Public Crypto BLOG: AMLT - Compliance Token By COINFIRM

Virtual currency acceptance is continuously increasing, while banks and financial regulators are still unprepared. The market of virtual currencies has grown tremendously in recent years, not only in terms of value but also in terms of services offered and entities involved. Banks and financial institutions are not able to properly provide services to these businesses because they are not able to determine and manage the risk related to companies operating in this space.

A solution is needed for virtual currency businesses and traditional businesses that accept virtual currencies or simply want to have exposure to it. At the end of the day, any entity touching virtual currencies or operating with them needs to apply AML/CTF compliance rules to protect themselves, their partners and their clients from potential risks and to allow for its commercial growth.

The solution is here. A global platform that solves these problems for the entire ecosystem in a new, e effective and effi cient way, that grows with the network it creates and becomes the `back bone' for the ecosystem while running unnoticeably in the background. The entire ecosystem now has a simple and straight.

COINFIRM is the globally recognized brand in both the blockchain/virtual currency and Regtech industries with multiple honors and acknowledgments.

COINFIRM is :

A global RegTech enterprise focused on AML/CTF for Blockchain, a recognized influencer in the Blockchain/Virtual Currency and RegTech industry
Led by leaders and professionals from AML, compliance, anti-fraud and Blockchain industries
Partners and clients range from major cryptocurrency players such as Dash and RSK to large financial institutions such as SEI

COINFIRM GOAL

Coinfi rm's goal is to make AML rules a reality and to build the global standard for AML/CTF for blockchain applications. The foundation for this standard has been set by the Coin rm AML/CTF Platform (`Platform').

COINFIRM VISION

Coin rm provides a network that builds a transparent, democratic, e ffective and compliant virtual currency and blockchain ecosystem. Coin rm's goal is to deliver a streamlined and e ffective Global Standard for AML/CTF compliance in a decentralized and democratic way where participants can provide AML/CTF/Fraud/business/risk ratings whether negative or positive.

COINFIRM Benefits :

Coinfirm’s AML/CTF Platform serves as a foundation for the safe adoption and use of blockchain and cryptocurrencies
Uses proprietary algorithms and big data analysis to provide actionable data that increases efficiency, reduces costs and streamlines compliance to near automation
Spreads the entire blockchain and cryptocurrency ecosystem into the traditional economy and enables mass market adoption
Serves as a bridge to accommodating new business models and adopting Blockchain and virtual currencies in a safe and compliant way
Built to create the Global Standard for the whole industry

AMLT

AMLT is the key that in line with Coin rm's Platform provides solutions to problems for all participants in the ecosystem and creates the foundation for a secure, tranparent, democratic and compliant economic system. AMLT is a key link in Blockchain, helping businesses to ensure transparency and safety - to protect themselves, their customers and grow by solving one of the largest Blockchain needs - effective compliance and AML procedures. AMLT is the token for prepaid products and access rights to the already vibrant network of the Coinfirm AML/CTF Platform.

AMLT provides access to to a secure and transparent blockchain economy - it protects you, your partners and clients from potential risks and allows for commercial adoption and growth. The Blockchain agnostic Coinfirm AML/CTF Platform currently serves three main blockchains :

Bitcoin
Ethereum
Dash

The Problem in the Market :

A problem with access to the mass market and traditional financial services as it struggles with regulatory compliance
Cryptocurrency adoption is increasing and the traditional market, banks, and regulators have no tools and information to handle this risk and accept related clients
Entities dealing with Blockchain need to ensure that they aren’t exposed to high risk transactions or counterparties but lack efficient and effective solutions
Smart contracts, ICO’s, Token Crowd Sales etc can be used for money laundering or terrorist financing too and require proper assessment, yet not effective solutions exist
The cost of compliance for virtual currency businesses can run above 50% of total time and labor cost expenditures
Non-compliance may result in the closing of the business, paying fines or even legal ramifications
Due to the ineffective and centralized nature of regulatory and compliance approaches and solutions entire regions unfairly suffer from financial exclusion.

AMLT Solution :

Provide streamlined access to reports and data for AML/CTF compliance purposes for cryptocurrencies
Build the transparent and democratized financial system by collecting and sharing data in an anonymous way
Improve and automate processes within the Coinfirm AML/CTF Platform and deliver benefits and rewards for its participants
Create a transparent and mutually beneficial compliant Blockchain ecosystem that becomes the global AML/CTF standard for blockchain
Give users an important and active part in building the transparent new era of finance and a foundation for the mass adoption of blockchain and cryptocurrencies

Benefits for AMLT Token Holder :

SPEND

Services provided by Coin rm's AML/CTF Platform can be purchased with substantial discounts with the use of AMLT and even more by Network Members when paid with AMLT. These services will include AML Risk Reports, available through our API, in pdf or web format and their prices will be nominated in USD or other major at currency.

HOLD

Network Members will gain access to the Knowledge Pool - the wide database of materials on AML for blockchain and virtual currencies, this includes: Articles, Webinars, Guidance on AML/CTF, Exemplary AML Policies, Procedures and Risk Matrixes. This toolkit is an essential part for any entity that wants to e ectively manage AML risk on blockchain transactions. It is market unique and can substantially decrease AML expenses for both small entities and large corporates.

GET REWARDS

Network Members will be entitled to obtain extra tokens coming from AMLT Monthly Distribution (periodic supply of newly created tokens, driven by token protocol), for providing speci ed data to the AMLT network.