These regulations could be for any industry, and even in the same industry they can vary from place to place, so a compliant solution in one area may not be compliant in another.
Regulations can cover anything – from maintaining acceptable food standards and working conditions to preventing money laundering and terrorism financing. Without regulations, people with malicious intent or less than honourable morals, or even just those unaware of the harm they could cause, would be able to act with impunity. Regulations are designed to keep people safe, secure, healthy and living in acceptable standards.
However, there would be no point in having regulations if they were not adhered to. This is where compliant solutions come in. Compliant solutions are designed to show and ensure that regulatory requirements are being met. Through this, users, regulators and indeed everyone else who wants to enjoy a safe and secure environment, can be confident and check that proper standards are maintained, preventing malicious or incompetent actors from negatively impacting anyone involved in the ecosystem.
One of the most significant factors that can affect compliant solutions is when the regulations they are adhering to change, altering the parameters in such a way that invalidates the compliance; when this occurs, the solution must either be adapted to the new regulations, or be discarded by those that need compliant solutions. Linked to this, when new technology is used to create solutions, there is often uncertainty as to whether it is able to provide a compliant solution as the existing regulations may not cover newly developed technology options, or at least there may be a grey area when it comes to something that has not been seen before.
In these cases, the existing regulations will have to evolve to deal with the new technology being used, but until there are solid guidelines for its use, many may be hesitant to use it as a compliant solution. That is not to say that new technology cannot be used for a compliant solution – it may fit the regulatory requirements without any clarification being needed, but there can be a lack of trust with new technology until it is approved or proven.\ Finally, there is a significant issue for compliant solutions on a global level; namely the difference in regulations found in different jurisdictions. It is not just the specific regulations for a solution that come into play here; standards in other areas may impact the solution’s work as well.
For instance, regulations governing acceptable identity document standards will impact solutions seeking to provide financial safety and security measures such as KYC and AML.
Blockpass provides identity verification that covers both KYC and AML regulatory compliance. Users fill out the relevant details and are checked against the required lists and criteria to ensure they are not associated with criminal activity. By having these checks performed through Blockpass, companies using Blockpass’ identity verification solutions do not have to worry about their personal liability in screening applicants, as Blockpass retains professional indemnity insurance.
With the Blockpass technology and approach, verification and onboarding happens almost instantaneously for pre-existing Blockpass users and is usually very rapid for new Blockpass users. In addition, as Blockpass puts users in control of their data and certifications, the solution can be offered at a reduced cost compared to traditional alternatives.
Blockpass offers a multi-product portfolio that allows merchants to choose the scale of solution that applies to each business and jurisdiction. Whether a business wants only Face Match certification, or if they also require KYC, AML or enhanced SLAs, Blockpass is able to offer a full range of identity verification solutions.
Rather than having to fill out the same KYC and AML forms over and over when transacting with other financial companies, users simply have to maintain one up-to-date profile, which is then shareable with anyone in the Blockpass ecosystem for instant onboarding, saving users from repeatedly re-doing and re-submitting the same forms, and saving companies the hassle of checking KYC and waiting on checks.