TokenSoft’s New KYB Functionality: A Game Changer
In a move making waves in the compliance domain, TokenSoft has officially integrated Know Your Business (KYB) services into its platform. Debuting after a successful alpha test back in 2018, this feature aims to elevate customer due diligence (CDD) as mandated by recent regulatory amendments.
Why KYB Matters
The implementation of the KYB service comes on the heels of an amendment to the Bank Secrecy Act, focused on bolstering financial transparency. This regulation is part of the efforts by the United States Financial Crimes Enforcement Network (FinCEN) to combat activities such as money laundering and financing terrorism.
Simplifying Onboarding
TokenSoft’s KYB feature is designed to streamline the onboarding process significantly. It automates the collection and verification of critical entity data and personal information from a range of stakeholders: authorized signers, beneficial owners, and others. It’s like giving a speeding ticket to data collection; it’s fast, effective, and probably best to avoid if you’re still living in the slow lane.
A Leap in Efficiency
Thanks to the new technology, the time required for data collection and verification has plummeted from what used to be an agonizing ten-day wait to mere hours. Talk about a glow-up in efficiency! TokenSoft’s CEO Mason Borda was quoted saying, “We are committed to improving our services, and this new automation is a testament to that dedication.”
The Road to Expansion
TokenSoft’s journey doesn’t end with KYB. Back in December 2018, the firm made a strategic acquisition of a broker-dealer registered with the U.S. Securities and Exchange Commission. This move allowed TokenSoft to expand its range of services, including referrals and private placements.
Introducing Knox Wallet
Later, in January 2019, TokenSoft launched the beta version of Knox Wallet, a digital asset and securities wallet. This wallet not only facilitates cold storage and self-custody for digital assets but also supports managing tokenized assets ranging from real estate to various securities. Think of it as your digital Swiss Army knife for assets!
Conclusion
With the latest enhancements, TokenSoft is not just keeping pace with regulatory changes; it’s setting the bar higher for how companies manage compliance and client onboarding. As they say, when it comes to financial tech, it’s all about who can sprint while others are still lacing up their shoes.
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