Interview with IdentityMind Global Product Management Leader Faisal Nasar on KYC Solutions
IdentityMind Global, based in Palo Alto, California, offers a SaaS platform for building, maintaining, and analysing digital identities around the world, allowing businesses to perform identity proofing, risk-based authentication, and regulatory identification, as well as detect and prevent identity fraud.
Every ICO, according to the business, benefits from KYC solutions.
IdentityMind spoke with Cryptoauxiliary about the benefits of KYC and what it takes to apply it in a bitcoin enterprise.
How does Know Your Customer (KYC) safeguard an ICO project from potential threats?
ICOs are a fantastic way for businesses to raise money. This year, more than $9 billion has been raised, surpassing the total raised last year. However, there are regulatory obligations, and completing KYC and other regulatory standards protects businesses from being forced to shut down or return funds. Our job is to assist ICOs in running a compliant offering so they don't have to worry about KYC and AML difficulties.
What are the KYC requirements for an initial coin offering (ICO)?
Depending on whose nation you're in, different KYC rules apply. It's critical to review the following in the United States:
Government-issued document sanctions check IP and device physical address of a person's residence
It is critical to undertake a single- or dual-source validation in Canada. You are not compliant in this country until you have this. KYC standards in Switzerland are determined on the nature of your business.
All countries, however, demand you to do customer due diligence in accordance with their standards, as well as EDD based on risk.
Why does IdentityMind form alliances with technology companies? Who are your present collaborators, and what are your goals for working with them?
IDM collaborates with businesses in order to make our clients' lives easier. We've teamed up with Cryptoauxiliary to provide marketing and technical support to our clients.
Why is it necessary to collaborate in the fields of token economy and custom development?
ICOs are fantastic, but everything associated with them is difficult. There are numerous things that a corporation must accomplish in order to establish an ICO. You'll need to market to both institutional and individual investors, have technology, and, in most cases, tour the world creating buzz. You can't do it all by yourself; you can't design technology, plan a marketing strategy, or keep track of compliance. As a result, the best thing to do is concentrate on areas where you can contribute the most value, and enlist the support of partners for the rest.
What are the most critical actions to follow in order to establish the proper KYC integration?
Before you start issuing tokens, make sure you've completed your KYC. Collect the IP address, physical address, identity, and confirmation that the person under control is who they say they are.
What are your company's major pillars?
The key pillar is eDNA, or electronic DNA. What exactly does this imply? If we notice a contributor from one of our clients, we create a digital identity for him or her, which comes with a reputation. Then, if we see the same contributor again, we can know if he or she has been spotted before and whether they are good or bad.
What are your KYC platform's primary features and benefits?
For ICOs, IDM is the only automated KYC and AML solution. IP, device, name & address, government documentation, and authorised investor authentication are all factors we consider.
What do you hope to achieve in 2018? What are your long-term goals? Are there any updates in the works?
We're highly optimistic about ICOs' long-term prospects. We predict the ICO market to remain choppy in the coming months, owing to regulatory uncertainties expressed by the SEC and FinCEN. We expect to see significant development in the industry if and when those issues are resolved, since larger corporations that have been waiting to invest will do so now that they have clarity.