TokenSoft reveals Know Your Business service for due diligence

The requirement for issuers to perform KYB checks as part of their customer due diligence procedures came with the FinCEN amendment to the Bank Secrecy Act, Customer Due Diligence Requirements for Financial Institutions or the CDD Rule. TokenSoft released KYB support for the rule prior to its effective date due to customer demand.

The company’s clients can now facilitate their investor onboarding procedures which involve the collection and verification of entity data, and the collection and verification of personal data from the authorised signer, control persons, and beneficial owners of the investing entity. Moreover, TokenSoft plans to further support institutional adoption of digital securities with the following services:

• Faster onboarding of institutional clients — The TokenSoft platform facilitates the compliance procedures in order to speed up the processing of clients, while still ensuring that clients and their compliance teams have complete control over approvals;

• Cybersecurity;

• Compliance — Automation of compliance procedures generally features a fixed onboarding procedure based on the compliance requirements of the client. By doing so, issuers and compliance teams can benefit from a process that can be easily audited.