iComply Offers OFAC Screening for Sanctioned Bitcoin and Crypto Addresses

On November 28, 2018, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) added its first bitcoin addresses to its public list of sanctioned individuals and entities. iComply is capable of screening these addresses to ensure compliance for decentralized finance and assets

Vancouver, B.C. – November 29, 2018 – iComply Investor Services (“iComply”), a leading RegTech platform for global digital finance and cryptocurrencies offers comprehensive KYC capabilities via its iComplyKYC product to address risks related to blockchain addresses, including sanctions screening.

On November 28, 2018, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) added two Iranians and their bitcoin addresses to the Specially Designated Nationals (SDN List) for laundering the bitcoin proceeds from the infamous SamSam ransomware scheme. This is the first instance of OFAC adding a cryptocurrency address to their public list of sanctioned individuals and entities.

“Agencies such as OFAC protect the integrity of financial markets, warning companies about individuals or companies that may pose a risk to their business. We developed our RegTech software, iComply, to make it possible to screen for these kinds of threats in both centralized and decentralized finance to address the unique risks when financial assets are traded using public blockchains. Currently, our solution supports Bitcoin, Ethereum, Dash and Bitcoin Cash,” said Qayyum Rajan, Chief Data Officer, of iComply Investor Services Inc.

iComply’s iComplyKYC product addresses risks related to blockchain addresses and the trading of financial assets using public blockchains, this is an integral process that is complementary to traditional AML/KYC for fiat. Institutions can query addresses to achieve financial grade compliance around the individuals and entities that it transacts with.

“As blockchain is increasingly used for mainstream finance, it is integral to enforce regulatory compliance not just for the individual and entity but also for the transactions themselves,’ added Rajan. “While there has been a lot of talk about the Howey test to determine whether a token is subject to securities laws, institutions such as OFAC are now also enforcing criminal liabilities once these assets are trading.”

Learn more about iComplyKYC: iComplyKYC.com


About iComply Investor Services Inc.
iComply Investor Services Inc. (iComply) is a leading global RegTech platform for digital finance and crypto-assets, offering a proprietary, end-to-end compliance stack that enables programmatic compliance, built to existing regulations for over 150 jurisdictions. This reduces the data silos present in legacy systems and combines public blockchain data with proprietary business, risk, and compliance data to ease friction, enable liquidity and unlock global capital. iComply’s Prefacto™ technology provides liquidity by enabling compliant secondary trading of self-governing tokens. Prefacto™ is a patented compliance protocol that manages and restricts the secondary trading of crypto-assets by embedding multi-jurisdictional risk, governance, and compliance logic directly into the token. 

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