon which takes place October 9 -11 in Las Vegas. The conference is dedicated to cybersecurity and technology standards for blockchain and the decentralized financial market.

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About Hosho
Hosho is the global leader in blockchain security, specializing in enterprise-grade security services for Fortune 500 and early-stage companies alike. Entirely focused on the blockchain industry, Hosho is setting the standard for blockchain security, providing state-of-the-art smart contract auditing and penetration testing services. With blockchain, the repercussions of a security hack are much greater than in traditional technology, making cybersecurity-related services of the utmost importance. Hosho plays an important role in the nascent blockchain industry by resolving issues that often lead to funds being lost or stolen. For more information on Hosho and our comprehensive suite of services, please visit Hosho.io

iComply MasterClass: Compliance in the Decentralized Financial Markets

iComply MasterClass: Compliance in the Decentralized Financial Markets

by | Jul 26, 2018 | Blog, Crypto, Events, Fintech, iComply Insights, Prefacto

In this upcoming MasterClass, Greg Pinn, Head of Product Strategy for iComply and Former Head of World-Check for Thomson-Reuters, speaks on the role of compliance in the decentralized financial markets. He’ll walk through its best practices and the different approaches related to jurisdiction-based compliance.

Save Your Spot: Registration Limited to the First 500 Registrants
August 7: 10:00 AM – 11:00 AM PDT / 1:00 PM – 2:00 PM EDT
August 9: 2:00 PM – 3:00 PM PDT / 5:00 PM – 6:00 PM EDT

Register Now
Key Learnings:
In this MasterClass, Greg breaks down why compliance matters and how the global market is in need of jurisdiction-based compliance for cryptocurrencies and tokenized assets in both centralized and decentralized models. Compliance is not a new need but a pressing one – events such as the 1993 World Trade Center bombing and the more recent, Russian Laundromat scheme are prime examples of why the need for compliance and anti-money laundering (AML) procedures exist.

Who is this MasterClass for?

  • ICO Issuers
  • Decentralized Exchanges
  • Compliance Leaders
  • ICO Consultants
Register Now
While many argue that regulation stifles innovation, Greg explains that compliance actually enables innovation by protecting individuals that choose to participate in emerging industries. This is not only good from a moral and ethical standpoint but also from a material one. The emerging crypto market has faced an abundance of scrutiny under the public eye due to the emergence of a handful of bad actors; however, this does not paint a complete picture. There must be a balance between the free movement of value and protection of all individuals.

The “fundamentals” of compliance and how they are impacted by jurisdiction: This portion of the webinar will introduce new investors to compliance. This consists of concepts such as anti-money laundering (AML), Know Your Customer (KYC), Countering the Financing of Terrorism (CFT), Enhanced Due Diligence (EDD), Ultimate Beneficial Ownership (UBO) and Politically Exposed Persons (PEPs). These concepts are of major importance in both the traditional and decentralized financial markets and their implications can vary widely by jurisdiction.

The future of compliance: The final portion of the webinar will touch on the future of compliance, Greg considers the industry to be in a “renaissance” period. Costs associated with compliance for financial institutions are high and run parallel to the cost of employee turnover. Constant training and retraining are costly and inefficient. Thus, Greg predicts that the future of compliance is shifting to focus on decreasing the human costs associated with processes by enhancing these processes with technology such as artificial intelligence, machine learning, and automation.

About Greg Pinn
Greg Pinn has a decade of experience leading global best practices in anti-money laundering (AML) and know-your-customer (KYC) industry. Greg currently serves as head of product strategy for iComply and previously ran strategy for World-Check, the world leader in risk-based intelligence data.

Register Now

Looking for financial grade KYC and AML in an enterprise ready API?

iComply offers global screening for humans, corporations, and blockchain transactions in a single REST API.

Book a demo with one of our specialists to learn more.

