iComply Investor Services, a RegTech platform for global digital finance and cryptocurrencies, is offering comprehensive KYC capabilities via its iComplyKYC product to address risks related to blockchain addresses, including sanctions screening.
On Nov. 28, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) added two Iranians and their bitcoin addresses to the Specially Designated Nationals (SDN List) for laundering the bitcoin proceeds from the infamous SamSam ransomware scheme. This is the first instance of OFAC adding a cryptocurrency address to their public list of sanctioned individuals and entities.
The iComplyKYC product addresses risks related to blockchain addresses and the trading of financial assets using public blockchains; this is an integral process that is complementary to traditional AML/KYC for fiat. Institutions can query addresses to achieve financial grade compliance around the individuals and entities that it transacts with.