On May 25th, 2018, the biggest overhaul of EU data protection law will come into force for all EU Member States with the introduction of the General Data Protection Regulation (GDPR).
Under GDPR, banks and other organizations, blockchain or non-blockchain, which carry out identity checks and hold sensitive information about customers will have to be completely transparent about what happens to that data after it has been used.
Adequate KYC procedures can be powerful Anti Money Laundering and risk management tools but the introduction of GDPR will have further consequences on the way businesses manage their customer data.
Data protection has always been a high priority for the financial sector, but the impact of GDPR will be widely felt.
KYCBench identified 2 main strategies applied on KYC operational procedures in order to comply and protect sensitive identification data:
1. Increased security requirements for KYC data;
Under GDPR financial institutions have to be stringent in their control in the storage of data. Many companies are still not careful enough; employees may be inadvertently storing data in the public cloud, inexperienced managers allowing unsecured BYOD’s (Bring Your Own Device) and staff taking work and sensitive data home.
As KYCBench is constantly working on ISO/IEC 27001:2013 compliance, information security protocols are strictly defined in each area of the KYCBench operations, and upheld within third party organizations, to ensure that the requirements of GDPR are fully met.
2. Increased use of automation;
Data sensitivity has become so much more difficult in the digital age. Where a single photocopied passport might have been easy to keep track of, the amount of digital data and the simplicity with which it can be shared creates a heavy burden on those who hold it. Automated onboarding, monitoring and data enrichment processes applied in KYCBench to manage the requirements of GDPR.
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Almost one year has passed since the new Money Laundering and Terrorist Financing Prevention Act (MLTFPA) came into force introducing two types of licenses for cryptocurrency in Estonia. MLTFPA has helped businesses dealing with cryptocurrencies to understand whether they are required to apply for a license or whether they can operate without one.
Estonia was the first country in the European Union that introduced such legislation. This fact led to a boom of international cryptocurrency exchange clients coming to Estonia to try to obtain licenses.
Nearly a year after the new law came into force, close to 1000 licenses have been issued and several challenges have arisen. Now Estonia decided to tighten its licensing regime for cryptocurrency companies. The financial authorities in Tallinn want to introduce stricter regulations for fintech businesses registered in the Baltic country. The Ministry of Finance is currently preparing draft amendments to the country’s Anti-Money Laundering and Counterterrorist Financing Law, the local news outlet Äripäev reported.
Obtaining cryptocurrency licenses is a relatively easy and fast process and the package of documents, which are required to be submitted, is minimal. But licensed company needs to strictly fulfill all the requirements provided in MLTFPA and one of the first requirements is set up of KYC/AML procedure. Estonia is one of several jurisdictions spearheading the adoption of crypto-friendly and compliance laws and rules in Europe, therefore KYCBench expects bright future of crypto regulations adoption not only in Estonia and Europe, but worldwide.
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BlockOn is a blockchain and cryptocurrency platform for corporate incubation projects consisting of seminars including panels, keynotes and fireside chats accompanied by roundtables and demos to and from the blockchain community. A platform that aims to provide knowledge exchange, foster synergies among market players to find solutions, and implement and promote best innovative blockchain practices in a collaborative, open and transparent manner, therefore cooperation with KYCBench is aimed to provide compliance and bring AML practices to adoption and life.
BlockOn helps innovators from seed to sale, guiding them starting from the development of their idea and road maps, accelerating their development and customer acquisition efforts, connecting with and secure investment and partnerships, and gaining visibility through online and in-person community building efforts. In addition to client services, BlockOn is a premiere hosts of the most impactful blockchain events in the ASEAN (Association of Southeast Asian Nations) region, cooperating with some of the biggest players in the ASEAN government, private sector and beyond.
Partnership with KYCBench and the most active communities in the Asian cryptosphere is set up to serve common idea of commitment to revolutionizing the cryptoworld and professionalizing the blockchain space.
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Currently, there are a lack of tools and standards in the crypto space, unlike in traditional markets. Identifiable information is not immediately accessible on the blockchain. But, it is possible to track down the source of the code, from the original wallet the token came from. Following financial institutions, cryptocurrency exchanges have started to embrace anti-money laundering regulations and the KYC rule.
