Thomson Reuters' former head of World-Check is moving to a blockchain startup focused on regulatory compliance.
Greg Pinn, who ran Thomson Reuters' risk intelligence and financial crime screening platform, will now be in charge of product strategy at iComply, which focuses on using blockchain and artificial intelligence to maintain immutable records. So far the startup has launched a know-your-customer (KYC) tool, as well as a toolkit for blockchain startups looking to add governance and compliance systems, according to a press release.
In a statement, Pinn said that KYC processes are important for cryptocurrencies, and he plans for iComply to be an industry standard in the space.
"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."
Matthew Unger, chief executive and founder of iComply, said in a statement that cryptocurrency exchanges and startups need better KYC tools than most use at present, which means they do not actually comply with certain legal requirements.
As such, he sees iComply as filling a need for regulatory compliance, adding that "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."
"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," he said.
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