Veratad collaborates with Blockchain ID on KYC & AML Compliance Solution for Algorand Blockchain
TEANECK, NJ, July 7, 2022 / PRNewswire / – Veratad Technologies, LLC, a global leader in regulatory verification solutions, today announced its partnership with UK-based Blockchain-ID Ltd to develop BlockchainIDme, an identity validation tool that integrates KYC and AML compliance solutions for distributed 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 international KYC and AML requirements, while adapting to the requirements specific to a blockchain environment and non-custodial wallets,” said BlockchainIDme CEO strategic development, 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,” he 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, as in meets the highest blockchain standards. “
Veratad is a leading global ID and age verification company with a full suite of age and ID verification tools that satisfy a range of regulatory requirements. All Veratad solutions are available for individual or collective distribution to meet any combination of compliance requirements.
About Blockchain ID
BlockchainIDme is an identity validation solution owned by Blockchain-ID Ltd, a Great Britain based company that is part of the ecosystem Respectful Development Initiative. BlockchainIDme is built on the Algorand blockchain. BlockchainIDme allows users to have full control over their own data. BlockchainIDme allows users through the identity verification tools developed with Veratad to meet the requirements for identity validation ranging from basic to stricter Know Your Client (KYC) and Anti-Money Laundering (AML) rules and regulations. BlockchainIDme identity validation, as well as the KYC and AML results are marked in a token secured by an encryption key owned and controlled by the user. The combined BlockchainIDme token and encryption key will then allow the user to verify their identity and ownership of a wallet to CEX, DEX, sellers, service providers or other users in the context of private smart contracts.
About Veratad Technologies
Veratad Technologies, LLC is the leading provider of global identity solutions. Veratad makes advanced technology available with a full package of reliable and highly flexible solutions. With Veratad, data, documents, out-of-pocket questions, mobile two-factor authentication and biometrics come together to solve the toughest identity problems. Privacy is important at Veratad. Our solutions confirm age or identity in seconds, while protecting sensitive personal information and promoting a high level of consumer protection. Veratad’s goal is to keep our customers safe without losing focus on their goal of increasing profits, reducing costs, preventing fraud and improving compliance. For more information, visit https://veratad.com/.
Media contact: Beth Balch | [email protected]
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SOURCE Veratad
