FATF/EAG dealt with Digital ID’s and Crypto CurrenciesLAS VEGAS, Sept. 25, 2018 (GLOBE NEWSWIRE) -- As Regtech and Fintech move rapidly to transform the digital identity and cryptocurrency universe, AML BitCoin is positioned to lead the way. The ...
FATF/EAG dealt with Digital ID’s and Crypto Currencies
LAS VEGAS, Sept. 25, 2018 (GLOBE NEWSWIRE) -- As Regtech and Fintech move rapidly to transform the digital identity and cryptocurrency universe, AML BitCoin is positioned to lead the way.
The underlying technology of the world’s first patented AML and KYC compliant cryptocurrency is embodied in the CrossVerify system, and deployed by the international consortium – the Digital Identity Trust Network.
Richard Naimer, the Executive Chairman of DIT Network Ltd., presented CrossVerify, the cutting edge blockchain-based digital identity management system at the Financial Action Task Force (FATF) forum that was held from September 4-5, 2018 in Hangzhou, China.
Also attending the forum were delegates from over 30 countries, including the G20. Naimer presented the system undergirding AML Bitcoin to the delegates. The system is the world’s only patented blockchain-based solution which incorporates user biometrics as its core private key, over which the user can safely store and manage their KYC data.
"The CrossVerify gateway demonstrated at the forum reflects technology and methodology for secure and efficient Digital ID management system which meets the high KYC and AML standards set by the FATF,” said Naimer.
The FATF is an inter-governmental body established in 1989 which is internationally recognized as a vital creator of standards for combating of money laundering and the financing of terrorism. The FATF is in the process of setting standards for Digital ID’s and the policies relating to Crypto Currencies, so Naimer’s presentation was both well received and came at a critical juncture for nations aiming to craft policies to lead their economies into the digital future.
Highlighting the uniqueness of AML Bitcoin, as the only cryptocurrency empowered by the CrossVerify Digital ID gateway, Naimer noted that this platform not only enables secure non-face-to-face onboarding of customers by financial institutions but also ensures digital currency compliance with AML/KYC standards.
More information on NAC and DTN
DIT Network Ltd. is a UK based company that has developed CrossVerify, a blockchain-based Digital Identity management system. Built on a Corda platform, CrossVerify is a blockchain based solution that incorporates user biometrics as its core private key, over which the user can safely store and manage their KYC data.
NAC Foundation, headquartered in the U.S., is the creator of the AML BitCoin (ABTC), the future digital currency with anti-money laundering, know-your-customer, anti-terrorism and theft-resistant properties. AML BitCoin is compliant with all major national security and financial protection laws and regulations, including the USA PATRIOT Act and the Bank Secrecy Act. NAC's mission is to strengthen the acceptance and use of digital currencies by advancing security compliance throughout the world, combined with blockchain technology.
Disclaimer: ABTC is still in the token stages. Upon completion and activation of the AML BitCoin, AML Token holders will have the opportunity to exchange them for AML BitCoins on a 1:1 ratio. Further, the Digital Identity Trust Network has yet to be operationally deployed.
NAC Foundation/AML BitCoin
Source(s) : AML BitCoin