News Former Reuters Risk Intelligence Exec Joins Crypto Compliance Startup

Former Reuters Risk Intelligence Exec Joins Crypto Compliance Startup

-

- Advertisment -

Thomson Reuters’ former head of World-Check is moving to a blockchain startup focused on regulatory compliance.

Greg Pinn, who ran Thomson Reuters’ risk intelligence and financial crime screening platform, will now be in charge of product strategy at iComply, which focuses on using blockchain and artificial intelligence to maintain immutable records. So far the startup has launched a know-your-customer (KYC) tool, as well as a toolkit for blockchain startups looking to add governance and compliance systems, according to a press release.

In a statement, Pinn said that KYC processes are important for cryptocurrencies, and he plans for iComply to be an industry standard in the space.

Pinn explained:

“Both World-Check and iComply are in the KYC space, and World-Check came about at a time before there even really was a compliance space – it was one of the first players in the market to solve a major problem. iComply is doing the same thing for the emerging blockchain and crypto world, not only removing the ‘tinfoil hat’ from crypto but solving a real problem and building a solution for it.”

Matthew Unger, chief executive and founder of iComply, said in a statement that cryptocurrency exchanges and startups need better KYC tools than most use at present, which means they do not actually comply with certain legal requirements.

As such, he sees iComply as filling a need for regulatory compliance, adding that “The irony of the cryptocurrency markets is that while blockchain opened the door to non-compliance with ICOs initially, the underlying technology actually has the ability to provide more robust and effective compliance, transparency and integrity than traditional tools, at a fraction of the cost.”

“Existing legacy tools and services do not have the capabilities to assess the unique risks within cryptocurrency markets. This has allowed iComply to raise the standards of compliance in the industry, enabling institutional wealth to start participating in the growth of global financial decentralization,” he said.

Handshake image via Shutterstock


The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

GoCrypto presents truly contactless payments with a simple solution for merchants and buyers

7 April 2020 — The recent events have rapidly changed the way we live, including our shopping...

Bitcoin SV has found a new niche in the gaming industry

Gaming companies and online casinos are increasingly paying attention to cryptocurrencies as a possible payment tool. Several...

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...
- Advertisement -Former Reuters Risk Intelligence Exec Joins Crypto Compliance Startup

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you