Koi Trading – the San Francisco-based, Binance-supported Over-the-Counter (OTC) trading desk – has announced its collaboration with cyber risk management service provider IdentityMind to design an Anti-Money Laundering (AML) compliance-as-a-service product.
According to the press release on March 12, “Koi Compliance” is developed to offer support with cryptocurrency and money-related procedures. The new system will handle Know Your Customer (KYC) procedures, supervise transaction activities, provide data safekeeping and perform sanctions screening, giving companies more time and space to concentrate on expanding their business.
This new AMT project has received a $3 million worth of fund from Binance Labs – an incubating member of the world crypto heavyweight Binance In November 2018. The investment is an attempt by Binance to fully make use of Koi Trading’s quantitative research, data science, and compliance consulting services.
Also in November, Binance has confirmed utilizing an automated KYC application powered by the financial software firm Refinitiv. The move would help Binance integrate the World-Check Risk Intelligence database into their own system hoping to greatly enhance the screening process for onboarding, KYC, and third-party risk due diligence.