Netki announced that it has upgraded its digital identity service so that cryptocurrency firms can meet AML recommendations by the Financial Action Task Force (FATF) for fighting money laundering.
The upgrade to TransactID includes the addition of two new features: the ability to break down certificates of a user’s identity into smaller pieces of personally identifiable information (PII), as well as the ability for senders and receivers of money to request PII from each other.
“Before, there was, like, one large, atomic transaction where each side shared all of the information about each other with each other,” Justin Newton, CEO of Netki, told CoinDesk. “Now the protocol allows for more of a conversation where each side can request and share individual pieces of identity information with each other.”
The AML recommendations by FATF, released in June, require “virtual asset service providers” (VASPs), including crypto exchanges, to pass information about their customers to one another when transferring funds between firms so law enforcement has an information trail.
In other news, crypto trading platform BitMEX has lost its chief operating officer (COO).
Bloomberg reported that Angelina Kwan has left the company just weeks before her first anniversary.
“We can confirm that Angelina Kwan is leaving the company and is on gardening leave now. That’s all we can say on the matter at the moment, but we wish Angelina all the best,” a company spokesperson said, according to Yahoo Finance.
Formerly the managing director and head of regulatory compliance for the Hong Kong Exchange and Clearing, Kwan joined BitMEX in October 2018, where she said she would be “responsible for overseeing and driving the company’s growth” and would “guide BitMEX on its mission to offer advanced, innovative financial products for the global cryptocurrency industry.”
It is unknown who will be taking over the COO role in the company.