Accordingly to KYC procedure, including verification, performed by KYCBench, before opening a digital wallet, identification process is set in place, via name and proof of address. However, crucially, several tokens are more anonymous than others. These provide more safety and privacy for some, but are a significant compliance concern.
In the last few months, relevant bodies in various countries worldwide have been looking at ways to stop transactions using tokens that prioritise anonymity.
Self-regulation may be the right answer. Within the context of cryptocurrencies, self-regulation is the establishment of guidelines and a code of conduct for market participants to operate businesses within the ecosystem. Those guidelines span a broad spectrum, from KYC to maintaining transparency to ensuring security against hacks.
In June, Coincheck confirmed removal of Monero (XMR), Zcash (ZEC), Dash and Augur’s Reputation (REP) coin from trading on its exchange to maintain accordance with Japan’s Financial Services Agency’s new policy, which aims at banning tokens that offer significant anonymity.
At this point, it is important to understand, that domestic regulation within the country will not be sufficient enough and there is a need for a global cryptocurrency approach.
Currently, because of regulation and compliance challenges, some investors may be hesitating, waiting for clarity of crypto regulation and protection. Combining self-regulation with more established practices of trust and accountability could be enough to reinvigorate the cryptocurrency boom.
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Year 2019 has started with cumulative market valuation of all cryptocurrencies by approximately $ 417 billion. Before the recent downturn, when it has dropped to below $ 185 billion, representing a dramatic 75% drop, it was around $ 800 billion at the beginning of 2018. Thus, even if the cumulative market cap will be able to rise just 25% from the current situation, it would hit $ 1 trillion. Even though some cryptocurrencies are falling but cumulatively, the market cap increase over the years.
One of the problems in the growth of cryptocurrencies is regulatory concern. If proper regulatory framework, as well as trading mechanisms will not be involved, number of traders, as well as investors in cryptocurrencies, will decrease. This is the reason why many of the governments and authorities all over the world are working on it.
ICO’s bring in fresh capital to the cryptocurrency marketplace. This is the reason why any regulations on the ICO would not only make the process much more transparent but also make the ICOs much more valuable. Once the ICO’s get the approval, they would be valued higher as they would fulfil set out regulatory requirements as well. This is the reason why once a proper framework is in place, ICO market would be able to add more value to the cryptocurrency space, accordingly to CNBC.
In particular, regulation surrounding Anti-Money Laundering (AML) and Know Your Customer (KYC) are complicated to ignore. These are key areas of the traditional financial markets that fight the personal identification issue as well as track source of funds.
If the momentum is supportive and the negative news reduced, most of the cryptocurrencies would rise significantly in the near future. This is positive news for most of the cryptocurrency holders as many of them have been trapped since the recent bear market in cryptocurrencies, accordingly to Raconteur.
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Dow Jones Risk & Compliance is a leading provider for Anti-Money Laundering verification, leader in information services since 1882.
Dow Jones is supplying Risk & Compliance data to Financial Institutions, Corporate, Governments and now also KYCBench!
With a proprietary research methodology based on core editorial competencies, Dow Jones provides enriched portfolios for sanctions, PEPs and negative news on people and companies. For anti-corruption, Dow Jones offers the most comprehensive list of state-owned or state-controlled companies, offering in-depth snapshots of over 22M public & private companies, 42M executive profiles, including corporate connections and key executives.
Dow Jones cover 30 risk categories 24 hours per day in over 68 languages and has more than 1 Trillion news stories in their archive, generated in more than 40 years.
The KYCBench team has great experience in compliance legal KYC/AML, finance, banking and business management and always following newest rules and ways of financial crime controls. Therefore KYCBench cooperates closely with world leading information suppliers as Dow Jones in order to comply with one of our primary aims – close control of Money Laundering field.
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Today, more than one company is engaged in digital identification, and not two companies that once began as young start-ups. Most of them have the capitalization of the average bank, and this despite the active growth of the market.
