Compliance as a Service (CaaS) Comes to WORBLI
With the recent announcement of FinCEN and FATF guidelines, it has become more expensive for new applications in the DeFi (Decentralized Finance) space to build on Enterprise-grade platforms. For many, the idea of scaling a compliance team in order to safely navigate the new regulatory landscape is unreasonable
Agenix, an independent software and development company formed by members of the WORBLI launch team has announced Compliance as a Service is coming to WORBLI. CaaS brings the latest compliance tools and automation to keep applications running safe and free from regulatory scrutiny.
Businesses must navigate compliance regulations that are specific to their industry. If they ignore those regulations they can face serious fines. In the blockchain space, many businesses have tried to avoid regulators. In 2017 the SEC brought a little over a dozen enforcement actions against companies conducting token sales. In 2018 the SEC opened well over 200 potential investigations on blockchain-based businesses. Based on those numbers the strategy to ignore regulators is not a good idea.
For many blockchain DeFi businesses, compliance requires the development of a new skill set or the acquisition of new team members. It can also be expensive, complicated and downright confusing. Agenix seeks to help applications on the WORBLI chain ease that friction by bringing a new toolset to manage your application from the ground up. This will allow application developers and companies to focus on what they love most; providing the emerging blockchain space with innovative and exciting products and services. This actually comes at a lower price point than new and scaling applications would be able to achieve on their own. Agenix will offer the following services to applications within the CaaS product:
- Risk-based approach with AML program consulting and compliance reviews
- Backend case and alert management
- GDPR compliant Transactional monitoring services
- Automatic submission of SAR reports and other reporting requirements to regulating entities
- Regular updates and optimization on the health of your compliance program
Applications will benefit from pooled AML transactional price tiers offered by Agenix while taking advantage of free AML/KYC user registration and ongoing AML checks against watchlists provided by the WORBLI foundation. This ensures complete and holistic adherence to all of the new regulatory specifications without the steep learning curve. It is estimated that implementing CaaS can save the average application $250-$500K and 6 months of development time.
Sean Anderson, the WORBLI Business Development Director and one of the Co-Founders of Agenix had this to say about the new CaaS addition to the WORBLI chain:
“CaaS is another great solution that we’re offering for businesses that are looking to build faster and more secure fintech applications. It’s about automating a complex process and creating a secure, inexpensive, and accessible path for developers who are looking to overcome some of these new regulatory hurdles.”
Through the CaaS offering, WORBLI and Agenix are enabling the next generation of compliant DeFi applications while ensuring access, scalability, and affordability to developers. At the end of the day, reducing regulatory friction for development teams will benefit the end-users of blockchain applications with cheaper and better products.
If you want to learn about how Agenix’s CaaS can help your application and business feel free to reach out to hello@agenix.io
The WORBLI business development team loves working with great projects. If you think WORBLI’s state of the art financial services blockchain could help your business or application, send an email to mitch@worbli.io
To learn more about WORBLI or create an account? visit www.worbli.io
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