BitRank Verified addresses the increasing need for Know Your Transaction (KYT) and Know Your Customer (KYC) regulatory rules. These are already implemented in the EU, and pending US regulations will likely be similar. Keeping track of regulatory compliance within an organization can be challenging. With blockchain, there are specific complexities and unknown variables, since the technology is relatively new. This creates a need for niche vendors like BitRank Verified in the blockchain compliance space. Incorporating BitRank Verified into Blockchain Payments lets you record your compliance data in Salesforce, reporting in your existing Business Intelligence (BI) and reporting setups.
An Overview of the Blockchain Trust and Compliance Landscape
Building trust and compliance into blockchain technology requires a multi-faceted approach. Consider the following contributing factors.
Introducing BitRank Verified Blockchain Compliance
BitRank Verified, a fantastic tool from Blockchain Group helps to meet the aforementioned requirements by using AI to achieve the following.
Monitor Real-time Transactions: Continuous monitoring is important for assessing the compliance of any system.
Transaction Risk Scoring: BitRank Verified provides a comprehensive risk scoring and report, based on a cryptocurrency address or transaction a user supplied as input.
The tool also offers the following premium types of risk scoring, as part of a fully-featured compliance solution.
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- Address Risk Scoring
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- Client Risk Scoring
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- Enhanced Due Diligence (EDD) Report
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- Exchange Rating
The Challenges of Practical Implementation of Compliance Standards
Turning compliance requirements into actionable steps is a complex process for systems outside of the black chain space, as well.
AI security and privacy expert, Rob van der Veer, discusses how the challenges of implementing standards within a system, based on knowledge from experts around the world, and explains why this collaboration is important for security and compliance.
