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Head of World-Check for Thomson Reuters Leaves Post to Head Product Strategy for Vancouver-based iComply
Thursday, July 5, 2018Company Profile | Follow Company
Greg Pinn, the visionary behind World-Check, to Head Product Strategy for iComply
Vancouver, BC, July 5, 2018--(T-Net)--iComply Investor Services (iComply), a Vancouver-based RegTech software company offering the world's first global regulatory automation service for blockchain securities, announced that Greg Pinn, head of World-Check for Thomson Reuters has resigned from his post to lead product strategy for iComply.
Since 2009 Mr. Pinn led product development, technology, and strategy for World-Check, both before and after its $530 million acquisition by Thomson Reuters, the organization's largest acquisition following the acquisition of Reuters at that time. World-Check to this day is a cornerstone of the Thomson Reuters risk business.
"Both World-Check and iComply are in the KYC space, and World-Check came about at a time before there even really was a compliance space - it was one of the first players in the market to solve a major problem. iComply is doing the same thing for the emerging blockchain and crypto world, not only removing the 'tinfoil hat' from crypto but solving a real problem and building a solution for it." said Greg Pinn, Head of Product Strategy, iComply, "Most people would never think that KYC is an important part of cryptocurrency... but it is, and we are building iComply to be the industry standard."
The need for effective KYC tools such as iComply is growing as demand for crypto investments is growing, according to CB Insights, 2017 saw over 5x more capital deployed in ICOs than in equity financings to blockchain startups, and Q4 of 2017 alone saw that number jump to 7x.
"Most cryptocurrency exchanges and ICOs on the market today are using 'lite KYC' tools that are barely more than a camera-phone app and many do not comply with even the most basic sanctions requirements. These tools do not meet the regulatory requirements being imposed by governments, such as politically exposed persons screening, nor do then ensure compliance with the ever-changing landscape of global regulations." said Matthew Unger, CEO and Founder of iComply.
"Existing legacy tools and services do not have the capabilities to assess the unique risks within cryptocurrency markets. This has allowed iComply to raise the standards of compliance in the industry, enabling institutional wealth to start participating in the growth of global financial decentralization."
iComplyKYC is a one-stop KYC, AML, ATF, and multifactor ID verification product capable of screening and pre-qualifying both investors and company representatives. The product can flag or halt transactions involving non-qualified individuals and includes real-time fake ID monitoring, lost and stolen wallet monitoring, blockchain forensics and wallet risk scoring sanctions, watchlists, PEP (politically exposed persons), USA PATRIOT Act, and FATF best practices.
Most banks spent more than 10% of operating costs on compliance-related expenses and paid in excess of $42 billion for non-compliance infractions in 2016 alone. According to a 2017 report by Deloitte, operating costs spent on compliance have increased by over 60 percent for retail and corporate banks since the financial crisis.
"The irony of the cryptocurrency markets is that while blockchain opened the door to non-compliance with ICOs initially, the underlying technology actually has the ability to provide more robust and effective compliance, transparency, and integrity than traditional tools, at a fraction of the cost. As blockchain continues to gain traction in enterprise applications, tools such as iComply's Compliance LedgerTM will become a backbone for record keeping, reporting, and audit in financial services applications," said Unger.
iComply's Compliance LedgerTM is a proprietary, standalone ledger documenting compliance, governance, and risk procedures before a public blockchain executes an immutable trade.
About iComply
iComply Investor Services Inc. (iComply) is a regulatory technology company focused on using blockchain and artificial intelligence to build a better capital market with robust, secure, and immutable record keeping, reporting, and transaction monitoring. The technology also interacts beyond blockchain and can be used by traditional and decentralized companies alike. iComply has released two products, both adding critical pieces of compliance infrastructure: iComplyICO and iComplyKYC.
iComplyICO uses iComply's proprietary PrefactoTM technology which enables compliance and governance for the secondary trading of tokens on open and public blockchains and is technology agnostic—meaning that new blockchains, mesh networks, or centralized trading systems can be integrated securely. iComplyKYC is an industry leading KYC, AML, risk solution for decentralized finance and cryptocurrency applications. An integrated ecosystem, iComply's technology enables an efficient workflow and record keeping between investors, regulators, securities issuers, and capital markets service providers. Learn more: iComplyICO.com
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iComplyICO (iComply Investor Services Inc.)
Vancouver (Other Tech Sectors)
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