The Tangle Treasury Enhances Its Backend Operations
As a relatively small, community-driven project, the Tangle Treasury has consistently aimed to improve its internal processes, including strategy, security, communications, budgeting, and grant management. Recently, we shared our Funding Strategy for 2024/25 with the public and resumed our grant review activities. However, many more developments have been occurring behind the scenes, and today we are proud to announce a significant milestone in our professionalization efforts: Tangle DAO LLC’s new anti-money-laundering and counter-terrorist-financing (AML/CTF) policy.
Given its primary purpose of providing grants and funding to promising projects, Tangle DAO LLC faces inherent risks that, despite the team’s best efforts, funds might be sent to malicious players, scammers, or sanctioned entities. The new AML/CTF policy introduces additional protective measures to safeguard community funds from being allocated to problematic players. These measures include enhanced background checks and due diligence processes for all proposers and grant receivers, featuring improved know-your-customer (KYC) procedures, such as:
- Proof of identity
- Proof of address
- Checks for country-based grey and blacklists
- Checks for politically exposed persons (PEP)
- Checks for appearance on sanction lists by all major Western countries and blocs
- Identification of beneficial owners of funded organizations
- And more
The Tangle Treasury committee has also appointed Nicole O’Brien as Tangle DAO LLC’s AML/CTF officer. Her responsibilities will include continuously monitoring adherence to best practices, improving internal processes, and organizing training for the rest of the staff.
Together with other enhanced measures such as improvements in data security, bookkeeping and the introduction of standard-operating-procedures (SOPs) for all reviewing, finance administration and grant management tasks, the Tangle Treasury now runs more efficiently and professionally than ever before. We are looking forward to present more announcements to you in the near future, including a call for new proposals, in the coming weeks.
You can read our full AML/CTF policy here.