Ignite, a decentralized and self-regulating rating platform and community for digital and traditional assets alike today announced a partnership with Coinfirm and its AML/CTF Platform. Coinfirm will ensure that Ignite will stay fully compliant with AML regulation during its ICO which began on January 15th. Coinfirm is a leading regulatory technology company with an objective to secure the safe adoption and use of blockchain by deploying the Coinfirm AML/CTF Platform.
Coinfirm’s platform helps ICOs to streamline and automate compliance processes and aims to be the global standard for AML enabling a high level of transparency for cryptocurrency and blockchain based transactions.
How will the Coinfirm Platform work for Ignite?
Coinfirm’s AML platform makes it possible to easily identify funds from risky or illegal sources and assess risks connected to dealing with contributing wallet addresses (serving BTC, ETH and Dash).
The platform uses approximately 200 proprietary algorithms and big data analysis to provide actionable data on contributing wallet addresses. Coinfirm’s technology has the ability to farm data from the blockchain, clearnet, deep web, and data leaks (to name a few sources). Ignite has integrated with Coinfirm so that we will have streamlined access to reports and risk scores for all of our contributor’s wallets.
The risk reports prepared in real time by Coinfirm will give a risk score on each wallet ranging between 0-99 and will reflect the risk level of money laundering, fraud, or other compliance risks. A higher score will reflect a higher risk with a particular wallet. Coinfirm will then provide Ignite with further data such as behavioral profile, financial characteristics, and over 100 risk indicators.
Ignite will use this valuable data to block and refund transactions on those wallets marked as “high risk”. For those around the high-risk mark, Ignite will undertake a greater degree of analysis on the wallet addresses, in some cases requesting further due diligence to be completed by the contributor. A final call for transacting with those addresses will be made depending on the outcome of the further due diligence completed.
Ignite’s legal team will be monitoring Coinfirm’s real-time reports for the duration of the ICO and will take action in the best interests of preventing our platform from being utilized for money laundering purposes.
We look forward to working together with Coinfirm and furthering its mission to make the blockchain and crypto world a safer space.