ICOs (Initial Coin Offerings) or token sales are a great way to fund and expand your business. But, your ICO needs to comply with money laundering regulations, including blocking certain geographies, while minimizing risk. You know you need to do something, but what? And, how do you do it without turning away customers, getting sued, or getting fined by various governments? ldentityMind can help.
IdentityMind provides a plug-in software solution that handles the necessary Anti-Money Laundering (AML) requirements, including KYC (Know Your Customer), required to launch your ICO around the world. It ensures that your ICO meets the existing legal requirements, demonstrating to regulators you're doing the right thing. With our extensive digital currency, regulatory, and risk management knowledge, we can make this part of your ICO a whole lot easier.
You receive a preconfigured plug-in that will:
IdentityMind has a pre-configured plug-in that takes into consideration all published guidance.
Do what's necessary without impacting sign-ups.
Regulators are following ICOs. IdentityMind provides realtime KYC & risk analysis of your contributors via proprietary data and 20+ services including sanctions screening, name and address validation, phone verification, device analysis, IP analysis, and document validation + facial match.
Our platform uses digital identities that help you ensure the same person is not making multiples purchases, understand the reputation of each of your contributors, and accept as many as possible while still complying with the law.
We'll get you up and running quickly. With Swagger documentation, a RESTful JSON APl, and a staging environment, integration can take less than 24 hours. And, our rules, case management, and alerts allow you to authorize contributors based on your specific thresholds, so you can quickly review users and escalate as required.
A SAFT requires you to validate your contributors are accredited investors. IdentityMind can help connect you to a review service that approves contributors in a timely manner.
Know where contributors are coming from
Automated, risk-based KYC
Regulation already configured by country
Ability to validate contributors worldwide
20+ data services, one API
Real time risk scoring using machine learning
Velocity analysis to prevent illegal behavior
Risk scoring on source of funds to prevent contributors that will bring regulator attention
Easily manual review suspicious transactions
Prebuilt reports for regulators
Most ICOs are Securities Requiring AML and Compliance. Last week, the Canadian Securities Administrators (CSA) released notice 46-307 to initial coin offerings (ICOs) that impacts:
Do you remember what you were doing in late 2013 – early 2014? I do, I was scrolling through my LinkedIn, Facebook, and Twitter feeds and it was all about Bitcoin. Bitcoin had recently crossed the $1000 threshold for the first time, and two days later one coin was worth almost as much as an ounce of gold. I remember reading about this and thinking, “This could shape our relationship with currency in the future, and even change the way we think about stores of value” – not an easy thought, especially for an economist.
The number of Initial Coin Offerings has taken the market by surprise. Over $2.25b has been raised via ICOs this year alone, and a market which didn't exist four years ago is now competitive with venture capital.
However, it's not always smooth sailing. Today, 60% of ICOs are failing. Why is that? Sometimes a good idea will carry the day, but more often than not, that's not enough. Success requires more than just a strong product or service, or an excellent ICO white paper. This post documents what you need to know to ensure your ICO succeeds.