TokenSoft, leading digital securities issuance and management platform has recently announced that after a successful beta, it now supports Know Your Business (KYB) checks for token issuers seeking to perform enhanced due diligence. Notably, the firm’s clients have raised nearly $500 million in assets.
About ‘Know Your Business’ Service
The requirement for issuers to perform KYB checks as part of their enhanced customer due diligence procedures came with the FinCEN amendment to the Bank Secrecy Act. TokenSoft released KYB support for the rule prior to its effective date due to customer demand.
TokenSoft clients can now streamline their investor on-boarding procedures which involve the collection and verification of entity data as well as collection and verification of personal data from the authorized signer, control persons, and beneficial owners of the investing entity.
Mason Borda CEO TokenSoft “In speaking with providers of Know Your Business services, we found that the average processing time for a single entity was ten days. We’re excited to introduce a level of automation to the process to bring this processing time down to a few hours.”
Earlier in July 2019, TokenSoft announced that it will now support issuance of security tokens on the Tezos blockchain. The firm’s clients will now be able to issue compliant tokenized securities on Tezos and then have them administered securely using TokenSoft’s enterprise grade cold storage custody solution for tokenized securities, Knox.
Also in January 2019, TokenSoft launched the first cold storage custody service that will specifically cater for security tokens. The wallet named Knox can be used by (after the U.S. Army post where gold is held) all its existing customers.