Binance helps fight money laundering

Koi Trading, an OTC (over-the-counter) desk backed by Binance has entered into a partnership with IdentityMind, software facilitating online risk management, to build an AML (Anti-Money Laundering) compliance-as-a-service product.

By working together, the parties have introduced an AML compliance-as-a-service product dubbed “Koi Compliance,” which supports crypto currency, and targets payment processing businesses. The latest platform will supposedly enable firms to concentrate on carrying out their business, while allowing Koi Compliance to take care of Know Your Customer (KYC) procedures, track transactions, perform screening for sanctions, and save records.

Back in November, Binance Labs invested $3 million in Koi Trading. The incubator arm of one of the leading cryptocurrency exchanges in the world intends to utilize Koi’s quantitative research, compliance consulting services and data science.

Later in November, Binance revealed that it would start using an automated KYC app developed by Refinitiv, a software firm focusing on finance. The software permits Binance to incorporate the World-Check Risk Intelligence database into their inner assignment and simplify the assessment process for KYC compliance, onboarding and due diligence of third-party hazard.

In January, TRM, a blockchain startup known for the development of a token relationship platform to assist crypto businesses simplify their AML compliance, successfully completed a funding round totaling $1.7 million headed by the US-based investment firm Blockchain Capital.