TRACETO TRUSTED PLATFORM FOR TRANSPARENT KYC

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BACKGROUND

Amir is just a student that works part time in a restaurant, over the last one month he has been depositing money in bits across different banks over time. In total, Amir has deposited over $50 million USD. You now ask who is Amir? How can a mere student who’ dad is a delivery man earn up to $50million USD to deposit in different banks. As globalization continues to spread like wildfire, stories like this will still be heard, not that financial institution are not doing their best to track or know their customer but because individuals always create other means to evade tools put in place to track them. Nonetheless, financial institutions pay so much to upgrade their systems to latest technology, despite that they have also paid heavily to regulators for failing to track, trace or stop money laundering activities. The recent is a popular bank in Euro that paid $369million to regulators for lying about laundering money from Mexican drug. Financial institutions need a solution and needs it fast to solve the issues of identity and traceto has the solution.

Traceto is a leading company in providing regulatory compliance in Knowing your Customer (KYC) and Counter Terrorism Financing (CTF) processes for financial companies. KYC is introduced in financial system so that banks can present a documented evidence of their customers to regulators or archive it for future use also stop money laundering processes from illegal source. The contemporary way of doing this has its own draw backs, but with the advent of machine learning processes (AI) this will significantly improve the whole process to a lower cost, trustful and quick process. So, Traceto is building an ecosystem using the incorruptible blockchain technology and Artificial Intelligent (AI) to improve on KYC and CTF process. The process may look simple but complicated. As a user intends signing up on a platform it will redirect him/her to traceto ecosystem where certain information will be requested. Data sent in will be screened and result presented. These allow the main host of the site (Financial companies or regulators) to decide what they will do with the information.

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Figure 1. A quick look at Traceto mechanism

The currency on the traceto platform is the T2T token, used to pay for transactions. It’s an erc20 token that requesters pay to the platform for using the system; it will also serve as a medium for exchange for any holder of the token. This is programmed in such a way that once its spent on the platform a percentage of it get burnt, thereby reducing the quantity and give the whole token more value.

CONCLUSION

This is a hybrid platform with awesome features that will help eliminate money laundering and counter terrorism funding. Profiling all customers and individuals that uses a system creates a transparent and trust system that is genuine and authentic. Traceto promises to also improve on their platform in future by profiling product suitability and credit worthiness of individuals.

Telegram : https://t.me/tracetoio

White paper: https://traceto.io/static/wp/traceto_io_whitepaper_2002_v1_27.pdf

ANN thread: https://bitcointalk.org/index.php?topic=3439768

Web site: https://traceto.io/

Bitcointalk username: @baoli

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