PROJECT 2018-10-25T11:13:10+00:00

KYCbench Introduction

KYCbench is a trusted and independent provider of KYC data processing which complies with the GDPR and ISO27001.

KYCbench can also perform comprehensive risk scoring that can handle complex multi-source fraud detection and compliance checks on people, companies and ID documents at high speed, delivered in a single view, through one easily-integrated API.

The majority of ICOs currently exist in unregulated obscurity. With no uniformity, the personal data could be being collected in breach of regulatory requirements, and ICO teams could inadvertently be exposed to legal liabilities and potentially even criminal proceedings.

Investors may find the process of continually being requested to submit their KYC information to prospective ICO investments bothersome, and even a risky practice.  Users signing up to participate in ICO sales run the risk of having their precious personal information mishandled and are forced into a position to blindly trust that the given ICO has the correct procedures/security in place, along with adequately trained staff, which unfortunately may not always be the case.

ICO’s in the past have seen inadequate security in the collection process, leaking information and compromising user data privacy.  More sinister parties in the ICO space could even sell the data to unauthorized third parties and even criminal groups.

KYCbench’s solution is to safeguard your most valuable asset in the 21st century; Your personal data, utilizing the highest standards in the security industry to ensure data integrity.

As the world’s first implemented KYC platform on the blockchain with 2 side accountability (meaning both parties involved can see who accessed the data and when), the platform has been designed to facilitate transparent, on-demand, secure, fast and low-cost integrated access to identity verification services through blockchain technology: Vanguard protocol implementation to secure network integrity, quality control of data collected and above all; keeping personal data protected.

It simplifies the KYC verification process for individuals and ICO organizers and provides tailored KYC solutions for any enterprises which demand KYC to be conducted in a secure and effective manner whilst complying to international and industry specific regulatory standards.

KYCbench relies on a developed solution which has been tested on the framework of an active database with more than half million users added over the past 12 years.

KYCbench recognizes that the cryptocurrency and blockchain technology space is very new. A lot of ICOs and exchanges have been applying different approaches to handling KYC and AML procedures however there have been a lot of bad actors and non-regulatory practices.

Personal data has been illegally and inappropriately collected and sometimes even sold to solicited third parties without permission. When a user registers for a number of ICOs they typically need to register and submit KYC documents to different websites and some have been leaked, while others have been hacked.

Our KYCbench solution has been designed to facilitate on-demand, secure, fast access to identity verification services via our own Vanguard protocol which will eventually merge existing database systems to the blockchain to protect the personal data of its users and to improve the quality of transparency, privacy and security.

At this stage KYCbench is processing data compliant to GDPR and ISO27001 for ICOs and non blockchain enterprises and is working on merging the primary service with the blockchain once GDPR compliance is guaranteed in the blockchain space.

KYCbench really wanted to simplify the KYC verification process for individuals and ICO organizers by providing a tailored KYC solution for any company albeit ICOs, crypto exchanges, existing exchanges or any non blockchain enterprise that needs KYC conducted in a secure, effective, GDPR and ISO27001 compliant way.

As the world leading KYC platform focused on blockchain, the KYCbench system is being designed to facilitate on-demand, secure, fast and low-cost integrated access to identity verification services for ICOs and non blockchain enterprises via the Vanguard protocol. It will be set up in such a way as to secure the data system on a decentralized but secure blockchain ensuring data protection and data integrity while still being easily and quickly accessible.

The KYCbench system simplifies the KYC verification process for individuals and ICO organizers by providing a tailored KYC solution for all any ICO or non blockchain enterprise which needs their KYC conducted in a secure, effective, GDPR/ISO27001 compliant manner.

The KYCbench platform provides a secure, transparent identity verification solution for clients and end users alike which complies to the GDPR and ISO27001. A blockchain solution with focus on KYC allows for transparency, privacy and security over personal sensitive data in a highly secure environment where the client and user can verify KYC without exposing that information to third parties. Utilizing the blockchain allows both parties the ability to access unalterable data to confirm the status of their KYC with updates added to the existing certificates and sent to the blockchain as an addition. Practically this update gets added to the pre-existing data as an addition to that clients KYC which is timestamped when last updated.

Present use case: ICOs, Forex companies and other high traffic customer databases such as online gambling sites, telecommunication companies, brokerage firms, exchanges, cryptocurrency exchanges, banks, mortgage brokers, any service that require a level of identity verification against a new or pre-existing user database will benefit from the KYCbench KYC customizable blockchain solution.

KYCbench performs data collection under compliance practices dictated by the GDPR and ISO27001.

KYCbench Strategic partner AFX is licensed and regulated by the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC) respectively. The personal data management permit is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), licence no. 119/10 and registration no. 253014.

Since 2016 the EU government has taken a strict interpretation of the GDPR to all industries and sectors which process personal data. As an example of a storage of data gone wrong Britain’s data watchdog intends to fine Facebook 500,000 pounds for breaches concerning Data Protection. Since GDPR is a general regulation for all industries. The cryptocurrency world needs to comply as well when handling personal data and KYCbench provides that platform.

