Login
Contact Sales
Login
CONTACT SALES
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, iComply Insights, Knowledge Base, Prefacto, Web3

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

The Importance of KYC Compliance for Fintechs
The Importance of KYC Compliance for Fintechs

Nov 1, 2024

The Importance of KYC Compliance for Fintechs Know Your Customer (KYC) compliance is crucial for fintech companies to verify the identities of their customers, mitigate risks, and adhere to regulatory requirements. This article...

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.”

-##-

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

New University Research: The Compliance Trilemma

New University Research: The Compliance Trilemma

by | Nov 19, 2018 | Blog, Crypto, iComply Insights, Prefacto, Press Releases, Web3

A research team from the University of British Columbia (UBC) conducted more than 45 interviews and dozens of observations from industry experts to explore the past, present, and expectations for the future of token issuers from diverse perspectives.

iComply Investor Services commissioned a study 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 that hinder 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

The Importance of KYC Compliance for Fintechs
The Importance of KYC Compliance for Fintechs

Nov 1, 2024

The Importance of KYC Compliance for Fintechs Know Your Customer (KYC) compliance is crucial for fintech companies to verify the identities of their customers, mitigate risks, and adhere to regulatory requirements. This article...

iComply “Most Forward-Thinking Work Being Done” Related to Blockchain Settlement

iComply “Most Forward-Thinking Work Being Done” Related to Blockchain Settlement

by | Oct 15, 2018 | AML - Anti-Money Laundering, Asset Managers, Blog, Events, In The News, Industries, KYB - Know Your Business, KYC - Know Your Customer, Prefacto, Press Releases, Solutions

Chicago, Il. — FIA announced that iComply Investor Services Inc. (“iComply”) is one of 15 companies chosen to exhibit in the Innovators Pavilion at the 34th Annual FIA Expo in Chicago October 16 – 18. Innovators Pavilion showcases startup companies providing forward-thinking solutions for the futures, options and cleared swaps industry.

iComply was chosen from a competitive pool of applicants to showcase its offerings to more than 4,500 attendees at the largest gathering of derivatives industry professionals in the world. The Innovators Pavilion provides each FIA Innovator with a Tech Pod on the Expo show floor that can be used to display its services. iComply will also be featured in the official conference guide, the FIA’s service provider directory, and the event app. In addition, five FIA Innovators will be chosen to take part in a Meet the Innovators competition in which each company will have five minutes to pitch its services to Expo attendees. Following the competition, a panel of judges will select one company as the FIA Innovator of the Year and award that firm a prize of cash and other resources valued at more than $20,000.   

This year’s Innovators Pavilion is sponsored by Amazon Web Services and supported by several fintech organizations and angel investor groups, including Fintech Sandbox, FinTEx, Hyde Park Angels, Rise New York and Seismic Foundry.

“I’m proud to announce that iComply was chosen to be featured in the 2018 class of FIA Innovators,” said Matt Haraburda of XR Trading, chairman of the Innovators Pavilion selection committee and executive committee member of the FIA Principal Traders Group (FIA PTG). “iComply…represents some of the most progressive and forward-thinking work being done in fintech related to cleared derivatives. I’m looking forward to seeing their work showcased at Expo.”

With more than 4,500 people attending each year, the FIA Expo is the largest gathering of derivatives industry professionals in the world. Attendees include senior executives from brokerage firms, exchanges, trading firms, and service providers, and the exhibit hall typically attracts more than a hundred firms as exhibitors.

iComply and other Innovators were selected on the basis of applications that were submitted and reviewed by a committee of industry experts assembled by FIA.  

View the full list of FIA Innovators here.  

##

About FIA
FIA is the leading global trade organization for the futures, options and centrally cleared derivatives markets, with offices in London, Singapore and Washington, D.C. FIA’s membership includes clearing firms, exchanges, clearinghouses, trading firms and commodities specialists from more than 48 countries as well as technology vendors, lawyers and other professionals serving the industry. FIA’s mission is to support open, transparent and competitive markets, protect and enhance the integrity of the financial system, and promote high standards of professional conduct. As the principal members of derivatives clearinghouses worldwide, FIA’s member firms play a critical role in the reduction of systemic risk in global financial markets.

