AMLT is a coinfirm that provides access to secure and transparent blockchain economy. This company helps to protect the partners and clients from potential risks. This obliges for commercial adoption and growth. The leaders have already shown us some studies regarding regulatory compliance particularly in Anti Money Laundering and Counter Terrorist Financing. In this case, Blockchain and virtual currency has faced some severe roadblock due to mass adoption.
AMLT presents some major explanation to its participants in this economic systems which have access to the mass market and traditional financial services that struggle with regulatory compliances. Implementation of cryptocurrency has a growing nature in the traditional markets, banks. And some other regulators that have no tools to handle such risk factors. Blockchain entity dealings also in need of ensuring high risk transactions or counterparties which often faces lack of efficiency to certify fruitful solution. The Token Crowd Sales , Smart Contracts and ICO are used for money laundering cases that also requires proper assessment of which no effective solutions exist yet. The labour cost expenditure run above 50% of total time by the compliance of virtual currency. Because non compliance of cryptocurrency may result in the closing of the business and may need to pay fines or legal ramifications. The ineffective and centralized nature of the regulatory and compliance approach may lead have solutions to the entire regions unfairly, suffering from exclusion. So the way outs are very much important for the entities that are accepts virtual currencies or simply wants to have the exposure in such banks or financial industries. For the sake of their clients, all these financial institutions need to obey and understand the risk factors for their clients.
AMLT has a motto that says a lot about them, ‘Coinfirm welcomes competition. There is room for more than one. Big data is big business. Worldwide revenues for big data analytics are forecast to exceed $150 billion in 2017, rising to more than $210 billion by 2020.’ For this, they are struggling with the competitive market. Elliptic34 is occupied in detection of illegal movement on the Bitcoin Blockchain and offer their services to the leading Bitcoin companies and law enforcement agencies.
According to the available resources, Elliptic is mainly focused on examining fraudulent activities. Chainalysis35 promotes itself as a top provider of AML and CTF software for Bitcoin. This system provides data analysis, visualization and actionable intelligence to protect the integrity of financial system. Publicly available resources say that Chainlysis mostly spotlights on the development of data analysis tools for Bitcoins Blockchian only. Scorechain36 shows the profile as a provider of Bitcoin analytics platform which allows implementation of regulatory compliance procedure. Activities of forensic investigation are also enhances by Bitcoin companies. Resources that are available publicly endow with the streamlined reports of Bitcoin Transactions only by the risk of counterparties.
To make AMLT true to this level, several of people have worked really hard. The project team is glowing still. At present, it is a group of 30 recognized leaders. Pawe l Kuskowski, CEO, Co-founder and Entrepreneur of AML/CTF and recognized compliance advisor; Pawe l Aleksander, CIO, Co-founder and also one of the more recognizable fraud prevention experts in Central Europe; Jakub Fijo lek, CTO, Co-founder and an innovative IT and security specialist, Jakub has been analyzing and developing around blockchain, virtual currencies and their applications since 2010; Maciej Zi´o lkowski, Co-founder of an international pioneering virtual currency adopter; Ben Brophy, Delivery Director and one of the creators of blockchain movement around the financial area. All these 6 founders have held their patience to make this Coinfirm fruitful which is still working in greater phase.