One of the companies in the digital identity sector is Trulioo, founded in 2011 in Vancouver. The depth of verification in services is provided by using databases of both special services (for example, the FBI) and information obtained from open sources: user purchase history, viewing history, and so on. Company managers claim that their solutions identify more than 4 billion people around the world.
Similar projects can boast of American project Idology, where they use a patented algorithm to verify the identity of a user based on recent user behaviour, generating situational questions about cases that have happened to the user himself. For example, to confirm a transaction in the bank, you can hear the question about how much you withdraw at the particular ATM a few days ago.
In KYCBench it is worth mentioning the following trends in the development of technologies, such as the use of biometrics and machine learning technologies and especially new way of the digital data transferring - the sensational blockchain. The solution seemed obvious from the moment the technology began to be popularized: recording user identification parameters into blocks eliminates any attempt to fake a digital person. KYC Bench provides AML checks is all possible and mostly updated database, covering more than 200 countries and 28 languages.
By mid-2017, the identification market was estimated at $ 10 billion. But, according to industry experts, even this does not reflect the full potential, and in the near future we should expect the emergence of new players and an increase in the number of digital identification implementations in the business. The subsequent development of technologies in the field of user identification is dictated by both the needs of the market and regulators (for example, the emergence of demand for mandatory multifactor authentication from mid-2018 and the popularization of measures to introduce unilateral, personalized sanctions by a number of states) and the evolutionary development of technology - big data and biometric recognition sensors.
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The Netherlands is a major financial center and consequently an attractive venue for laundering funds generated from illicit activities, including activities often related to the sale of cocaine, cannabis, or synthetic and designer drugs, such as ecstasy. Financial fraud, especially tax-evasion, is believed to generate a considerable portion of domestic money laundering.
At the beginning of 2019 the Netherlands will consider license issue to the companies and organizations working with cryptocurrencies. At the same time, the Central Bank of the country (DNB) will be directly involved in licensing, and the initiative aims to prevent (or substantially reduce) the use of cryptocurrencies for money laundering and financing of terrorism, according to DE Telegraf, the largest daily newspaper in the Netherlands.
The aim of licensing is significant reduction of anonymous use of cryptocurrencies, as companies will be obliged to abide by KYC rules (know your customer) - according to which you must identify and identify the counterparty before conducting a financial transaction and AML (anti-money laundering), and inform the regulator about all suspicious transactions.
Currently, the bill is under public discussion, and the regulator is collecting comments on it.
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Year 2018 had been remarkable for many industries and special attention and impact it brings to compliance and Anti-Money Laundering (AML), this year is a year, dedicated to raising awareness in global action against terrorist financing, and in the wake of increased regulatory emphasis on improved standards and collaborative enforcement to fight financial crimes better.
Key events of 2018 include the much-awaited arrival of the General Data Protection Regulation (GDPR) in May and the EU’s adoption of the 5 Anti-Money Laundering Directive.
There were also other important developments on the regulatory front for which 2018 will be remembered in many economies worldwide, such is Malta, Russia and Korea.
By the end of 2018 KYCBench celebrate not only connection with some of the most professional global blockchain teams, but bring you events all over the world spanning from Korea, Russia, Spain, UK, Switzerland, Singapore and Malta!
We’ve had a brilliant year passed. So many great achievements and memories... May this New Year go off with a blast. KYCBench is wishing to accomplish all of our business goals very fast. Happy New Year!
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In 2018 KYC and anti-money laundering norms where imposed in Korea. Police and tax authorities bolstered their scrutiny of cryptocurrency exchanges, conducting raids to investigate alleged tax evasion, amid a spate of hackings. Korean banks that did business with exchanges also felt the heat.
Yet, from the ashes of the crypto craze, a blockchain boom has emerged in South Korea. There are already projects underway, backed by heavyweight local businesses, that could bring services built on blockchain platforms into the lives of almost every Korean. Beyond the private sector, government agencies are also embracing distributed ledgers, including a blockchain-based voting system. If successful, these projects would bring blockchain into the mainstream in one of the world’s most advanced economies, accordingly to Devjyot Ghoshal.
