AltcoinsComplianceICORegulation

AML and KYC in Cryptocurrencies for Finance

A cryptocurrency focussed on Anti-Money Laundering and Know Your Customer compliance is ready to begin trials in banks to bring the benefits of a blockchain-based currency to the banking system. Currently undertaking an Initial Coin Offering, AML BitCoin accepting every form of currency, both fiat and crypto, for investment. Investors will be charged an industry-low 1 percent fee for buying into the ICO via U.S. Dollars and other fiat currency.

A member of the American Bank Association, NAC Foundation created AML Bitcoin and its predecessor digital currency, the Aten Coin, both of which were built with anti-money laundering, anti-terrorism and theft-resistant properties built into the coin. As a result, they are compliant with numerous laws, including Anti-Money Laundering, PATRIOT Act, Bank Secrecy Act and Anti-Fraud and Financial Crimes (AFF). NAC aims to strengthen the social sector by advancing knowledge about the use of regulated digital currencies and blockchain technology globally.

Launched on the 6th of October, two and a half million ‘AMLBits’ have been sold as part of a private sale, with 76 million being made available for public purchase via the ICO. The AML-compliant cryptocurrency will receive AML BitCoins on a 1:1 ratio once NAC Foundation, creator of the AML BitCoin, has activated the cryptocurrency’s features. The Foundation created AML BitCoin with anti-money laundering, anti-terrorism and anti-theft properties built into the coin’s code. The coin will use a biometric identification system to verify owners of wallets that hold the AML BitCoin. The digital currency rests on a privately regulated public blockchain.

NAC Foundation CEO, Marcus Andrade said: “Up until now banks and governments have not been able to adopt cryptocurrencies because they are not AML-compliant – meaning they do not comply with the standards used by the American banking industry, mandates laid out in The PATRIOT Act, and other regulatory frameworks. With AML BitCoin, that has now changed. The first U.S. bank is poised to run a trial with AML BitCoin for interbank transfers, an advancement that will save millions of dollars in exchange fees.”

Only people with a certified digital personal identity can obtain and use a wallet to hold the AML BitCoin. To achieve this, users have to declare their residence. They then have to visit an approved location to present two forms of current, government-issued identification, such as a passport and driver’s license. Users must also provide a face, iris or fingerprint scan, which will be used to verify their identity when using the biometric mobile wallet application.

 

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
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