The Shyft Network has recruited two former Financial Action Task Force (FATF) executives as advisors to assist in the development of its regulatory compliance product.
Former FATF Executive Secretary Rick McDonell has been added to the Blockchain Board of Directors alongside former FATF Canadian Head of Delegation Josée Nadeau. Both have held their respective positions within the FATF – a global watchdog against money laundering – for nearly a decade or more.
Shyft Network uses a digital identity protocol for authorized and unauthorized block chains in private and public ecosystems. More recently, the company has been working with the Bermuda government to roll out the first phase of a digital identity solution for citizens, visitors, businesses and civic organizations.
It is also developing a pan-industrial product in partnership with CipherTrace, which aims to help cryptocurrency trades align with the new strict FATF rules announced in June.
The new travel rules for FATF member countries stipulate that "virtual asset providers" (VASPS) must obtain, store and share "know your customer" (KYC) information with other VASPS and potentially government agencies for cryptocurrency transfers exceeding a certain threshold.
Until now, cryptographic exchanges do not have a compliant way to share KYC data that also preserve users' privacy.
Shyft said it has partnered with some of the "10 largest" cryptocurrency exchanges to develop its solution to this problem by using its identity passport, database bridging and data attestation network.
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