Salina Bo, CEO and Founder of KYCBench and Vice President of AA Union Capital is visiting Seoul and meeting some of the most powerful people in Korea, as well as our partners, SportsFix!
SportsFix, being part of the group with such giants as Total Sports Asia and Glory Kickboxing, determined new investment opportunity and Salina, as invited blockchain expert made a valuable impact to SportsFix as their advisor.
SportsFix establishes a partnership with KYCBench in order to stay compliant with new Korean and worldwide regulations, GDPR and ISO27001. As the cryptocurrency space is not fully regulated, SportsFix aims to create a secure data processing on the platform for our users which includes, but not limited to, compliance verification, fraud detection and personal data protection. This is a very important step in project’s security and willingness to combat any potential threats associated with criminal activities. Financial damage and sensitive data leaks can destroy reputation of any project; therefore SportsFix is engaging KYCBench with its extremely secure, fast and user-friendly KYC platform to establish seamless KYC process to its ecosystem participants.
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With Christmas right around the corner, crypto enthusiasts everywhere place crypto at the top of their wish lists. A recent Twitter poll by the Bank of England shows most people prefer digital currency if receiving money as a gift.
As seen in the Bank of England twitter poll, most people prefer to receive money through digital currency - 72%, over traditional means of payment, as a Christmas gift. Another indicator showing people’s interest in crypto is the Google trend search history, which shows search results for Bitcoin are at their highest point since the first week in April.
Therefore, though Bitcoin and crypto prices are down significantly, people’s interest for digital currencies is still strong. This suggests that Bitcoin and cryptocurrencies have a bright future and could potentially see massive interest and adoption. We believe that compliance and regulation trends among most of the countries worldwide will only support and raise new industry.
KYCBench is wishing Happy Christmas to its customers, business partners and counter parties. May the winds of Christmas arrive steadily and on time and bearing nothing but gifts. Merry Christmas!
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Blockchain Investors Group, or simply BIG, has an aim to share all possible knowledge about investing in Cryptocurrencies, Bitcoin, and Blockchain in general.
BIG investigate and invest in Crypto full-time and if there are any questions regarding investing, dangers, the potential in the crypto sphere, this is the right group and MeetUp for you.
In crypto, it is all about trust, community, and sharing.
BIG is passionate about helping to make better decisions when investing in crypto, therefore they created successful YouTube channel to spread and share the knowledge about everything related to crypto, Blockchain, investing, news, FUD, fake news, insider information, and even the newest hat of Brock Pierce!
KYCBench, as an incubator project of AA Union Capital Investment fund and an outstanding and fully compliant with GDPR and ISO27001 platform for KYC verification, brings a lot of attention to the problems of data security and prevention of account takeover and online fraud. It is mutually agreed that, with experience and connections of BIG, KYCBench we will fulfil our common aim, to spread awareness to the crypto world, as for any project it is both extremely important to know and trust your customers, as well as be compliant with laws and regulations.
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Korea’s Bar Association publicly appealed to the government to create laws that would protect investors in cryptocurrency and encourage the development of blockchain technology within the state, Reuters reports.
"We urge the government to abandon the negative attitude and develop bills to help develop the blockchain industry and prevent the side effects associated with cryptocurrency," said the President of the Bar Association Kim Hyun.
Such large-scale lobbying for cryptocurrency occurs exactly at a time when the South Korean government actively prohibits the development of cryptocurrency in the country, which adversely affects the entire market.
Recall that at the end of October there was information that in Korea they could again allow ICO, which were banned in the country in September 2017. This move has caused a huge wave of discontent among representatives of numerous blockchain startups in the country. Today, many Korean lawmakers have come to the conclusion that the ICO should be legalized, said Min Bjung-Do, a member of the ruling party of Korea.
The official stressed that, by now, people should have developed an understanding that the cryptocurrency market is not an area where it is worthwhile to rush recklessly from side to side. With the help of an ICO ban, proper actions has already been carried out, and now it can be cancelled. This will have an overall positive impact for the country's economy also.
