Veratad and Blockchain ID help users comply with privacy and KYC / AML standards
Veratad announced its partnership with UK-based Blockchain-ID Ltd to develop BlockchainIDme, an identity validation tool that integrates KYC and AML compliance solutions to be deployed on the Algorand blockchain.
While most blockchain users prefer the use of non-custodian wallets for daily use, regulators around the world are developing new laws and regulations that will require changes in the way these non-custodian wallets can be used. Furthermore, one of the basic goals of blockchain technology is to ensure users’ ownership of their own data, including absolute control over how and which third parties can use this data.
The proposed BlockchainIDme solution, developed with the support of Veratad’s complete identity verification package, allows both custodian and non-custodian wallets to fully comply with KYC and AML regulations, while giving wallet owners absolute ownership and control over their personal information .
“Veratad’s tried and tested identity verification solutions will allow Algorand blockchain users, resellers and service providers to comply with strict KYC and AML international requirements, while adapting to the requirements specific to a blockchain environment and non-disclosure wallets,” said BlockchainIDme Chief Strategic Development Officer, Marc Bernier. “Veratad brings many years of identity verification experience to the BlockchainIDme development team. To ensure user satisfaction, we have gathered the best resources available to realize the BlockchainIDme project.”
“The blockchain revolution certainly seems to be the biggest thing since the beginning of the Internet, but it is not without the same security challenges we all face online,” said John E. Ahrens, CEO of Veratad. “We are proud to participate in the development of a solution that will allow millions of blockchain users and sellers to comply with the highest privacy and KYC / AML standards. We are also proud to be part of the development of the Algorand blockchain, which in itself itself meets the highest blockchain standards. “
Veratad is a global ID and age verification company with a full suite of age and ID verification tools that satisfy a variety of regulatory requirements. All Veratad solutions are available for individual or collective distribution to meet any combination of compliance requirements.
