Blockchain AML and Compliance From Coinfirm and Billon Partnership
Coinfirm and Billon have announced that they are to implement compliance solutions for blockchain, digital currency payments and future financial applications. Specialized in Compliance as a Service for blockchain, Coinfirm’s first product on their platform has provided solutions for AML and compliance. Billon is a blockchain based payment platform with products like Quikpay or Billon.me, that have been adopted in the market by companies such as Amazon’s Twitch.
Pawel Kuskowski, CEO & Co Founder of Coinfirm, commented: “It’s a vital time and a great opportunity for Coinfirm and Billon to come together. Not only to address compliance issue across blockchain transactions but also provide a complete package that would allow any financial institution, company or individual to safely and effectively adopt blockchain based transactions and payment systems. One is an innovator in Blockchain payments and the other is an innovator in the analysis and compliance of blockchain transactions so it creates a powerful combo to push that progress,”
Regulations such as the EU’s Anti-Money Laundering Directive will apply new due-diligence controls and end the anonymity associated with some exchanges. Counter Terrorist Financing and Anti-Money Laundering are put forward as key areas for compliance and addressing these will be a focus for many companies.
The combination of the compliance platform brought by Coinfirm and Billon’s specialized blockchain is hoped by both companies to help eliminate the costs that many entities would have to dedicate towards compliance. Some financial institutions spend up to 25% of their labour costs on this, while some digital currency companies have dedicated 20% of their workforce towards compliance.
Andrzej Horoszczak, CEO of Billon, remarked: “Blockchain is an important technology of the future. Major tech companies, banks and governments are already exploring it’s potential. The partnership between Billon and Coinfirm will aid in the adoption of blockchain into large established institutions and new business models they develop will require specialized infrastructure that Billon provides.”