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IDnow, IOTA Foundation, and others join a compliance consortium for European AML

IDnow, IOTA Foundation, and others join a compliance consortium for European AML

The IOTA Foundation, IDnow, walt.id, SPYCE.5, and Bloom Labs are forming a consortium to make crypto asset service providers (CASPs) compliant with the European AML Regulation and the Transfer of Funds Regulation, according to an announcement.

CASPs currently must comply with the GDPR by not storing PII on blockchains or distributed ledgers. At the same time, they must comply with new KYC regulations. TFR requires that crypto transactions must include information about the sender and recipient.

The entities have formed a consortium to propose a system where an identification process is tokenized by a trusted party, and the resulting soul-bound token can be used for KYC. If an entity, such as law enforcement, needs to see the identity of the individual, the trusted party can reveal the information and revoke the SBT if necessary.

The IOTA Foundation will provide the network for the system, which will be implemented on an Ethereum Virtual Machine (EVM) – compatible IOTA Smart Contract Chain. walt.id, decentralized ID vendor, will maintain the witness service for creating and verifying SBTs. IDnow will conduct identity verification for onboarding. Bloom’s digital wallet will be used for storage. SPYCE.5 will provide the infrastructure for interchain communication and transaction validation.

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