About iComply Investor Services Inc.
iComply Investor Services Inc. (iComply) is an award-winning software company focused on reducing regulatory friction in the capital markets. With powerful data, verification, tokenization solutions, iComply helps companies overcome the cost and complexity of multi-jurisdictional compliance to effectively access new markets. Learn more: iComplyIS.com

The Future of FATF Travel Rule and Regulatory Compliance
The Future of FATF Travel Rule and Regulatory Compliance

Sep 13, 2024

Understanding the FATF Travel Rule The Financial Action Task Force (FATF) Travel Rule is a significant regulation in the global fight against money laundering and terrorist financing. It mandates that financial institutions share certain information about the...

Challenges and Solutions in FATF Travel Rule Compliance
Challenges and Solutions in FATF Travel Rule Compliance

Sep 12, 2024

Complying with the Financial Action Task Force (FATF) Travel Rule presents several challenges for financial institutions. These challenges can hinder the effective implementation of compliance processes. This article explores...

Implementing FATF Travel Rule Compliance
Implementing FATF Travel Rule Compliance

Sep 11, 2024

The Financial Action Task Force (FATF) Travel Rule is essential for preventing money laundering and terrorist financing. Implementing compliance with this rule requires a strategic approach to ensure all regulatory requirements...

iComply Signs First Tokenized Real Estate Offering

iComply Signs First Tokenized Real Estate Offering

by | Sep 19, 2017 | Blog, Crypto, Fintech, In The News, Prefacto, Press Releases

iComply Signs First Tokenized Real Estate Offering

iComply ICO Signs First Licensing Deal for Real Estate ICOs
Canadian entrepreneur secures license to access ICO securities compliance platform

Vancouver, B.C. – iComply ICO (iComply Investor Services Inc.) a regulatory technology platform that automates the legal procedures for initial coin offerings (ICOs) is today announcing the signing of its first licensing deal with Canadian real estate developer, Francis Penner.

Recently, Penner was behind a multi-building redevelopment in Winnipeg’s Exchange District, now home to the $95M Canadian Innovation Center built by Red River College.

“I believe that this platform promises to release a synergy between real estate development and a new financial vehicle. I plan to use this new financial instrument to expand my real estate initiatives.” Said Penner.

“We are developing the world’s first automated compliance platform for regulated securities, by focusing on the Canadian and U.S. markets first, we will have the highest standards of underwriting, investor protection, and ‘prefacto’ compliance in the world.  ” Said Matthew Unger, CEO of iComply ICO.

The iComply ICO team foresees much bigger opportunities to use ICOs for established companies, rather than just startups. Infrastructure projects and even governments will be able to raise money using encrypted digital share certificates on the iComply ICO platform.

New and existing ICOs are invited to apply for the platform’s public beta.

Investors have become increasingly interested in ICOs largely because of the liquidity of cryptocurrencies, which can be converted immediately into Bitcoin, Ether or government issued currencies using online services such as Coinsbank or Coinbase.

ICOs are outpacing traditional venture capital investments. According to a report by Goldman Sachs Global Investment Research, by June of 2017 ICO funding exceeded $550 million surpassing angel and seed VC funding.

This momentum came to a halt this July when the SEC ruled that initial coin offerings may be classified as securities and therefore subject to federal securities laws including investor disclosures, audited financial statements, and registration requirements. Where requirements are unmet, those taking part these transactions may be liable for violations of securities law.

Last week, Jamie Dimon, the CEO of JP Morgan Chase told attendees of the bank’s investors conference that, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”

“In a sense, Jamie Dimon is right – many ICOs being issued today are fraudulent. What JP Morgan isn’t considering is that the ICO is an emerging financial instrument, not just a currency or asset class. What is wrong with ICOs today has nothing to do with Bitcoin or blockchain technology, it is that no mechanism for underwriting, due diligence and investor protection have existed – until now.” Added Unger.

