Dash and Coinfirm partner to build AML/KYC solution
Cryptocurrency Dash is collaborating with Coinfirm, the blockchain compliance platform provider, to produce an integrated solution for AML/KYC (Know Your Customer / Anti-Money Laundering) support for blockchain. This will allow safe adoption by businesses and financial institutions needing full compliance, without affecting Dash's privacy features. The Coinfirm platform will enable ongoing AML monitoring once synced with Dash's blockchain, and clients will have access to a range of services including counterpart verification, automatic risk assessments and fraud management tools.

The team behind the privacy focused cryptocurrency Dash has announced a new cooperation with Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term compliance platform provider, London-based Coinfirm. The collaboration creates the first interwoven solution for AML/KYC (Know Your Customer /Anti-Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term) support for the blockchain asset - allowing for safe adoption by commercial and financial institutions that require full-fledged compliance without affecting Dash’s optional privacy features.

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Ryan Taylor, Director of Finance at Dash, said: “Coinfirm offers its customers truly world-class tools to meet regulatory requirements in an easy and effective manner. Dash benefits greatly from Coinfirm’s integration by accelerating the onboarding process for regulated businesses. By integrating Dash, Coinfirm also joins a growing list of businesses that recognize Dash’s up-and-coming status, and we’re excited about the opportunities this integration opens for our ecosystem and our users.”

“This partnership is a historic development for digital currencies and blockchain. We’re proving how a digital currency and compliance are able to successfully work side by side,” said Pawel Kuskowski, co-founder and CEO of Coinfirm. “Our mission is to make compliance automatic, seamless, and an easy-to-use utility. With a ready compliance solution, we hope to help Dash evolve into the mainstream currency that it plans and deserves to be. We can’t stress how exciting this is for us and how impressed we’ve been with Dash and their long-term approach to their ecosystem.”

The Coinfirm platform will allow for ongoing AML monitoring once fully synchronized with Dash’s blockchain. The platform will provide Dash’s corporate clients, including those who require AML/KYC compliance, with an array of solutions that fulfill and streamline processes. Verification of counterparties, automatic risk assessments, and fraud management tools will be managed and scalable.

Beyond its use for commercial adoption, Coinfirm’s 'Wealth Reports' will provide Dash users with the ability to build their verifiable Dash credit history and rating. The team hopes that with an accurate and trusted algorithmic scoring mechanic, entrepreneurs working with Dash will have the incentive and the infrastructure necessary to deploy new financial products and services that will meet consumer demands and grow the economy.