Crypto expert Frank Leonette’s new regulatory technology start-up, GloRep, will tackle the country’s financial compliance issues.
He tells ITWeb that GloRep launched in beta phase on 1 June and will be fully available to the public in early July.
According to Leonette, financial intelligence units around the world have implemented similar requirements. “Our platform facilitates drag-and-drop workflows that enable businesses to accommodate various customer onboarding strategies. Customers can now be onboarded in under a minute, saving businesses operation staffing costs.”integration, allowing FIC reports to be submitted instantly with minimal user interaction, says Leonette. It also accommodates a full API and web hook stack that can facilitate any third-party application integration.
Leonette explains that section 43B of the FIC Act requires accountable institutions to be registered with the FIC. The greylisting signals to the international community that the country has deficiencies in its AML/CFT measures. This can harm the country’s reputation and diminish investor confidence. It serves as a wake-up call for countries to strengthen their financial systems.
Regulatory Technology Regtech Frank Leonette Greylisting Financial Intelligence Centre FIC Act Financial Action Task Force Anti-Money-Laundering And Counter Financing Of Te Start-Up
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