The US-based security tokens platform TokenSoft is launching Know Your Business (KYB) support for better customer due diligence (CDD). The addition of KYB support came with the FinCEN amendment to the Bank Secrecy act.
This addition released after a successful alpha test on the eve of the Financial Crimes Enforcement Network’s (FinCEN) CDD final rule. This rule made changes in the Bank Secrecy Act for some improvements. It intends to enhance financial transparency and acquire safety from criminal activities like money laundering and terrorism financing.
Additionally, it will also reduce the complexity of on-boarding processes. The procedures like collection and verification of entity data or personal of various entities are now easily processable. Moreover, KYB automation will lessen the processing time from approx ten days to a few hours.
In May, TokenSoft partnered with Blockstream and many other prominent blockchain firms to launch a new security token platform. Its purpose was to issue tokens on Liquid Network that connects financial firms, traders, brokers, and exchanges. There are many firms that are issuing security tokens. However, all platforms do not acquire scalability, privacy, and reliability. Therefore, Liquid security came into the picture with a more reliable platform to issue liquid-based security tokens in only one-click.