Press Release

Namachain and Shufti Pro Enter into a Strategic Partnership to Create the First-Ever Non-Custodial Identity Gateway

Richard Marley
June 09, 2022
4 minutes read
841

London, UK – June 9, 2022 – NamaChain, an innovator in self-sovereign identity solutions, and Shufti Pro, an AI-powered KYC/AML screening global platform, have formed a strategic partnership, combining their technical expertise in digital identity verification and management. With this partnership in effect, NamaChai n has collaborated with Shufti Pro to create the first-ever non-custodial identity gateway that provides users with the sole authority over their data; no third party or service provider, not even NamaChain, can access or share the users’ data without their explicit consent.

NamaChain’s non-custodial KYC/AML system is a blockchain and oracle-enabled solution that verifies users within seconds and never stores their PII data. And Shufti Pro is a globally trusted identity verification platform that supports 3000+ types of ID documents in 150+ languages and is used by a clientele across 230+ countries and territories.

This collaboration focuses on making KYC/AML verifications seamless for both service providers and end-users, reducing customer onboarding time to only a few minutes. Under this partnership hood, NamaChain’s KYC/AML solution will run identity verifications using Shufti Pro’s global ID database. The output will enable vendors to provide their users with a verified digital identity that they can re-use without having to go through the KYC processes again and again.

Giving more details about the KYC/AML solution, NamaChain’s CEO, Mayukh Gon, said, “We are delighted to collaborate with Shufti Pro as both the organizations serve the goal of redefining the digital identity paradigm. At NamaChain, we strive to empower user sovereignty and data security. Our KYC/AML solution is privacy-focused, environmentally sensitive, and socially responsible. It focuses on three things – 1) To help service providers grow their market share through the NamaChain platform, 2) To provide users complete sovereignty over their data, and 3) To enable service providers better comply with the global KYC/AML regulations, and Our solution is compliant with GDPR and global data residency laws. “

Speaking on the partnership, Victor Fredung, CEO of Shufti Pro said “We are excited to associate with NamaChain, as it is set to reform the landscape of self-sovereign identity by launching the first-ever non-custodial identity gateway, powered by blockchain. We look forward to leveraging this partnership to benefit users with rapid, automated, and secure digital identity verifications.”

Feature-wise, NamaChain’s KYC/AML solution verifies user identities and checks AML statuses within seconds; enables service providers to access and audit data for any length of time; performs monitoring of KYC and AML on an ongoing basis. NamaChain’s solution, packed with the aforementioned features, is available at half the cost of standalone competing KYC/AML solutions. To end-users, the solution provides benefits such as free usage, the user’s sole control over PII data, and prompt onboarding into web accounts.

About NamaChain

NamaChain is a self-sovereign identity gateway provider, offering a suite of identity solutions, including KYC/AML and single sign-on. The company aims to work on the principles of trust, transparency, and decentralization, integral to the boom of Web3.0. NamaChain is committed to re-invent the paradigm of digital identities by enabling an identity gateway that is privacy-driven, environment friendly, and socially responsible.

Media Contact

Contact Person: Media Relations

Email: marketing@namachain.com

Phone: 1-800-815-9438

Address: 10 King Street East Suite 600 Toronto, ON M5C 1C3

Website: https://namachain.com/

About Shufti Pro

Shufti Pro is a global identity verification service provider catering to clients across 230 countries. Its services include all forms of KYC verifications, AML screenings, investor verifications, OCR, and more. Shufti Pro is trusted worldwide for delivering reliable fraud prevention and flawless IDV experiences across use cases like account opening, age verification, customer onboarding, investor verification, airport clearance, etc.

For more information,
Graeme Rowe
CMO | Shufti Pro
graeme.r@shuftipro.com
+44 7909 447255

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

Latest News

News
Danish Gambling Operator Reports Tipwin to the Police for AML Failings
About NamaChain
About Shufti Pro
Then danish gambling operator Spillemyndigheden has reported Tipwin to the police for violating the Danish Money Laundering act

According to the sources, Spillemyndigheden, the government office based in Odense, Denmark, has reported to the police that the business has failed to create risk assessments of retail bets with a lack of written policies on its retail offerings.

It is also worth mentioning that the operator also lacks complete business procedures and controls for the offerings based on land or in regards to money laundering until 25 May 2022.

In the official statement of the regulator to the police, it stated all the shortcomings of Tipwin in compliance with the anti-money laundering standards. It stated: “Spillemyndigheden notes that the rules on risk assessment, policies and business procedures are absolutely fundamental in the Money Laundering Act. By failing to prepare a risk assessment, Tipwin has not had a useful tool that has provided an overview and understanding of where and to what extent Tipwin is exposed to money laundering or terrorist financing, and what measures are in place are necessary to mitigate the risks involved.”

This clearly states that the german based gambling operator, Tipwin is exposed to the illicit crimes of money laundering and terrorist financing and has failed to comply with the AML regulations. The Danish regulator also focused on the lack of preparation from the operator on assessments of risks which are fundamental components of the anti-money laundering act.

Spillemyndigheden also added: “Preparing a risk assessment of the company’s business model is a very fundamental means of limiting the risk of money laundering. Tipwin has thus also not had policies and operational procedures that stem from the risk assessment. By failing to prepare a risk assessment, the Gambling Authority has therefore handed over the case to the police investigation.”

The authority also launched an injunction on the breach of rules and procedures in regard to the online casino and betting operations. With the main emphasis on money laundering, the regulator released a statement last month which reminded businesses in the industry of the obligations. It mentioned the regulations most firms are complied with, which are in order to prohibit the financial interactions with individuals, groups, legal bodies or countries.

In addition, Spillemyndigheden issued a 3 months deadline to Tipwin to sort out the situation.

Suggested Read: Danish Gaming Regulator Sanctions Unibet Over AML Violations

Namachain and Shufti Pro Enter into a Strategic Partnership to Create the First-Ever Non-Custodial Identity Gateway

About NamaChain

About Shufti Pro

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