Launched in 2017, iComply is a regulatory technology platform that focuses on the automation of compliance procedures for initial coin offerings (ICOs). Over the years it streamlined accounting and legal processes through the provision of checks and balances.
The ICO issuers, regulators, lawyers, accountants, Investors and marketing firms all agree they have been benefiting a great deal from the ecosystem, which fundamentally supports decentralization, democratization, trust and integrity.
Bringing Greg Pinn onboard and an outlook at KYC
Greg Pinn, an executive formerly working with Thomson Reuters has been brought onboard by iComply to take up the position of its head of strategy. While in the corporation, he was in charge of the risk intelligence and financial crime screening platform and he has already taken up his place at iComply.
KYC is the short form of ‘Know Your Customer’ and it happens to be a mechanism in which banks access information regarding the address and identity of customers. It is during the opening of accounts that the banks complete the KYC procedure. From time to time, the banks are required to update their customers’ KYC details.
The reason as to why financial institutions seek to understand the nature of a given customer’s activities is usually to get to the bottom of the matter regarding the legitimacy of the source of his/her funds.
Such institutions are also keen in the assessment of the money laundering risks linked with a particular customer since that simplifies the process of monitoring his/her activities. It is not easy creating and running an effective KYC program since there are a number of elements that must be paid attention to.
A given customer’s due diligence is the first factor. This has to do with whether or not a potential client can be trusted. The central focus is usually on whether or not he is worth it. There is need to guard against terrorists, criminals and the corrupt Politically Exposed Persons (PEPs).
Ongoing monitoring is the other thing. Experts say that checking a customer once isn’t enough. The ongoing monitoring entails oversight of accounts based on thresholds developed as part of a customer’s risk profile and as well as the associated financial transactions.
Leveraging on blockchain and ways in which it helps iComply
By leveraging on blockchain, iComply is able to improve the adherence of industry businesses to know-your-customer (KYC) rules though a large number of executives claim it forms a weak link in the massive industry.
Bringing Pinn onboard according to an official working with the company is the second high-profile hire this year. In April, the former US regulator Jeff Bandman will be making his way into the company’s advisory board.
Over the years there has been great need to change the way people think about compliance and seems like iComply is the perfect party to do the job. Pinn, who was formerly a senior official at the Commodity Futures Trading Commission (CFTC) outlined that he was quite pleased to be the one leading the charge as the company embarked on redefining compliance. Basically, compliance has got much to do with the establishment of a better, more efficient capital market.