FinClusive Receives Grant Award to Embed Financial Crimes Compliance into the Algorand Ecosystem
Miami, November 30th, 2021 — The Algorand Foundation today announces a partnership with FinClusive. FinClusive has received a grant from the Foundation to provide embedded financial crimes compliance to Algorand’s global ecosystem.
Building a comprehensive anti-money laundering/financial crimes compliance (AML/FCC) into Algorand’s DeFi infrastructure will be key to growing the Algorand ecosystem. FinClusive will provide its integrated compliance as a service (CaaS) application to Algorand’s blockchain network to include know your customer (KYC)/know your business (KYB) background due diligence and assignment of digital compliance credentials to participants, coverage against global document watchlist and sanctions verifications, and transaction monitoring and analytics for both fiat and crypto payments.
FinClusive’s mission is to advance financial access for underserved communities and democratize such access by providing a full stack comprehensive compliance solution that is standardized across all network participants. Additionally, through this partnership, FinClusive will provide on- and off-ramping capabilities to Algorand network members, enabling connectivity to US banking and payment rails and its growing US bank network. FinClusive’s CaaS offerings are interoperable, which will ensure Algorand’s offerings are accessible across the globe.
FinClusive’s CaaS platform is also standardized, which is key for regulators, clients (on the KYC/KYB side) and those working on the transactions side (AML and anti-fraud controls). These controls, along with FinClusive’s issuance of unique compliance-backed identify credentials and Legal Entity Identifiers (LEIs) enable efficiencies in both the onboarding of new clients and ongoing validation and verification across the network — creating both cost and process efficiencies while ensuring application of global FCC standards across its network. Furthermore, FinClusive continues to drive such efforts with comprehensive FCC best practices through its Rulebook, which enables modernized application of FCC controls for blockchain networks and peer-to-peer applications.
FinClusive is thrilled to work with Algorand and the Algorand community to further strengthen and enhance broader FCC controls and advance its efforts to modernize compliance within the fast-growing DeFi and virtual asset community.
“We’re excited to forge a partnership with Algorand and the Algorand Foundation,” said Amit Sharma, CEO of FinClusive. “The partnership demonstrates a broader commitment to financial crimes compliance and recognizes that comprehensive — and modernized — regulatory compliance protects and bolsters the integrity of the DeFi ecosystem.”
“We are committed to providing an inclusive, transparent, and secure system for our global users. We’re happy to continue building our network in a compliance-focused way with a key partner, FinClusive, to further strengthen a compliance-centered approach to the Algorand Ecosystem,” said Jason Lee, COO, Algorand Foundation
FinClusive was founded with the mission of promoting financial inclusion across the world by enabling essential risk and governance controls through secure and transparent processes expected by global regulators. FinClusive and Algorand’s new partnership will help promote global financial inclusion and economic resilience by taking advantage of the ongoing innovation DeFi applications provide while ensuring the necessary consumer and business protections inherent to preserving financial system integrity.
For more information on FinClusive, please visit finclusive.com or follow on LinkedIn or Twitter. If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.
About FinClusive
FinClusive is a hybrid fintech/regtech company that provides services to the growing fintech and virtual asset/crypto and nonbank FI community — enabling digital access to accounts and payments with embedded full-stack financial crimes compliance — in one integrated platform. As a licensed and regulated nonbank financial services provider, FinClusive provides companies the ability to establish insured accounts for themselves and their clients and conduct cross border payments over crypto/blockchain and traditional bank rails, all with global-standard full-service compliance. FinClusive is built to be engaged by decentralized financial services applications, e-commerce, marketplaces and others that are increasingly providing financial products and services in a peer-to-peer (intermediary-less) context.
