InconvenienceDigital currency scrambles with regulatory compliance andfaces the problem of reaching the mass trading market and conventional banking.The worldwide problems like counter terrorist financing and anti-moneylaundering for digital currencies needs to be tackle down for easy trading. The entire market and it’s contributors are at peril due tothese muddles. All the money proceed to illegal markets, drug traders,terrorists, human barters and weapon dealers. Therefore the companies that dealwith exchange of money through blockchain should make sure that they are notmanifested to such hazardous transfers. Even when you are agreeing to receive digital currencies inyour online bookstore, the money may come from sources which you don’t want tobe subject to and can put you at high danger. There is also a possibility that dealingparty knowingly or unknowingly is obtaining their funds from illicitreferences.
All these problems together are slowing down the speed ofmarket extension. Market DimensionsThe current solutions for issues like anti money laundering and counterterrorist financing (AML/CFT) are unsuccessful and still need to be moreadvanced. All the concerned institutions are spending a huge amount forcountering these challenges. However, the solution must be a universal stagethat counters these issues worldwide effectively. SolutionsA constructive solution is needed that deals with all thechallenges given to the digital currency market and traditional business.
Allthe concerned institutions relating to virtual currency markets need to graspthe intensity of such risk. The solution for these risks is here. A fundamental,uncomplicated and simple solution has been found by the entire ecosystem. Theseissues have been countered by the Coinfirm’s dais in an unusual way, withpractical structure and more coherently. It has been tackling these issues insuch a way that lessens price and has redefined compliance overall. Thisplatform is currently in the process of incorporating with popular blockchainsand works for three main virtual currencies like Bitcoin, Dash and Ethereum. Itis now taking further strides to advance the virtual currency and blockchainsystem with AMLT.
Web of playersAMLT will be executed into a resonant web of players andwould deliver a strong foundation with lucrative business embracement. RegTechRegTech has a very vast scope and deals the problems ofFinTech, industries and economics. It aims to qualify an efficient, safe andbetter way of transferring value for the individuals and industries. Answer of DifficultquestionThe anxious market faces alot of issues of money launderingetc and AMLT is the soultion to it.
It is a global standard dealing with all these problems at aworld stage. Through this, it is easy to use data access point.It is an independent system and needs no additional effort.
It is very easy to station in traditional sectors.It is commercial and can be adopted safely. It collects the data from blockchains and further improves it.
For this purpose, a department of experienced researchers has been built in. Itcollects external data from internet, deep web, leaked data and network nodes.All the collected data is then dealt with big data analysis.The data collected is matched with the data of other sources.
Flagsdemonstrating danger are allocated on the addresses found to be used in illegalactivities then it looks for user profiles that are high-risk. The diagram below shows the entire process (Paste the diagram of page 32)All the structured data is provided to the platform users inthe form of reports. In these reports are the data containing risk score,transaction recommendations, entity’s name, profile, risk meters, financialbustle and whitelist of whether the user is trustable or not. Risk Indicator akaC-ScoreIt’s an internal risk rating indicator which indicates thelevel of swindling, money laundering and compliance risk.
The identified blockchain addresses are assigned with 0 to 99 C-Score Where the higer score meansmore risk. The overall process is presented below:(Page 34)AMLT- The powerhouseThe main motive of AMLT is to function as a token that grantsingress to the coinfirm and the services that it provides. The platform acceptspayments in cryptocurrencies. All the acquisition is performed using AMLT. It was designed to perform actions not only related toblockchain entities but also banks, large commercial industries and financialorganizations.
The participants who want to purchase AMLT and become amember of its network have to go through a specific procedure. BenefitsSome conclusive benefits like access to rewards and access toAML/CFT training resources would be provided to the network members holding aspecific amount of AMLT. A member would be qualified for membership if he holds atleast 50,000 AMLT and agrees with the terms and conditions of network members. Hence it’s a very reasonable and safe platform forblockchange enterprises.