Security tokens company TokenSoft is officially offering Know Your Business (KYB) service after successfully completing an alpha test last year.
According to a recent press statement released by the security issuance platform, the KYB feature was integrated in a bid to improve the requirements for customer due diligence (CDD) in compliance with the Bank Secrecy Act Amendment.
The San Francisco-based TokenSoft launched its KYB test on the night the US Financial Crimes Enforcement Network’s (FinCEN) final ruling on CDD went into effect.
The CDD rule modified the Bank Secrecy Act to enhance financial transparency and stop illegal activities like financing terrorism and money laundering.
TokenSoft’s new KYB feature reportedly aims to simplify several on-boarding processes, like the gathering and verifying of entity data, along with personal data from the beneficial owners, the authorized signer, and others.
Mason Borda, the CEO of TokenSoft, said that the new stage of automation supplied by KYB lessens the time needed to process data collection and verification from ten days to just several hours.
The KYB feature is just the latest of TokenSoft’s new offerings. The past two years has seen the company acquiring new partners and launching new services.
In late 2018, the company closed a deal to acquire a broker-dealer company that’s licensed with the US Securities and Exchange Commission (SEC). The procurement allowed the platform to broaden its services to include custody solutions, brokers or exchanges referrals, and private placement offers. Meanwhile, TokenSoft released a beta version of Knox Wallet early this year. The wallet can hold digital securities and assets.