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The requirements for the KYC (Know Your Client) procedure are different even within the European Union, and this is despite the fact that there is a special GDPR (General Data Protection Regulation), that applies to all 28 member states of this political union. In total in the world there are about 3 thousand jurisdictions of different levels. Complying with all their requirements, learning how to work with all documents from all jurisdictions in all languages and obtaining licenses from regulators is not easy. This is the main difficulty in creating a global KYC product.
As a result, each regulatory area of different jurisdictions has its own AML (Anti-Money Laundering) policy describing the requirements for KYC compliance: what should be checked and how. In the event of suspicion of the validity of the audit or its results, the regulator requests from the company the methodology by which it was carried out. The company provides this data, after which the regulator decides whether the procedure was violated or not.
According to the analytic agency OWI, the total market for KYC solutions is estimated at $ 5.6 billion, with an annual growth rate of 16%, with an expected size of $ 11.8 billion in 2022. The results of the study “Global Analysis and Forecast of the Anti-Money Laundering Software Market (AML) (2017–2023)” show more modest figures - $ 1.42 billion.
Nevertheless, solutions of companies developing KYC products use business, government and non-profit organizations throughout the world. Remote identification has already been successfully applied by banks such as Bank of America, Royal Bank of Scotland (by fingerprint), Barclays (by vascular finger pattern), HSBC (by face), Wells Fargo (either by voice and face, or by vascular pattern eyeball) and Citibank (by voice).
KYCBench is helping its customers with their AML and KYC compliance needs without increasing costs or reducing transparency for any blockchain and non-blockchain solutions. The main aim is to cut the risk of fraud and reduce the costs of compliance by using comprehensive ID verification and AML watchlist monitoring technology with the highest security standards and integrated same automation technologies that leading financial institutions and fintech companies, mentioned above, are using.
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Motoe Haus, born as Nathan Filby, is an accomplished Dj, Producer and Songwriter originally from Victoria, Canada has been ripping up dance floors in Ibiza since 2014.
Motoe Haus has done many benchmarks in his career, and now he is being heralded as the 1st Blockchain Techno music producer.
With The Node ep due for release by Haustronaut Recordings on 19.02.19 on the infamous Beatport as an exclusive for 2 weeks before the worldwide release. Please enjoy this preview of the third of 3 tracks compiling this historic EP, which is dedicated to KYCBench.
https://www.youtube.com/watch?v=LXDeUmjTZao
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1st of December 2018 G20 had another meeting in Arginetina, Buenos Aires. There have been several issues that were agreed upon in a joint declaration and one of the points of declaration included consensus on dealing with crypto-assets.
Probably the most interesting point in the list, specially for those who are looking to use crypto-assets or diversify their wealth into these, talked about an agreement on the need for the finalization of regulations surrounding cryptocurrencies and relevant technologies. The section pin-pointed the need for an open and resilient financial system, but only one that meets agreed international standards.
“We look forward to continued progress on achieving resilient non-bank financial intermediation. We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated.” – G20 statement found in the original report.
First and foremost the G20 agreed on regulating crypto-assets for anti-money laundering (AML) and countering the financing of terrorism according to the Financial Action Task Force (FATF) standards, which is an inter-governmental body established in 1989 by the member states.
The progress mentioned here is already showing globally with every business that is dealing with crypto-assets as most exchanges and crypto handling services already implemented very strict Know-Your-Customer (KYC) and AML measures to identify their customers. Several major exchanges have already went forward with their regulatory compliant customer monitoring measures.
The latest one to implement such a solution was Binance, the frequently number one exchange by daily volumes, which announced a partnership with Chainalysis to provide its KYC compliance software to monitor asset transactions in real time.
There are some outliers in the crypto-space compared to the pseudonymous Bitcoin and its great number of forks. There are coins such as Monero and Zcash that offer built-in privacy measures to prevent the identification of its users even with tools that Chainalysis offers, but not every one of these alternatives offer cloaked transactions by default.
Coinbase just recently added Zcash as the first privacy focused asset to its exchange portfolio, but not without a twist. Deposits can be made by both transparent and shielded addresses, but the exchange only allows withdrawals to transparent addresses in order to stay compliant to regulations as the movements of these can be verified during the process.
