Polycoin has launched a Bitcoin -based tool designed to help compliance proffessionals ensure compliance with anti-money laundering ( KYC ) and know your customer ( AML ) requirements by tracking and verifying financial transactions with the blockchain. The product expands Polycoin’s offerings from what had previously been limited to bitcoin payment processing products. This follows the company's pivot from being Bitcoin -focussed to blockchain-focussed, a change which many former blockchain companies have undergone 2014 . The blockchain platform can help compliance staff get around issues of anonymity, as the system can identify the parties involved in transactions, without necessarily revealing their anonymity; transactions are ranked by the system in terms of suspiciousness, and the system then alerts a compliance officer to investigate transactions that exceed an assigned suspicion level.
Polycoin has launched a Bitcoin -based tool designed to help compliance proffessionals ensure compliance with anti-money laundering ( KYC ) and know your customer ( AML ) requirements by tracking and verifying financial transactions with the blockchain. This follows the company's pivot from being Bitcoin -focussed to blockchain-focussed, a change which many former blockchain companies have undergone 2014 . The blockchain platform can help compliance staff get around issues of anonymity, as the system can identify the parties involved in transactions, without necessarily revealing their anonymity; transactions are ranked by the system in terms of suspiciousness, and the system then alerts a compliance officer to investigate transactions that exceed an assigned suspicion level.