“This project is another step in the further democratization from wall street to main street, and has the potential of matching capital to ideas in a extremely efficient manner that is both legal and compliance oriented. There is is a need for this because whenever you have profit potential and opportunities you also have potential for misconduct.” Said William Schumacher, a retired Citigroup executive.

Unger and his team foresee the platform being utilized by investors, existing ICOs, startups, and existing companies to raise capital with the support and due diligence of auditing, accounting, and legal firms.

About iComply ICO
iComply ICO (iComply Investor Services Inc.) is a regulatory technology (regtech) platform that automates compliance procedures for initial coin offerings (ICOs), enabling them to be securely utilized as efficient financial instruments. iComply ICO streamlines legal and accounting processes providing automated checks and balances throughout the issuance, purchase and resale of encrypted digital share certificates. Investors, accountants, lawyers, regulators, ICO issuers and marketing firms all benefit from an ecosystem that supports trust, democratization, decentralization and integrity. Learn more: iComplyICO.com

Media Contact
Brittany Whitmore
Phone: 1.778.238.6096
Email: [email protected]

Vaidyanathan Chandrashekhar

Vaidyanathan Chandrashekhar

Advisors

“Chandy,” is a technology and risk expert with executive experience at Boston Consulting Group, Citi, and PwC. With over two decades in financial services, digital transformation, and enterprise risk, he advises iComply on scalable compliance infrastructure for global markets.
Thomas Linder

Thomas Linder

Advisors

Thomas is a global tax and compliance expert with deep specialization in digital assets, blockchain, and tokenization. As a partner at MME Legal | Tax | Compliance, he advises iComply on regulatory strategy, cross-border compliance, and digital finance innovation.
Thomas Hardjono

Thomas Hardjono

Advisors

Thomas is a renowned identity and cybersecurity expert, serving as CTO of Connection Science at MIT. With deep expertise in decentralized identity, zero trust, and secure data exchange, he advises iComply on cutting-edge technology and privacy-first compliance architecture.
Rodney Dobson

Rodney Dobson

Advisors

Rodney is the former President of ADP Canada and international executive with over two decades of leadership in global HR and enterprise technology. He advises iComply with deep expertise in international service delivery, M&A, and scaling high-growth operations across regulated markets.
Praveen Mandal

Praveen Mandal

Advisors

Praveen is a serial entrepreneur and technology innovator, known for leadership roles at Lucent Bell Labs, ChargePoint, and the Stanford Linear Accelerator. He advises iComply on advanced computing, scalable infrastructure, and the intersection of AI, energy, and compliance tech.
Paul Childerhose

Paul Childerhose

Advisors

Paul is a Canadian RegTech leader and founder of Maple Peak Group, with extensive experience in financial services compliance, AML, and digital transformation. He advises iComply on regulatory alignment, operational strategy, and scaling compliance programs in complex markets.
John Engle

John Engle

Advisors

John is a seasoned business executive with senior leadership experience at CIBC, UBS, and Accenture. With deep expertise in investment banking, private equity, and digital transformation, he advises iComply on strategic growth, partnerships, and global market expansion.
Jeff Bandman

Jeff Bandman

Advisors

Jeff is a former CFTC official and globally recognized expert in financial regulation, fintech, and digital assets. As founder of Bandman Advisors, he brings deep insight into regulatory policy, market infrastructure, and innovation to guide iComply’s global compliance strategy.
Greg Pearlman

Greg Pearlman

Advisors

Greg is a seasoned investment banker with over 35 years of experience, including leadership roles at BMO Capital Markets, Morgan Stanley, and Citigroup. Greg brings deep expertise in financial strategy and growth to support iComply's expansion in the RegTech sector.
Deven Sharma

Deven Sharma

Advisors

Deven is the former President of S&P and a globally respected authority in risk, data, and capital markets. With decades of leadership across financial services and tech, he advises iComply on strategic growth, governance, and the future of trusted data in AML compliance.