The head of Thomson Reuters’s World-Check, Greg Pinn, has resigned to join iComply, a company that focuses on blockchain compliance. Greg Pinn will lead product strategy at his new company.
Greg Pinn was in charge of product development, strategy, and technology at World-Check from 2009. World-Check helps organizations keep up to date with complex and evolving financial laws and regulations around the world, and maintains a database of high-risk individuals and organizations. One of the major goals of World-Check is to help prevent businesses from getting involved in financial crime.
iComply said in its announcement regarding Greg Pinn that World-Check was one of the first real leaders in compliance, and that iComply would play the same role for the emerging blockchain and cryptocurrency sector. It stated that know your customer (KYC) policy was crucial for initial coin offerings (ICOs) and cryptocurrency, and that it was building the industry standard.
iComply claims that most cryptocurrency exchanges and ICOs use very light KYC technology, usually no more than a camera app to verify identity, and that they don’t meet basic government regulations.
It claims to be building a platform that fully follows financial and cryptocurrency laws, utilizing a full spectrum of KYC, anti-money laundering (AML), multi-factor ID verification, lost and stolen wallet monitoring, blockchain forensics including a watchlist for wallets involved with suspected illegal activity, and a database of criminals to screen individuals and companies. iComply is fully compliant with the US Patriot Act.
All of these checks are done with iComply’s Compliance Ledger, which uses blockchain technology the company says has the ability to provide more integrity and transparency than traditional tools.
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