The same can’t be done with Monero as transactions and addresses are private by default, but this also means that the project might have to look for decentralized exchanges and P2P trading in the future in case the government bodies see it as a potential tool for illicit activities.
Bitcoin on the other hand, while having transparent addresses and being subject to such monitoring activities, is being helped out by independent startups such as the recently released Wasabi Wallet. The new wallet allows users who hold their Bitcoin’s in it to make use of a trustless P2P coin shuffling feature that makes it almost impossible for governmental bodies to track the origin of the assets.
Most of the problems come from actually exchanging crypto-assets. Most traders and investors will be subject to these regulations as the easiest way to buy/sell crypto is through exchanges. There are of course various alternatives emerging that allow the bypass of these centralized and regulated platforms.
We gave a short list of alternatives back in April for those who wish to do their trading on trustless and/or fully P2P platforms, these included HodlHodl, Paxful and Bisq. While some of these suffer under problems such as being a bit more technical or low liquidity, we feel that these will be sorted out as soon as more people migrate towards these options and of course new one will emerge with time as well.
ANDRASB
walletinvestor.com
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Over the last months there where many posts of people that reported about their funds being stolen from exchanges. Also many ICO's coming up, asking for KYC before getting "free" tokens airdropped. The KYC procedure requires sending a passport scan and/or selfie.
In late September 2018, Comparitech searched listings on several illicit marketplaces to find out how much passports are worth on the dark web. Those black markets include Dream Market, Berlusconi Market, Wall Street Market, and Tochka Free Market.
A typical dark web listing includes a passport scan with a selfie of a person, holding a passport.
These real scans of actual passports cost around $10 each and are often sold in bulk. They are available for several countries and are fairly common. If proof of address or proof of identification is added to a passport scan, the average price increases above $60.
That's one way for people to make money using your information. The next step however could have far bigger consequences when they use the info to steal your funds from exchanges.
Behind each ICO and exchange there is a KYC provider or platform, which is hired to perform KYC verification, as usually the amount of registrations is so high, that professional KYC specialist company is required to process all these data. In this case ICOs and exchanges even don't have access to your personal documents - they get KYC approval and the users can proceed.
Reliable companies as KYCBench are extremely looking after security of data processing and storage, spending time and money to apply best international practices, like ISO27001 certifications, security and making sure that they are compliant with various legislations, including GDPR.
As a customer before uploading your documents you can always ask for info about KYC processing provider and make your own decision if it is trustworthy. As well as request your data to be deleted immediately after verification.
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Last week marked the six-month anniversary of the implementation of the General Data Protection Regulations, but despite the regulations being in force for half a year, experts have warned that some businesses still have work to do before they're compliant with the rules.
The new regulations drew much attention for the heavy potential fines they introduced - up to 4% of a company's annual turnover or €20 million, whichever is higher - and left companies scrambling to implement new policies and procedures in order to bring their business in line with the updated laws.
Businesses have now had six months to meet the new standards, but in spite of this, industry experts have stated that many businesses still aren't prepared to cope with GDPR.
"Today, there is still a strong chance that a number of organisations could be struggling with issues around data sprawl, the volume of personal customer information and uncertainty around data ownership," said Citrix's chief security architect Chris Mayers, "as our research from around a year ago suggested."
"The poll also found the average large UK business was reliant on 24 systems to manage and store personal data, with one in five (21%) using over 40 systems to do so. Tackling such data sprawl wasn't easy then and won't be now if still the case."
Although the Information Commissioner Office has thus far failed to issue one of the dreaded maximum fines, some organisations have already been penalised under the new rules, including Brexit data analysis firm AggregateIQ and a Portuguese hospital.
AggregateIQ is a small Canadian data firm, which has been linked to data firm Cambridge Analytica (CA), was the target of the first GDPR fine in September 2018. AggregateIQ had 30 days to "audit, assess, implement and document" its data processing practises or face the maximum fine of £17 million or 4% of its annual global turnover.
