Background
In the post-crisis period, many future-defining attributes have become inherent in financial institutions, the most important of which has been the ever-changing regulatory environment. Changes in regulation often require a shift in internal business processes and affect everything from profit to business growth potential.
In recent years, new regulatory rules and conditions have been introduced, including the principle of know your customer (KYC), which involves obtaining, promulgating and storing reliable information about the company's clinkets, and the principle of combating money laundering (AML). As practice has shown, large banks have previously paid insufficient attention to these requirements from regulatory authorities.
Problem
The emergence of such a fundraising format as the initial placement of coins (ICO) put an even greater emphasis on the requirements of KYC and AML. Particularly closely monitoring bodies began to monitor tokens, which are classified as securities.
As it turns out, the blocking industry already has solutions to meet the requirements of KYC and AML. The solution is the SAFT system, which implies a "simple agreement on future capital". It is not yet known whether SAFT will simplify accreditation and verification of investors or it will create more problems than it tries to solve.
Coinfirm closely follows the development of the policy of regulators on the principles of KYC and AML and is well aware of the problems of developing best practices. As a solution, the company launched the AMLT network to help companies meet the regulator's requirements regarding the principles of KYC, AML and countering the financing of terrorism (CTF).
These weaknesses in cryptography have already affected the community. Despite the growth and widespread use of crypto currency, Coinfirm states that the requirements of KYC, AML, CTF are a "massive obstacle" to the long-term growth of the industry.
Decision
If a project produces its own currency and wants to attract investors in this way, there is still a need for a system that will protect investors from the high risk associated with the actions of regulators in the market.
Against the backdrop of these problems, the ultimate goal of the Coinfirm project is to create a global standard of data encryption that meets the rules of knowing its customer and guarantees the implementation of anti-money laundering laws and the financing of terrorism.
Token
Coinfirm offers a token for the verified ERC223 standard, which will be used for prepaid products and granting access rights to the network. Members of the network will also receive AMLT tokens to participate in ratings and information content for specific addresses - this is an element of "democracy" built into the system.
The token itself is an important tool in the Coinfirm platform. Users can not only spend tokens on verification services, they can receive AMLT to participate in the assessment and verification process.
Of the 400 million available AMLT tokens, 210 million will be sold during the crowdsdale, which will take place from December 12, 2017 to January 30, 2018. The company has reserved 120 million tokens allocated for rewards of network participants.
Command
The AMLT project team includes more than 30 people. Among the team members, you can find people with experience working in the blockhouse-industria and working with counterterrorism financing systems in the field of combating money laundering and dealing with fraud.
Pavel Kuskovsky is the general director and the founder of the project. It is worth noting his many years of experience as an advisor on the principles of AML and CTF, which he got working with major financial institutions, including the Royal Bank of Scotland (RBS).
The co-founders of the project are Pavel Alexander and Yakub Fizolek. Alexander has proven experience in the field of fraud prevention and AML and CTF principles, while Fizolek brings his expertise and experience in IT and security to the project.
Grant Blaisdell and Maciej Tsiolkovsky finish the list of members of the constituent group. Blaisdell is the "business brain" of the project, and Tsiolkovsky is an expert in data encryption.
In addition to founders, AMLT hired an operational director, a delivery director, AML compliance specialists and technical specialists. This is one of the most complete teams that can be seen in the team conducting their ICO.
Verdict
AMLT is a powerful concept, backed up by a world-class team and a solid technical base. The platform starts its activities at the right time, as the companies that want to use the block system and tokens will experience difficulties related to regulation by governments.
Risks
There has already been a lot of competition in the industry. Companies such as Elliptic, Chainanalysis, Scorechain and others are also involved in helping companies meet regulatory requirements. Despite the fact that representatives of the AMLT believe that they come to the still crowded