The Coinfirm AML/CTF Platform is the foundation in which blockchain is safely used and adopted. With over 200 proprietary algorithms, major BI companies, asset management, and financial institutions are using this platform. It brings together the crypto and traditional economy together. The primary barrier has been the lack of transparency in blockchain technology. That is an oxymoron giving the nature of this technology. It is however due to the lack of regulation that has seen unlawful players take part in this ecosystem.
One of the significant barriers between traditional and virtual currencies is Anti Money Laundering (AML), and Counter-Terrorism Financing (CTF) concerns. The former party is unable to tell the source of the coins. Currently, money laundering constitutes 3-5% of the global GDP. It means that unlawful entities such as terrorist groups, human trafficking rights, and drug dealers thrive in this space.
Blockchain technology bridges the gap between traditional and crypto economies. It does so by providing solutions for the risk that comes with a transaction in and between them. On the Coinfirm platform, tokens are the project’s core. AMLT has been the mode of currency on the platform. It allows for users to acquire information pertinent to making legal transactions. The network of users gets to share information that increases transparency that benefits both the individual and other members.
The easiest way of understanding AMLT is by viewing it as motor oil that makes the system operate smoothly. In the crypto economy, Bitcoin and other virtual currencies would be the petrol that makes the car run. Data is collected automatically by clients and partners for the benefit of all Coinfirm clients. Suspicious addresses and transactions are shared for participants to access.
Skilled data researchers, scrapers and crawlers also collect data from external sources to give a comprehensive data file on questionable industry players. Information collected is processed, and results shared in an actionable format. The data is presented in a way that users can easily understand and make profitable decisions about their transactions. It is also free to expand the Coinfirm ecosystem. Entities are rated between 0 to 99 C- Score to reflect money laundering, compliance risk, and fraud levels. It ranks them as low, medium or high risk. Over 150 scenarios incorporated into the platform act as risk indicators that users or addresses are assessed against.
The extent to which Coinfirm goes to ensure transparency is equally impressive. It records financial activity detailing cash flow indicators and charts, user addresses, first and last transaction values, timestamps, balance history, turnover, number of transactions and the average transaction values. Users get listed as trusted parties on Coinfirm.
Coinfirm is a global RegTech enterprise focused on AML/CTF for blockchain. It functions under Coinfirm Ltd, a legal UK based entity with subsidiaries. Management consists of persons well versed with AML, anti-fraud, compliance, and blockchain industries. The operational standards pave the way for a new era in finance as well as the mass adoption of virtual currencies and blockchain.