AMLT ICO – Presale, ICO and token

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Recommended resources: CoinMama (Buy BTC and ETH) and Ledger Nano S (Hardware wallet).

AMLT ICO Key Dates.

Presale Date: 28th November 2017- 12th December 2017.

Public sale Date: 12th December 2017- 30st January 2018.

 

AMLT ICO OVERVIEW.

Do you know who your clients are? Probably yes, at least to some extent.

Do you know where their money is coming from? Unlikely. More importantly, even some of your clients might not know where their money came from.

Would you like to deal with someone who has money from illegitimate sources? Unlikely.

You ask how long such transactions are going to be visible and trackable? Forever.

What are the possible consequences? The closing of your business, huge financial penalties, and even prison – you name it

AMLT is here to help –AMLT is the token of compliance.

AMLT ICO is a project that seeks to build an open global standard for the transparency of cryptocurrencies and bring them into the mainstream in a safe, efficient and effective way. AMLT will help businesses to protect themselves, their customers and grow by solving one of the largest Blockchain needs – effective compliance and AML procedures.

  • AMLT helps market participants access data about the risk related to virtual currencies – use AMLT to obtain reports and to fully benefit from the cryptocurrency economy.
  • It brings efficiency and effectiveness of AML/CTF compliance and democratization for market participants globally.
  • AMLT users will help define good actors and bad ones with precision beyond the reach of the current financial system – without unfairly excluding individuals in sanctioned countries.

 


“Coinfirm has stepped in with a much need solution for aml compliance around blockchain with benefits for both cryptocurrency companies and financial institutions that also helps both ecosystems safely interact. “

Ruth Wandhöfer, Managing Director, Citi Bank.

 

 

Problems being solved:

Participants in the Blockchain ecosystem face these problems:

  • A problem with access to the mass market and traditional financial services as it struggles with regulatory compliance.
  • Cryptocurrency adoption is increasing and the traditional market, banks, and regulators are still unprepared with the tools and information to handle this risk and accept related clients.
  • Entities dealing with Blockchain need to ensure that they aren’t exposed to high risk transactions or counterparties but lack efficient and effective solutions.
  • Smart contracts, ICO’s, Token Crowd Sales etc. can be used for money laundering or terrorist financing too and require proper assessment, yet not effective solutions exist.
  • The cost of compliance for virtual currency businesses can run above 50% of total time and labor cost expenditures. Financial institutions already spend double digit percentages of their labor towards compliance while virtual currency companies are spending even more. [1]
  • Non-compliance may result in the closing of the business, paying fines or even legal ramifications.
  • Due to the ineffective and centralized nature of regulatory and compliance approaches and solutions entire regions unfairly suffer from financial exclusion.

 

 

How it works.

The Coinfirm AML/CTF Platform uses over 200 proprietary algorithms and big data analysis to provide structured actionable data that increases efficiency, reduces costs and streamlines compliance to near automation. Data is collected from various blockchains and complemented with data from the following actors of the Coinfirm ecosystem:

  • Clients, Partners and Authorities – Data about blockchain transactions on external Platforms and services is provided either automatically (through API’s) or in packages by clients and partners such as virtual currency exchanges and business intelligence companies. Such a model allows for unparalleled transparency and for Coinfirm to have an ultra-effective service for Coinfirm’s clients and semi-automated development of products and services along with the expansion of cooperating entities.
  • Platform Users – The Platform is developed with the aim of creating interaction in the ecosystem and providing users incentives to be a part of the ecosystem and provide information and evidence on blockchain transactions and suspicious addresses. Example: a company located in Somalia (high risk) is trading with an established entity in Europe and paying in virtual currencies. With a long record of legitimate trade and an assessment conducted where no political risk exposure was discovered, the entity in Europe can rate and add data into the network reflecting the legitimacy and stability of the Somali entity. This way the Somali entity receives a lower AML/CTF risk rating indicated via Coinfirm’s C-Score and other European counterparties can rely on this information and trade with the Somali entity.

The data collected from blockchains is further perfected with data collected from external resources. For this purpose, Coinfirm has developed a set of advanced tools, including crawlers, scrapers and an internal department of skilled data researchers and analysts. External data sources include:

  • Clearnet (Internet) — Coinfirm harvests data from websites, forums (reddit.com, bitcointalk.org, etc.), blockchain explorers (blockchain.info, walletexplorer.com, etc.) and more.
  • Deep Web — Coinfirm collects information about blockchain addresses and transactions used for illicit activities on Tor, Fitenet, I2P, darknet markets and more.
  • Data leaks — Coinfirm monitors and harvests all relevant data leaks and indexes them for blockchain addresses and transactions.
  • Tracking own funds – set of proprietary analysis methods and tools for semi-automated identification of blockchain addresses.
  • Network Nodes – set of proprietary analysis methods and tools for acquiring information from network nodes.

The collected data is further processed thorough several categories of Big Data Analysis.

Once processed, the data is subsequently provided to Platform users in the form of structured reports or actionable data sets pulled through the Platform’s API. In both scenarios data is structured in a way that enables streamlining of compliance and automation of the decision-making process for users. The exact content of the data can also be customized for select users. Select data is available for free in order to expand Coinfirm’s ecosystem, allow access to such tools for all and facilitate the mass adoption of blockchain.

 

 

Participants.