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 Importance of KYC Compliance for Fintechs
The Importance of KYC Compliance for Fintechs

Nov 1, 2024

The Importance of KYC Compliance for Fintechs Know Your Customer (KYC) compliance is crucial for fintech companies to verify the identities of their customers, mitigate risks, and adhere to regulatory requirements. This article...

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, iComply Insights, Web3

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.

##

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

The Importance of KYC Compliance for Fintechs
The Importance of KYC Compliance for Fintechs

Nov 1, 2024

The Importance of KYC Compliance for Fintechs Know Your Customer (KYC) compliance is crucial for fintech companies to verify the identities of their customers, mitigate risks, and adhere to regulatory requirements. This article...

iComply MasterClass: Smart Contract Auditing Expert Panel

iComply MasterClass: Smart Contract Auditing Expert Panel

by | Sep 26, 2018 | Blog, Events, iComply Insights, Prefacto, Web3

In this upcoming MasterClass, iComply hosts Hosho’s CTO Alex Blair as he joins iComply’s CTO Matt Masiar, to speak on the importance of smart contract auditing, especially for financial applications of smart contracts.

In 2017, a total of $400 million that was raised through initial coin offerings (ICOs) was lost or stolen. This year $23 million was lost to crypto scams every day, with 10% of all funds invested into ICOs also having been reported lost or stolen. The status quo of token fundraising is not sustainable, nor ready for institutional finance.

A single vulnerability once exploited can destroy an entire project. Code, if not audited may not function as intended but will work fine for a short period of time. Companies soft-launching on a blockchain network have a lot to lose from code vulnerabilities and it could end up being a costly decision to not have an audit prior to launch.

Register Now

Save Your Spot: Registration Limited to the First 100 People Date: Thursday, October 4 Time: 11:00 AM – 11:45 AM (Pacific) Who is this MasterClass for? Developers, Token Issuers, Exchanges, Cyber Security Consultants

Key Learnings:
In this MasterClass, the panel will break down what smart contract audits are, why they are essential and how they can protect you and your investors. 

About Alexander Blair
As CTO of Hosho, the global leader in blockchain technology, Alexander leads its technology teams. Every audit bearing the Hosho name or GPG signature is viewed by him. He participates in the audit of ERC-20 contracts, intensive gambling contracts, website penetration testing, and consulting work. With each project, Alexander works to help companies achieve proper security for their funds and the blockchain ecosystem. Alexander Blair possesses a depth of knowledge and experience in low-level system administration, high-level development in multiple languages, cybersecurity, and cryptocurrency mining. Within the healthcare and cybersecurity industries, Alexander has refined his extensive skills in software security protocols. His projects include the sole development of updated mining pool software for cryptocurrencies based on the Cryptonote protocol; co-running SupportXMR.com – a cryptocurrency pool that focused on providing high-quality, high-speed mining pool access worldwide; and the intensive growth of the largest Monero pool in the world to a peak position. Prior to serving as the Chief Technology Officer at Hosho, Alexander enhanced his knowledge of security at Yo Sub Kwon’s LaunchKey. Later acquired by Iovation, Kwon tapped Alexander to join his new venture, Hosho – a cybersecurity company focused on the specific needs of the blockchain industry.

About Matt Masiar
A pioneer of Web technology for almost two decades, Natt’s work has won numerous local and international web development awards. He has acted as a CTO, Tech Team Lead, and technical adviser on a number of projects. He has demonstrated experience with designing and implementing secure, high-performance, scalable applications; large-scale integration projects; native mobile and responsive web applications; and legacy client-server based applications. Skilled in software design patterns, agile methodology, architecture, ASP.net, C#, Mobile Applications, Web Design, Management, and relational database design. 

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