Enterprise-grade blockchain platform Worbli, through strategic partner Agenix, will be offering Compliance as a Service (CaaS) to help companies navigate increasingly difficult regulatory requirements.
Worbli is a platform that aims at minimizing the barriers of entry to the world of the blockchain technology to both users and developers. Worbli’s platform allows users to store, sell, buy, and exchange any form of cryptocurrency using a single account. It also enables users to connect their accounts to any existing cryptocurrency platform. Via Worbli, users will also be able to access Dapps built on EOS blockchain.
With the recent announcement of FinCEN and FATF guidelines, it has become more expensive for new applications in the DeFi (Decentralized Finance) space to build on enterprise-grade platforms. Companies that ignore the strict rules around operating as a Money Service Business (MSB), AML/KYC, and corporate Know Your Business (KYB) risk serious fines and penalties. Meanwhile, building and maintaining a compliance framework can cost hundreds of thousands of dollars, likely require additional staff, and months of research and implementation.
“Compliance is a headache for every company, especially those operating in the finance sector,” Worbli CEO Domenic Thomas. “Our Compliance as a Service will dramatically reduce costs surrounding this, allowing a new wave of innovators to enter the space, who wouldn’t have been able to before. We’ve essentially removed a significant barrier to entry for a lot of entrepreneurs.”
Agenix, an independent software and development company formed by founding members of Worbli, said that the new CaaS product brings the latest compliance tools and automation to keep applications running safe and free from regulatory scrutiny. Services will include a risk-based approach with AML program consulting and compliance reviews, guidance around regulator’s requirements and licensing, GDPR compliant Transactional monitoring services, Automatic submission of SAR reports along with other reporting and services. It also offers regular updates around changing compliance requirements and provides optimization plans for existing compliance programs that customers might already have in place.
“CaaS is another great solution that we’re offering for businesses that are looking to build faster and more secure fintech applications,” said Sean Anderson, Worbli Vice President of Commercial Relations. “It’s about automating a complex process and creating a secure, inexpensive, and accessible path for developers who are looking to overcome some of these new regulatory hurdles.”
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