ICO PASS – ICO exploded in popularity, past the classic Venture Capital funds. However, without examination of the KYC (Know Your Customer), ICO has trouble in Exchange for fiat currency kriptocurrency-EUR, USD, and more. Because ICO is getting set up, it makes sense to start thinking about KYC.
Regulators around the world, including the United States, Singapore, Hong Kong and the United Kingdom, has warned companies that contemplate the ICO that they may violate securities laws. These investments have been warned that they may lose their money.
Recently, the Security Authorities and the European market is also issuing a warning and suggested that ICO was following the laws that are set up for financial institutions.
And even if there are no rules, it makes sense to do this due to instill investor confidence.
What Is ICO Pass?
Team ICO Pass aims to provide tools that meet the requirements of simple due diligence and enhanced with a cost effective way. We will start by providing tools for people personal KYC and later will also provide support for the company.
To change the Cryptocurrency to the fiat currency, organizers of the ICO needs to show that they have been working to identify the investors, with a check that is not from the countries that banned ICO, not list of PEP or sanctions. For corporate, they also need to check who is the Beneficial Owner (UBO) of these funds and if such persons have the right to represent the company. Then there is also the requirement that changes from country to country – in some countries would be enough to do the due diligence Simple 10 k to EUR (12 k USD) while in some, Enhanced Due Diligence required from 1 k EUR (1.2 k USD) (Switzerland). Moreover, some countries such as the United States requires only accredited investors who can participate.
How The ICO Pass Plan To Meet Regulatory Requirements
ICO Pass consists of three parts:
1. An application which enables safe and comfortable with to do the inspection of KYC, pay services, linking identity to ethereum wallet and reuse the identities have been verified;
2. examination of documents such as Identity Verification ID, verification and sanctions list e-mail, PEP, check country etc. (It was originally going to use a third service provider such as Onfido but will be adding more providers for higher accuracy);
3. automatic escalation and risk profile (will be added in the next step).
ICO PASS We will drive to open up the information about the database what is examined, what is the probability of checking works and how much it costs if you add/remove some of them. This will be achieved through negotiation with a service that provides verification of identity documents and the radar list screening, or by integrating directly with the database. In addition, we will integrate with banks to determine whether they meet the status of accredited investors.
Complete check will consist of: a verification e-mail, phone number verification (optional), address verification document (optional), the verification document IDs, scanning the faces of the photos directly in common (optional), PEP, check the list of sanctions, UBO (Beneficial Owner Benefit) and permission to represent the Organization (to be added later), the inspection of adverse media (optional) optional), determine the status of accredited investors (to be added later).
Ann Thread :https://bitcointalk.org/index.php?topic=2854220
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