traceto.io Blockchain - KYC - A.I. - Compliance - KYC process made easier with Blockchain and AI

traceto.io is powered by Cynopsis Solutions Pte Ltd., a RegTech company founded and based in Singapore. We help clients with regulatory requirements including anti-money laundering (AML), counter terrorism financing (CTF) and other KYC related procedures.

About traceto.io

Know Your Customer (KYC) involves the set of processes where an organization demonstrates to regulators that they have assessed various risks, including money laundering, terrorism financing, credit worthiness and product suitability prior to and throughout any business relationship with the customer.

• Anti Money Laundering (AML) and Counter Terrorism Financing (CTF)

Anti Money Laundering regulations are designed to emplace controls that guard against the flow of illicitly obtained funds through the financial system. Counter Terrorism Financing refers to the set of controls aimed at eliminating the flow of financial resources to terrorists and terrorist organizations.

• Product Suitability

Product Suitability controls are intended to prevent the sale of financial products to clients’ on the basis that their risk, investment or credit profiles are not suited to the financial products being sold.

• Credit Worthiness

Credit Worthiness checks prevent lines of credit and margin from being extended to clients’ that are unlikely to be able to meet repayments. 

Know Your Customers The basic mantra for any business is still many companies fail to gather basic and accurate information about their customers. Thus, the process of knowing the customer becomes a formality that leads to a deterioration of the product value and ultimately reduces the sale of the product in the market. This is a necessary step in the banking and financial services industry, as the release of bad actors from society is a major government task.

Some of the challenges in terms of KYC in the crypto companies are as follows; false assumption of losing anonymity as a low priority center and lack of budget and experienced compliance staff. There is a need to use the latest technologies to solve these challenges. Do you think that it is possible to find a solution to the above challenges?

Solution offered

TRACETO.IO creates the solution for the KYC. The team-designed framework works on the four basic questions; Who are you, who are you not, what have you done and are you still who you say it is you? Intelligent technologies for contracts and artificial intelligence are used to develop the TRACETO.IO network. The user uses the decentralized app if he wants to join the ICO or an exchange. The identity documents are uploaded by the user on the platform. The documents are encrypted and stored in the application. For viewing these documents the permission of the user is required. Face recognition, OCR, video recognition are used as the means to check the profile.

The verifier on the platform checking the profiles is a trusted user rewarded for his contribution to the services provided. To become a verifier on the platform, a minimum amount of T2T tokens must be staked out. The authorization level at verification depends directly on the number of T2T tokens. Artificial intelligence algorithms are used to automate multiple processes on the platform. The community on the platform plays an important role in the smooth functioning of many services offered by the platform. For the KYC there are several points that are made available to the users of the platform.

ICO INFORMATION AND TEAM

• Token T2T
• Price 1 T2T = 0.10 USD
• Platform Ethereum
• Accepting ETH
• Hard cap 30 000 000 USD
• Country Singapore
• Whitelist/KYC KYC & Whitelist

One billion T2T tokens will be created for the project in which 30% of tokens are reserved for token-selling. The pre-sale will begin on May 20, 2018. The main token sale will start on June 8, 2018. 50% of the funds will be used to develop and maintain the platform. The team working on the project is experienced in financial services and blockchain technology.

Conclusion 

In many categories of companies, such as banking and finance, which are a highly regulated industry, the process of knowing your customer is taken more seriously by involving financial decisions. Anti-money laundering laws should be strictly adhered to in order to preserve the laws of the country. The emergence and introduction of the cryptocurrency has made this task more complex.

Many cryptocurrency companies follow the necessary laws while others remain uneven in their approach. Currently, they focus on the crypto-related business, but in the future they would focus more on credit and product suitability. What do you think about the future of the platform?

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sandysan
Profil link : https://bitcointalk.org/index.php?action=profile;u=1071983
ETH: 0x022DfD639385A07a9EE272404854fE6598fEBA4b