Koi Platform To Allow Customers To Check Their AML Compliance
A Binance-backed OTC platform Koi Trading launched a new service to fight money laundering, according to the press release.
The product called Koi Compliance is designed for companies operating in the field of cryptocurrencies and financial services. Its goal is to help entrepreneurs make sure that their business meets the KYC and AML requirements.
The Koi platform will help companies identify users through the know-your-customer procedure, track the flow of transactions, conduct sanctions checks, and keep records.
For this purpose, it entered into an agreement with IdentityMind, a company that specializes in risk assessment and already cooperates with 35 cryptocurrency exchanges around the world. IdentityMind provides anti-money-laundering compliance auditing services to over-the-counter platforms and stablecoin projects that face the new regulatory standards appearing in their jurisdictions, according to Harry Zhou, Koi’s General Consul.
Last year, the blockchain incubator Binance Labs allocated $3 million for Koi Trading. The fintech division of the largest exchange became interested in Koi’s quantitative research, as well as consulting services regarding the legal compliance of clients.
In October 2018, Binance started working with Chainalysis, which developed the software called Chainalysis KYT (know-your-transaction). The companies are striving to fight illegal activity on the crypto market, including money laundering.
Previously, the Coinbase exchange accused its former partners of stealing information.