KABN supports internationally recognized documents for Know Your Customer (KYC) regulations. In addition, for issuers of private or early stage assets, KABN provides qualification for investors in the United States and Canada, and source of wealth verification for investors in Europe. To date, KABN has screened individuals in the following countries: Armenia, Australia, Bangladesh, Belarus, Canada, Ecuador, Hong Kong, India, Indonesia, Ireland, Latvia, Malaysia, Nigeria, Philippines, Romania, Russian Federation, Sri Lanka, Thailand, Turkey, Ukraine, United Kingdom of Great Britain and Northern Ireland, United States of America and Vietnam. Other countries will be added as they come on board. Customers on the KABN network receive ongoing Anti-Money Laundering (AML) monitoring and requests to confirm or update personal information that is expired or out of date. Financial technology startups can outsource this operational burden at no extra charge.
Issuers and financial technology startups operating at a global scale are required to comply with United States banking regulations. Know Your Customer (KYC) regulations involve managing private and sensitive personal customer information and the third-party verification of these documents. Anti-Money Laundering (AML) regulations require screening and monitoring participants against international sanctions, politically exposed persons flags (PEP), and adverse media lists. Issuers and startups must additionally comply with European regulations around data privacy and source of funds. General Data Protection Regulation (GDPR) requires all technology services, encompassing financial technology services, to give users the ability to retrieve all personal data and the right-to-be-forgotten. Management has determined that existing compliance and customer onboarding is often manual, time-intensive, and costly. In-house compliance programs are typically inadequate and/or data gathered is incomplete, inaccurate or unverified. Third-party services and compliance experts may be too expensive for issuers that are required to perform compliance in order to raise capital. For transactions related to international blockchain-based offerings, many issuers are unfamiliar with global regulations outside of their jurisdiction. In some cases, issuers do not comply with U.S. Securities and Exchange Commission (SEC) regulations and have improperly sold tokens into the US market without an exemption to registration. Over the course of 2018 the SEC significantly increased the scope and instances of repercussions, often forcing issuers to return all funds to investors, sometimes resulting in charges and convictions. In today's market, compliance has become central to any business attempting to raise funds.
Issuers of crypto-assets are required to allow or deny participation at the smart contract layer in self-executing code deployed on the blockchain network. KABN provides registry contracts deployed on blockchain networks that manages and tracks which blockchain wallets are allowed to perform regulated actions. Customers who join a KABN whitelist are required to link at least one blockchain wallet to their account. When a customer is approved, KABN automatically grants access in the corresponding smart contract registry. KABN drives efficiency over existing solutions by allowing any clients who use a KABN blockchain registry integration to configure their whitelist and reference the registry contract in their own smart contract code. KABN provides a complete end-to-end on-chain compliance solution without the need to write any application code.
In order to provide compliance solutions, some information and documents are sensitive Personally-Identifying Information (PII) which KABN stores in encrypted database and object storage in Ireland in order to be GDPR compliant. Startups and issuers are, in management’s observation, often ill equipped to handle this sensitive data. In many cases, employees at less experienced companies will store customer documents on personal computing devices. KABN shields all clients from handling sensitive data by providing customer-facing applications.
Bounty0x username: Predators
Website: https://www.kabntoken.com
Whitepaper: https://www.kabntoken.com/wp-content/uploads/2019/03/KABN-Company-Overview-Summary-V1.2.pdf
