Head of Thomson Reuters World-Check Leaves Post to Head Product Strategy for iComply
Greg Pinn, the visionary behind World-Check, to Head Product Strategy for iComply
Vancouver, B.C. – iComply Investor Services (iComply), a RegTech software company offering the world’s first global regulatory automation service for blockchain securities, is announcing that Greg Pinn, head of World-Check for Thomson Reuters has resigned from his post to lead product strategy for iComply.
Since 2009 Mr. Pinn led product development, technology, and strategy for World-Check, both before and after its $530 million acquisition by Thomson Reuters, the organization’s largest acquisition following the acquisition of Reuters at that time. World-Check to this day is a cornerstone of the Thomson Reuters risk business.
“Both World-Check and iComply are in the KYC, compliance, and risk 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. iComply is doing the same thing for the emerging blockchain and digital finance world, not only removing the ‘tinfoil hat’ from crypto but solving a real problem and building a solution for it.” said Greg Pinn, Head of Product Strategy, iComply, “Most people would never think that KYC is an important part of cryptocurrency… but it is, and we are building iComply to lead the industry standard.”
The need for effective KYC tools such as iComply is growing as demand for digital assets is growing, according to CB Insights, 2017 saw over 5x more capital deployed in ICOs than in equity financings to blockchain startups, and Q4 of 2017 alone saw that number jump to 7x.
“Most fintech platforms on the market today are using ‘lite KYC’ tools that are barely more than a camera-phone app and many do not comply with even the most basic sanctions requirements. These tools do not meet the regulatory requirements being imposed by governments, such as politically exposed persons screening, nor do then ensure compliance with the ever-changing landscape of global regulations.” said Matthew Unger, CEO and Founder of iComply. “Existing legacy tools and services do not have the capabilities to assess the unique risks within cryptocurrency markets. This has allowed iComply to raise the standards of compliance in the industry, enabling institutional wealth to start participating in the growth of digital finance globally.”
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iComplyKYC is a one-stop KYC, AML, ATF, and multifactor ID verification product capable of screening and pre-qualifying both individuals and corporations. The product includes real-time fake ID monitoring, lost and stolen wallet monitoring, blockchain forensics, wallet risk flagging, sanctions, watchlists, PEP (politically exposed persons), USA PATRIOT Act, FATF best practices, and more – all packaged in a developer ready API.
Most banks spent more than 10% of operating costs on compliance-related expenses and paid in excess of $42 billion for non-compliance infractions in 2016 alone. According to a 2017 report by Deloitte, operating costs spent on compliance have increased by over 60 percent for retail and corporate banks since the financial crisis.
“The irony of digital assets 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. As blockchain continues to gain traction in enterprise applications, iComply is becoming a backbone for record keeping, reporting, and audit in financial services applications,” said Unger.
About iComply Investor Services Inc.
iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps businesses reduce the cost and complexity of user authentication KYC and AML operations while providing a seamless experience to their users. iComplyKYC allows operations teams to centrally control how each KYC portal will securely gather, validate, and encrypt client data and documentation before it leaves their device. By partnering with multinational technology vendors such as Microsoft, DocuSign, Thomson Reuters, and Refinitiv, iComply is bringing compliance teams into the digital age. Learn more: www.icomplyis.com
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