05/02/2018 |

Sum&Substance Is Developing AML/KYC Procedures for User-Investors and Traders for Tokenbox

Thanks to KYC-verification, deals between investors and traders completed on cryptocurrency platform Tokenbox fully conform to both international regulatory norms and legal demands from local jurisdictions. This ensures that Tokenbox and its users always remain in compliance with active legal frameworks on all levels. It’s all possible because of technology provided by KYC-platform Sum&Substance, an independently developed system for online identification based on artificial intelligence.

Tokenbox is an infrastructure solution for the simple and easy creation of tokenized funds. Investors can choose from different funds focused on cryptocurrency investments on the basis of inherent risk and profit indicators. Tokenbox gives investors and traders access to the best strategies for managing funds on the cryptocurrency market while guaranteeing a high level of security for these processes.

The new AML/KYC processes for Tokenbox users will take effect in the first quarter of 2018 and will occur automatically with the help of technology which uses computer vision, data analysis by neural networks, and other machine learning algorithms.

The recognition module was built by one of the leading global OCR companies – Smart Engines. User data is protected with the help of cryptographic encryption resources. Data for Russian citizens is stored on Russian territory in compliance with Russian Federal Law 242-FZ while data for all other users is located in a protected data center in Germany. System protocols for checking investor and trader data are in full compliance with international and local law.

In order to confirm identity during registration, the user simply needs to send a digital copy of identification and registration documents along with a selfie which captures the documents in the frame. The system recognizes the information from the image on its own, checks the documents for validity, and compares the face of the user in the photo with the face in the document in order to confirm that the user performing the registration is truly the same person as the one in the document.

The identification platform was first tested on a different project undertaken by the Tokenbox team called the Token Fund – one of the first successful cryptofunds in the world. Automated AML/KYC processes have been facilitating user registration for the Token Fund since July 2017.

“Security of our platform is the key priority for our team. The project operates on a global scale and we are expecting to bring in numerous market professionals, which is why trust is so critical for our fund’s success and continued work with investors and portfolio managers. This trust is based on the absolute maximum level of security which we provide as well as the positive feedback and responses from the crypto-community. Thanks to the KYC-verification procedure developed for us by Sum&Substance, we guarantee that fraud will never occur on our platform. Non-verified traders or investors will simply never receive access to Tokenbox.”

Viktor Shpakovsky, Tokenbox Managing Partner
“Automated KYC procedures are not simply formal modules that are necessary for Tokenbox and other fintech companies to stay in compliance with regulators. As we have seen in practically all cases, companies working with cryptocurrency, fiat money, and even cryptocurrency exchanges, which are seldom regulated, are already thinking about AML/KYC. There’s a boom on in cryptocurrencies and, like in every other growing market segment, crypto is becoming more and more attractive for fraud and money laundering. Our technology and approach allow our clients to stop worrying about changing regulatory norms and checking new users in a secure and dependable fashion around the clock to legally, financially, and reputationally protect themselves and users of their platforms.”

Andrey Severyukhin, Sum&Substance General Director

In order to confirm the qualification of user-investors, a new feature will be added in the near future which performs checks on additional types of documents, including letters from lawyers or CPA-certified accountants, packets of broker or bank balances and other types of accounts which would present conclusive proof of clean assets.

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