  • Users of Virtual Currencies: a global standard, central reference and data access point enabling effective and efficient management of AML/CTF risk related to virtual currencies and blockchain assets, as well as anti-fraud measures;
  • Virtual Currency Exchanges, Businesses and Payment Processors, as they are recognized as obliged institutions, they must fulfill required standards and procedures. AMLT allows to effectively streamline and automate AML compliance, reduce costs, risk and be commercially acceptable to major partners and clients;
  • Traditional Sectors like banks or business intelligence companies: having or accepting clients tied to virtual currencies pose risks that need to be understood and managed.
  • Business Intelligence Companies.
  • New ICO’s and Smart Contracts.

 

 

AMLT ICO Review.

1. Concept.

Industry: Big Data/ AML/CTF

Similar projects: Elliptic, Chainanalysis, Scorechain, AML Token, etc.

How is it different from other projects in the space?

  • AMLT provides streamlined, automated, structured AML/CTF reports.
  • It’s blockchain agnostic, supporting major public and private blockchains.

VC Investors: None

Market statistics:

  • Criminals, especially drug traffickers, may have laundered around US$ 1.6 trillion, or 2.7 per cent of global GDP, in 2009, according to a new report by the United Nations Office on Drugs and Crime (UNODC). This figure is consistent with the 2 to 5 per cent range previously established by the International Monetary Fund to estimate the scale of money-laundering. Less than 1 per cent of global illicit financial flows is currently being seized and frozen, says the report [2]
  • Global spending on anti-money laundering (AML) compliance is set to grow to more than $8 billion by 2017 [3]

 

 

2. AMLT ICO Team.

Names, pictures and even links to social profiles like LinkedIn and Twitter: Yes

Founders have credentials in the area they are venturing into. Yes

Members who have already completed successful projects in the field of blockchain. Yes

CTO experienced in blockchain: Yes

 

 3. MVP.

Any previous activity related to the project:  Coinfirm is a global RegTech enterprise focused on AML/CTF for Blockchain, a recognized influencer in Blockchain and RegTech industries. A UK based entity, Coinfirm Ltd, was founded in early 2016. The Coinfirm AML/CTF Platform currently provides services for Bitcoin, Dash, Ethereum and ERC2o/ERC223 Tokens. The founding team is a mixture of early adopters of cryptocurrencies and AML and Fraud Investigation veterans from some of the world’s largest businesses. Partner and service provider for major cryptocurrency players such as Dash, RSK and large financial institutions such as SEI.

Previous product: Coinfirm AML/CTF Platform

Actual alpha, beta etc. available: No

Working product integrated with token: No

Partners: Dash, Cashaa, Humaniq, Quanta, Coinflux, SEI, Bitmarket, RSK, Nuco

 

 

  1. Blockchain Leverages.

GitHub presence: Absent

Tokens: The AMLT token streamlines processes within and delivers benefits and rewards for its participants. Network Members receive AMLT for providing ratings and information on specific addresses – this is the fuel that makes the system democratic as opposed to arbitrary because members play a role. AMLT also allows users to purchase reports with substantial discounts, gain exclusive access to knowledge, and allows members to evaluate market participants.

Smart contracts: Data rewards for network members from a 120M AMLT pool are distributed monthly through smart contracts.

Decentralization: AMLT is based on a global democratized network of data providers rather than one or several central arbiters.

Transparency: Due to its characteristics, blockchain, especially public blockchains, are perfect for RegTech and AML/CTF compliance solutions as they deliver the ultimate level of efficiency and transparency in the detection of discrepancies concerning client data.

Encryption: Encrypted client details and analyses can be distributed to all financial institutions in near real time thereby preventing duplication of efforts.

 

 

  1. AMLT ICO Structure.

ICO Timeframe: 28th November 2017-30st January 2018

Popularity: High

Whitelist present: None

KYC required: Yes. Profile data and ethereum address.

Banned entities:  US, China

Smart contracts already audited: Yes

Exchanges: N/A

Escrow: For at least 70% of the funds.

 

Token scarcity:  400M

Founder/Team Token percentage (Should be less than 20-25%): 16%

Securities Token: No

Buyback and burn: No

Utility token: Yes

Coin staking: Users who hold 50,000 AMLT are deemed network members and are able to exchange information and participate in AMLT monthly distribution.

Vesting of team member tokens: Yes. For 3 years.

Unsold tokens burnt: N/A

 

AMLT ICO Presale token percentage: N/A

Timeline Bonus: None

Whale Bonus: 30%

Presale Hard cap amount: $5.5M

Presale Soft cap amount: N/A

Presale progress: 34% of presale hard cap with 5 days remaining.

Minimum amount: $50k

Individual cap: None

 

AMLT ICO Public sale token percentage: N/A

Timeline Bonus: 20%

Whale Bonus: N/A

Public sale hard cap amount: N/A

Public sale Soft cap amount: N/A

Public sale Progress: Not started

Minimum amount: N/A

Individual cap: N/A

 

Total ICO Token percentage (Should be 70-80%): 52%

Total ICO Hard cap: $16M

Total ICO Soft cap: $IM

Base ICO Token price: $0.1

ICO Progress: Still in Presale

 

Market cap (ICO Price x Total supply: 40M

Market cap of projects in same field: N/A

 

ICO Smart contract Address: 0xca0e7269600d353f70b14ad118a49575455c0f2f

 

Get the overall score of this ICO as well as other ICOs here

 

References:

[1] https://risk.thomsonreuters.com/en/resources/special-report/cost-compliance-2017.html

[2] https://www.unodc.org/unodc/en/money-laundering/globalization.html

[3] https://www.pwc.com/gx/en/services/advisory/forensics/economic-crime-survey/antimoney-laundering.html