The Ethereum based blockchain research and development group ConsenSys announced on June 08 that they are introducing the Codefi Compliance platform for automated regulatory conformance of crypto-assets. It will form part of the Codefi suite, which is geared towards assisting financial activities on the blockchain, through optimization and integration with the traditional financial world.
Today we launch #CodefiCompliance, an automated and agile regulatory and compliance platform for digital assets built on #ethereum https://t.co/CUMrgRRzz0— ConsenSys Codefi (@ConsenSysCodefi) June 8, 2020
The Codefi Compliance platform will help crypto-assets abide by Countering The Financing Of Terrorism (CFT) and Anti Money Laundering (AML) regulations, without compromising on business requirements and in different jurisdictions with their own unique challenges. It supports Ethereum based assets.
CosenSys Codefi Non Intrusive KYC Process
ConsenSys pioneered non intrusive Know Your Customer (KYC) process is used, which relies on the behavior of the participating addresses, than the identity of the participants. Specifically designed for blockchain based assets and generating high quality on-chain data, it helps project comply with regulations, without intruding on user privacy.
“Providing robust AML/CFT compliance for Ethereum-based digital assets is a keystone step in bringing the institutional financial industry to decentralized finance. Codefi Compliance is the next module in our product suite to eliminate complexity and risk in using DeFi, and help any business benefit from using digital assets” said Lex Sokolin, Global Co-Head of ConsenSys Codefi.
ConsenSys Codefi Compliance Suite Description And Supported Assets
Codefi Compliance includes tools for risk assessment, risk management and risk investigations. It works with a wide variety of Ethereum blockchain assets and multiple jurisdictions, allowing for widespread global operation. It also provides risk overview for general transactions, with customizable filters. The service is non intrusive and doesn’t degrade process flows or user experience. It works with token standards such as ERC20, ERC721, ERC179, ERC777, along with notable stable-coins like DAI, USDC and Tether, covering over 280,000 types of digital assets built on Ethereum.
Codefi Compliance is built for any business interacting with digital assets on Ethereum. Prediction market platform Sight is leveraging Codefi Compliance to ensure transactions using tokens comply with local regulations. “As a non-custodial prediction market platform, Sight was looking for a crypto AML solution that would be easy to integrate, user-friendly, and cover all Ethereum tokens. Codefi checked all the boxes, giving regulators the peace of mind that Sight is meeting the highest of AML standards,” said Graeme Barnes, Product Manager, Sight.