The KYCbench project is based upon a supported technologies stack (Microsoft) and system updates are aligned with any patch from the KYCbench Software Engineers team with the approval of leadership.
1. IFS+ is based on:

  • asp.net mvc framework
  • entity framework
  • WCF

2. Data storage is based on MS SQL server with its own security mechanisms.

3. File encryption is implemented on all KYC documents using the “Rijndael symmetric encryption” algorithm.

4. The KYCbench solution runs on a Cloud to guarantee best uptime, response speed and fast restore in case of any outage/data loss up to market standards and best practice while the blockchain based solution is being verified to be GDPR and ISO27001 compliant.

5. All the clients/users and KYCbench operator sessions are handled over HTTPS and therefore are encrypted and secure.

6. After registration and before the client can have access to the KYCbench platform, he/she has to confirm their email address (as a confirmation email link sent to their email)

7. Back office and Client Area are only accessible by the login/password provided by the client/user. All the passwords are stored in the KYCbench database as an irreversible SHA-1 hash and therefore are secure.

The current ICO industry is in uncharted waters, with the new industry yet to be subject to a blanket standard of regulation. The lack of current regulatory standards only becomes more complicated when the problem is compounded by jurisdictional issues whereby what may be regulated in one jurisdiction, may be unregulated or held to a different standard in another.

This is why KYCbench has designed a solution which is both GDPR and ISO27001 compliant allowing ICOs to comply to their regulatory obligations.

It does not matter if it is a telecommunications company that needs their clients KYC done or a newly formed ICO, the processing of KYC data is still under the same regulatory requirement to comply to the GDPR.

ICO organizers are put in a difficult position of predicting the regulatory landscape within their jurisdictions to ensure compliance. While currently the industry is in its infancy the lack of regulation has made the community develop its own standard of best market practice, however this is rapidly changing and government regulation is already impacting the sector directly by imposing the GDPR on all industries and sectors.

Up until now ICO organizers have taken it upon themselves to process their own KYC, and have risked mishandling individual’s personal data or collecting individual’s personal data without the appropriate GDPR/ISO27001 compliance.

  •  ICO organizers may find it difficult to manage the whitelisting process especially    when the numbers are 5000-30,000 users on average.
  • Current KYC management systems cannot interact with blockchain based data.

KYCbench designed a system with the GDPR and ISO27001 requirements built into it which will suit any ICOs or non blockchain enterprises with investors/users in the EU. Seeking GDPR compliance is absolutely necessary for any ICO or non blockchain enterprise that has clients in the EU due to the penalties imposed for non-compliance.

Organizations can be fined up to 4% of annual global turnover for breaching GDPR or €20 Million. This is the maximum fine that can be imposed for the most serious infringements e.g.not having sufficient customer consent to process data or violating the core of Privacy by Design concepts. There is a tiered approach to fines e.g. a company can be fined 2% for not having their records in order (article 28), not notifying the supervising authority and data subject about a breach or not conducting impact assessment. It is important to note that these rules apply to both controllers and processors — meaning ‘clouds’ will not be exempt from GDPR enforcement.

Source: www.eugdpr.org

KYCBENCH ADVANTAGES

KYCbench’s platform has been designed to facilitate on-demand, secure and low-cost access to identity verification services via its blockchain focused solution: Vguard Protocol. The KYCbench system simplifies the KYC verification process for users and clients by providing KYC solutions tailored to improve security/efficiency/privacy as well as decrease cost.

One of the most important parts of planning any project is to provide a real savings use case. By analyzing the market and comparing market average costs of processing KYC for a user, cost can be $20-$30 per user.

KYCbench believes that price should be within few dollars per user, and that further price determination should be a matter of agreement between a client and a KYC service provider. KYCbench is calling for a free and fair market with cost schedules in the same way the blockchain community calls for fair and transparent fee structures for cryptocurrency exchanges.

BENEFITS OF THE KYCBENCH SERVICE TO ICOS/LEGACY DATABASES MIGRATING TO BLOCKCHAIN

KYCbench’s KYC blockchain solution  is designed to meet a diverse range of needs. These needs include project management, customer engagement, sales management and client data management. By providing a tailored solution to any specific industries needs helps to reduce costs and boost customer engagement by migrating across to KYCbench’s blockchain solution.

Boost revenue and drive operational excellence with KYCbench’s tested and semi automated KYC processing solution. Further, the solution includes a vast amount of features, allowing precise disruption of services-centric sectors such as in government, healthcare, banking, education, hospitality, insurance, finance, consulting, legal, media, advertising and retail industries to name a few.

KYCbench’s solution provides the following benefits:

  • strengthened customer relationship through more effective engagement

  • Boost employee productivity

  • Helps offer customer-centric services

  • Comprehensive view of customer data

  • Targeted campaigns determinative by selected fields such as net worth status.

  • Seamless cross-department communication.

  • Permanent traceability of communication and workflow

  • Contact, leads and opportunity management determined

  • Helps maintain a healthy sales pipeline and delivery cycle

  • Customer service efficiency through confirmation of action.

KYCBench
Innovative Technology

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