AMLT describes itself as “the token of compliance”. Find out what that means today in our review.
What Is AMLT?
AMLT, found online at AMLT.confirm.io, is a token that can be used for prepaid products and access rights on the Coinfirm AML/CTF platform.
In addition to spending tokens on verification services, members of the network receive AMLT in exchange for providing ratings and information on specific addresses. This is the fuel that makes the system democratic as opposed to arbitrary. Using the ecosystem, participants can maintain compliance and transparency in all transactions.
The ultimate goal of AMLT is to build a secure and democratic network that provides transparency to the cryptocurrency world, helping to become compliant with a number of regulatory requirements. The company is seeking to build an open, global standard of transparency for the cryptocurrency industry.
AMLT is the token, while Coinfirm is the developer. The token can be used to purchase products and services on the Coinfirm AML/CTF Platform.
How Does Coinfirm AMLT Work?
AMLT tokens are the in-platform utility token for Coinfirm’s AML & Compliance platform.
The platform uses proprietary algorithms and big data analysis to provide structured, actionable data that increases efficiency, reduces costs, and streamlines compliance to near automation. The platform uses 200+ algorithms in total. It’s also capable of processing 100 reports per second.
The platform is blockchain agnostic, which means it can be adapted for use on any blockchain platform. Some of the identified currencies supported by the Coinfirm platform include bitcoin, Dash, Ethereum, and ERC20/ERC223 tokens.
The goal of Coinfirm’s AML & Compliance platform is to deliver benefits to customers and companies – both inside and outside the blockchain space. Here’s the basic process AMLT uses to do this:
- AMLT is the token for prepaid products and access rights to the Confirm AML/CTF Platform (a platform that already exists and is used by companies today)
- 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)
- AMLT builds a secure and democratic network that provides transparency to the cryptocurrency world, helping it be compliant with a number of regulatory requirements
- AMLT allows compliance and transparency in all transaction situations, helping the entire ecosystem become safer and helping companies avoid dealing with problematic groups.
Overall, this makes AMLT “the token of compliance”. By joining the AMLT network, you’ll have access to the unique technology and benefits of the platform. It’s a way for businesses to better understand where their customers are coming from – and thereby protect their business.
What Problems Does Coinfirm AMLT Seek To Solve?
Many companies struggle with regulatory compliance. Coinfirm’s AMLT network focuses on three specific aspects of regulatory compliance, including Anti-Money Laundering (AML), Counter Terrorist Financing (CTF), and Know Your Customer (KYC). These regulatory requirements play a crucial role in the blockchain and cryptocurrency industries. The AMLT whitepaper explains that these requirements have “been a massive roadblock to their overall mass adoption.”
AMLT wants to help companies maintain these regulatory requirements while running an efficient business. With AMLT, companies don’t need to maintain individual KYC/AML systems. Instead, they can rely on a centralized identity verification system.
Some of the specific problems AMLT seeks to solve include:
- Blockchain and crypto companies struggle with AML/CTF regulatory compliance, particularly when competing with traditional financial services that have been working with these requirements for years
- Cryptocurrency adoption is increasing, and the traditional financial market doesn’t have the appropriate tools to handle this risk and accept related clients
- Entities dealing with blockchain need to ensure they aren’t exposed to high-risk transactions or nefarious groups, but they lack an effective solution
- Smart contracts can be used for money laundering or terrorist financing, and require proper assessment, yet companies don’t have an effective solution for this either
- Failure to comply with regulatory requirements can lead to fines, closure, and lawsuits
Overall, these problems lead to financial exclusion. AMLT wants to create a more inclusive platform by helping smaller entities compete with larger ones in the compliance space.
Who’s Behind AMLT?
AMLT is made by a company called Coinfirm. Coinfirm is a global “RegTech” (regulatory technology) company focused on providing AML/CTF for Blockchain.
Coinfirm is led by CEO and Co-Founder Pawel Kuskowski.
The company is led by leaders and professionals from AML, compliance, anti-fraud, and blockchain industries. Its partners and clients include major cryptocurrency players like Dash and RSK as well as large financial institutions like SEI.
The company lists offices in London, Warsaw, and Gibraltar. The company is headquartered in Warsaw and was founded in 2016.
Coinfirm is best known for their AML/CTF platform. However, they also develop dedicated blockchain solutions like their Trudatum verification platform, which is currently going through a pilot at multiple financial institutions. Trudatum is designed to be easy-to-use and easy-to-adopt, helping users register and verify ownership and authenticity of any type of document, file, or data.
The AMLT Token Sale
There are 210 million AMLT tokens available during the token sale. Tokens are set at a price of $1 USD = 10 AMLT. There’s a minimum purchase of 500,000 AMLT when buying prior to the official launch.
There’s a total supply of 400,000,000 AMLT tokens. In addition to the 210 million tokens for the crowdsale, the company has 120 million tokens available for a data rewards pool for network members (distributed monthly through a smart contract), 10% for the founding team, 4% for the dev team and bonuses, 2% for advisors, and 1% for referrals.
Bonuses of 10% to 30% are available throughout the crowdsale.
The token sale is scheduled for November 28 to December 31, 2017.
AMLT is a cryptocurrency for Coinfirm’s AML/CTF platform. The platform provides identity verification services to companies in a cost-effective, convenient way. Using the AMLT coin, these companies can get a discount when accessing verification services on Coinfirm’s AML/CTF platform.
To learn more about AMLT and how it works, visit AMLT.Coinfirm.io today.