Blockpass has revealed its latest partner in AML/CFT solution provider, ComplyAdvantage. Both companies are focussed on providing the most comprehensive and simple measures that will see compliance with financial regulation become quick and easy, as well as being as robust as it can possibly be. As the two companies move forward, they will pool their expertise in various events and collaborative efforts to see these ideals realised. Blockpass and ComplyAdvantage first began their work together in December 2017 with the announcement that Blockpass would leverage ComplyAdvantage’s solution for AML in their KYC Connect Product offering.
ComplyAdvantage was founded in 2014 with the goal of improving the outdated and inefficient tools that were used for AML compliance. ComplyAdvantage offers AML screening and monitoring technology with an Al-driven risk database on people and companies that pose financial crime risk. By employing machine learning and data science, ComplyAdvantage has introduced automation and technological solutions that not only provide faster results but also reduces the amount of false-positives that are returned by 70%.
Blockpass is digital identity application and service which brings control back to the user. Blockpass provides a streamlined and cost-effective user onboarding process for regulated industries and any kind of online service. From the Blockpass Application, users can create, store, and manage, data-secure digital identity that can be used for an entire ecosystem of services or token purchase.
“KYC and AML are the two largest areas of interest for financial institutions.” said Adam Vaziri, Blockpass CEO. “We have always admired the incredible work done by ComplyAdvantage in advancing AML solutions through their innovation and technological expertise. We are excited to have them as a partner and to see what kinds of revolutionary ideas and technology we can work on together.”
ComplyAdvantage CEO Charlie Delingpole said: “This partnership shows the need for strong AML/CFT solutions in the blockchain market. Blockpass has brought a unique product to market that will strengthen businesses in the fight against financial crime. Our partnership will provide a single solution for companies’ ID-V and monitoring needs using cutting-edge technology.”
Blockpass has expanded in size and use over the past year, with the inauguration of the Blockpass Identity Lab in partnership with Edinburgh Napier University in September, followed by a number of new partnerships and collaborations with companies from a variety of industries and interests. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. Blockpass is seeing rapidly increasing numbers of users in the past few months as its identity verification solution is used for ICOs, STOs and IEOs, with the Ampleforth IEO concluding successfully just a few weeks ago. The Blockpass App is available from the App Store and Google Play.
About Blockpass IDN
The goal of Blockpass IDN (http://www.blockpass.org/) is global realization of identity for the Internet of Everything. Through the use of blockchain technology and smart contracts, Blockpass is a production ready Regtech platform offering shared regulatory and compliance services for humans, businesses, objects and devices. As this identity system supports verification of humans (KYC), objects (KYO) and connected devices (KYD), it will enable the development of new applications that rely on a trusted connection between human, corporate, and device identities. Registered in Hong Kong, Blockpass IDN is a joint venture of Infinity Blockchain Labs and Chain of Things. Blockpass IDN licenses its technology from the non-profit Blockpass Foundation, registered in the Isle of Man.
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About ComplyAdvantage
Compliance doesn’t have to be painful. ComplyAdvantage gives businesses the financial crime insight they need to take control.
Their data and technology help you to uncover the risk of who you’re doing business with, using the world’s only dynamic global risk database of people and companies. Their suite of configurable cloud services integrates seamlessly to help automate and reduce the frustration of complying with Sanctions, AML and CFT regulations.
Founded in 2014 with offices in London, New York, Singapore, and Cluj, ComplyAdvantage work with over 350 firms across 45 countries. In January of this year, they raised $30 million in their Series B fundraising round led by Index Ventures and joined by Balderton Capital. For more information, go to www.complyadvantage.com.