The Portuguese Data Protection Authority (CNPD) imposed the Barreiro Hospital with two separate penalties after the data watchdog inspected the hospital in early July, with a €300,000 fine applied for failing to respect patient confidentiality, and limiting inappropriate access to patient data. The second fine of €100,000 was imposed for the hospital's inability to ensure the integrity of data security in their system. The hospital is appealing the fine and may even launch a judicial challenge, according to Portuguese publication Publico.
Public awareness of an organisation's responsibilities around data protection has never been higher - with breach complaints to the Information Commissioner's Office on the increase. Reputations and revenues are on the line, and KYCBench is one of the leading companies which have a long-term GDPR compliance strategy is in place.
KYCbench was created to ensure that our customers can appropriately process their data and documents in a safe secure and private way and they know that their information is secured up to the maximum required industry standard -ISO27001 and GDPR.
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2018 looks like a big year for information security. With major questions being raised about cyber security initiatives such as the EU’s General Data Protection Regulation (GDPR) brought into effect in late May this year, International Organization for Standardization with ISO 27000 family of standards has come at just the right time. ISO 27001 is one of the most popular information security standards in the world, with certifications growing by more than 450% in the past ten years.
The ISO 27001:2013 (also known as BS EN 27001:2017) is the international standard which is recognised globally for managing risks to the security of information a company holds. This standard provides a framework for an Information Security Management Systems (ISMS) that enables the continued confidentiality, integrity and availability of information as well as legal compliance with regulations such as the European Union GDPR. The standard adopts a process based approach for establishing, implementing, operating, monitoring, maintaining, and improving the company’s ISMS. ISO 27001 certification is essential for protecting of the most vital assets.
ISO 27001 implementation is also an ideal response to customer and legal requirements and potential security threats including:
• Cyber crimes
• Personal data breaches
• Vandalism / terrorism
• Fire / damage
• Misuse
• Theft
• Viral attack
Information security is at the heart of KYCBench operation and our customers can be confident that we have the necessary controls in place to protect their sensitive personal and identification data. The protection of this data is critical to all KYCBench customers – ICOs, exchange markets, health care institutions, online casinos and gambling companies, who are all under increasing pressure to ensure the right controls are in place.
Our Information Security Management System is tailored to the provision of online solutions and services to the KYC market. Achieving ISO27001 accreditation demonstrates commitment of KYCBench to maintaining the highest standards of data security and provides an independent, expert assessment that information security is managed in line with international best practice and KYCBench business objectives.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community |
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As one of the largest crypto exchanges, Coinbene is the brainchild of an elite group of major platforms in China. The three companies merged to form one of China's most secure trading and conversion platform to provide customers with high-quality digital assets in the blockchain world.
The CoinBene exchange headquarters are based in Singapore with offices also in Hong Kong, Malaysia, India, Brazil, and more. The exchange launched on November 20, 2017, making its rapid rise to a consistent top 30 exchange by 24-hour trade volume an impressive feat.
As one of the largest cryptocurrency exchange, Coinbene has a lot to desire. The platform is a leading exchange due to its wide variety of options. Traders have access to a large number of cryptocurrency pairs unlike most of the trading exchanges. Any client has the opportunity to plenty of currencies that they can quickly pick from and begin their trade. Additionally, this broker has a lot of experienced developers and researchers who help maintain and upgrade the site to prevent issues with customers and downtime. Furthermore, the withdrawal fees are readily available, and clients get excellent transaction volumes with minimal costs to their advantage.
This is unlike most of the proficient crypto exchanges out there in the market. Also, it’s important to note that CoinBene is a centralized exchange.
Partnership with KYCBench is aimed to straighten cooperation with Coinbene in Asia as the demand for good compliance continues to increase year on year in key markets globally, but especially in Singapore, Hong Kong, China and India as compliance issues, such as anti-money laundering (AML), fraud and policy review, remain hot topics there.
The required standard for 'Know Your Customer' (KYC) and due diligence practices has risen as regulators take a more proactive approach. KYCBench is absolutely compliant with GDPR and ISO27001 and meet highest AML standards to minimise reputational risk by implying an exceptional KYC procedures, taking action to address territorial KYC deficiencies.
KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community |
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