Idea & Token
Coinfirm’s AMLT project, referred to as “the token of compliance” addresses the need ICOs have for proper KYC (Know-Your-Customer), AML (Anti-Money Laundering) and CTF (Counter Terrorist Financing) compliance. With regulation of ICOs being a complicated subject, Coinfirm came up with a project, the ultimate goal of which could be seen as the creation of a global cryptocurrecy standard for KYC/AML/CTF.
To this end, the ERC223 token is used for prepaid products and for access to rights within the network. The system does come with a “democratic” element, as members not only spend tokens on various verification services, but they also receive AMLT for taking part in the process of rating and verification of projects. The crowdsale running from December 12th 2017 through January 30th 2018, aims to see 210 million out of the 400 million AMLT tokens distributed.
AMLT project’s team stands out with a team of over 30 people, recruited from the blockchain industry, and assembling experience from fields such as AML, compliance and anti-fraud management. The CEO and founder of the project is Pawel Kuskowski, with multiple years of experience as an AML/CTF compliance adviser, who has worked with major financial institutions, including RBS.
Co-founders Pawel Aleksander and Jakub Fijolek are the CIO and CTO, respectively. Aleksander brings his fraud prevention, AML/CTF experience, whereas Fijolek covers for IT and security. The team definitely comes packed with specialists practically custom-picked for the purposes of Coinfirm AMLT.
AMLT brings a solid and viable concept backed by both a strong team and big-name partners. This makes it a highly competitive project, even if it has competition to face (There are other brands assisting companies in terms of regulatory compliance implementation. Those include Chainanalysis or Scorechain for instance).
Financial regulation is not something people in the crypto field have a unanimous agreement on (there is a kind of struggle between whether to centralize and regulate, or to maintain a higher level of independence when it comes to cryotocurrency), but all can agree that the requirements are only intensifying. As cryptocurrencies are moving beyond fields that are more isolated and into mainstream applications, platforms like AMLT could become a prerequisite for their wide acceptance and proper legislation.