One of the major hurdles for mass adoption of cryptocurrencies has been governments and financial institutions concern regarding money laundering and terrorism funding. Investors are unable to access traditional banking as virtual currencies struggle to comply with regulations, especially the Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) regulations. (AMLT by Confirm)
These regulations are vital to curb financial transactions that deal directly with criminal enterprises. Such high-risk transactions place the entire market and all participants at risk. Therefore, companies dealing in cryptocurrencies via blockchain should ensure that they have stringent risk management principles in place to safeguard against unwittingly facilitating such high-risk transactions.
Pawel Kuskowski, CEO and Co-Founder of Coinfirm has been quoted as saying: “We believe that personal freedom and innovation need to coexist with general rules of wider society in a sustainable way”. And the AML/CTF Platform and AMLT token are innovative methods used to ensure that they live up to this.
Coinfirm AML/CTF Platform
Out of this vital need for regulatory compliance and to provide a level of protection for blockchain companies, in 2015 Coinfirm launched the AML/CTF platform. This platform is the global standard for the blockchain ecosystem to bring about transparency and efficiency in the industry and to allow these companies access to the traditional economy. Regulatory compliance, transparency, and efficiency allow the mass market to use virtual currencies safely.
Confirm has now launched the AMLT token. This token is aimed at bringing more effective AML/CTF compliance and opens up the market further by allowing more participants in the financial system. The AMLT token used on the AML/CTF platform is the much-needed bridge to bringing digital currencies to the conventional financial systems safely, securely and with AML/CTF compliance.
AMLT Token — Creating A Transparent Ecosystem
As it stands, the AML/CTF Platform does accept cryptocurrency payments, however, the intention is for the AMLT token to eventually take over all activity. One feature of the AMLT token will, in essence, operate as an in-app token and an access token that allows users access to all the services available on the Platform.
A further feature of the AMLT token is to reward Network Members who aid in making the ecosystem transparent by providing identification and verification information. The token will also offer discounts on fees charged for services within in the AML/CTF Platform.
As a result, users of the AMLT token will be vital in building a vibrant transparency to the ecosystem and creating the groundwork for the mass adoption of blockchain and digital currencies. These foundations will allow for the good players to remain in the market and for bad players to be excluded, which current systems are not able to do. Current systems have not the way of establishing the good from the bad and will exclude many players unreasonably or without just cause.
The AMLT token will open the market to not just blockchain companies but also to players and investors from banks, traditional commercial companies, and large financial institutions.
Becoming A Network Member
To become a Network Member you will need to participate the Token Crowd Sale and pass through the onboarding procedure. You will start off by transferring Ethereum to the AMLT Crowd Sale Address. Then you will have to provide the compliance evaluations on your profile and identity data, as well as your Ethereum address from which the payment was made.
You might not be able to provide all the required information for the onboarding process before the AMLT Crowd Sale Timeout. However, you are still able to do so within two weeks after the Crowd Sale.
Toke Sale Information
– Toke Sale 210,000,000 (Available in Crowd Sale)-
– Data Rewards Pool for Network Members 120,000,000 (Monthly through smart contracts)
– Founders 10% (Lockup period)
– Advisors 2%
– Rewards for Referrals 1%
– Developers and Bonuses 4% (Lockup period)
– Charity 0.5%
– Total Tokens 400,000,000 (generated by smart contract)
The AMLT token will only be paid to your Ethereum Address if you have provided all the required onboarding data and if your compliance evaluation results are within the acceptable risk limits. Failing to provide all the required data and should your compliance evaluation fall short, the Ethereum payment will be refunded. You will receive your AMLT tokes approximately four weeks after the Crowd Sale. Please note, should your compliance evaluation result as high risk, your Ethereum address may be flagged as high risk on the AML/CTF platform.
The Advantages Of The AMLT Token:
- The token operates off a base that establishes a global standard that enables effective and efficient management of AML/CTF risk related transactions for blockchain entities.
- An innovative method that is the first AML related blockchain based token that is designed to facilitate transparency and financial inclusion in the global financial system.
- The AMLT token is supported by a global network of recognized leaders in AML, compliance, anti-fraud and blockchain technology.
- You will have comprehensive AML risk management, efficient AML risk reports, and other tailored AML services.
- The ATML token supports all major public and private blockchains such as Bitcoin, Dash, and Ethereum.
- The token that is can easily be accepted and adopted by banks and large financial institutions, as it provides them with constant oversight on blockchain transactions.
AMTL Token Standards
The AMLT token is already associated with the high global standards as set by the Confirm’s automated AML/CTF compliance platform. The token gives you structured compliance at discounted prices for Network Members and token holders. The Coinfirm team has built an excellent reputation and a recognized brand among financial institutions, digital currency entities, and blockchain technologists. They have built a globally recognized standards platform with clients from financial institutions to the major digital currency entities. The team includes leaders in the fields of compliance and regulation. To ensure the safety of funds and compliance with AML/CTF and KYC regulations, an escrow will be implemented. 70% of the funds will be held in escrow and AML/CTF and compliance will be run through the Coinfirm Platform to ensure transparency through all.
Coinfirm is a RegTech enterprise focused on AML/CTF for blockchain that is functioning under the UK based legal entity, Coinfirm Ltd, and its subsidiaries. Regular checks and service testing will be done to ensure the clean out of all system bugs, as well as to safely implement any updates to the system and platform.
The purpose of the AMLT token is to open the cryptocurrency market to entities in the traditional sector, such as companies, banks and financial institutions, legal entities and
Governments, and not only for use and activation by blockchain related entities. To be an active user you will need to purchase AMLT tokens and become a compliant and active member of the ecosystem by passing through the AML/CTF and KYC check. The process to be an active member of the ecosystem is fair, transparent and easy to comply with. The AMLT token makes cryptocurrency transactions secure and risk-free. The project is backed by recognized leaders in compliance and AML. The blockchain based token is designed to become a globalized standard for AML by providing a superior alternative to the current mechanisms in place and pave a path for financial inclusion.