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Infinigold, Coinfirm partner to set a new compliance and security standard

Thursday 30 July 2020 12:43 CET | News

InfiniGold has partnered with blockchain analytics and AML company Coinfirm to establish a new compliance and security standard for digitalised commodities. 

According to the press release, InfiniGold, who provides a white-labelled PaaS solution for the commodities industry, has already successfully rolled out Perth Mint Gold Token (PMGT), the first product implemented with their platform. Regarding the partnership, the InfiniGold platform will utilise Coinfirm’s transaction monitoring solution – enabling AML compliance and ensuring against suspicious and potentially fraudulent activity, while setting a new security and compliance standard for its partners.

Typically, exchanges or banks are responsible for AML compliance and transaction disclosure. However, as the issuer of PMGT and future tokenised commodities, Infinigold understands the importance of transparency and due diligence when it comes to protecting underlying assets, especially with the opaque reserve management of other asset-backed stablecoins coming under fire.

Consequently, by harnessing a range of automated risk assessments, Coinfirm's platform continuously monitors all transactions and balances in the PMGT contract. This helps identify any suspicious transactions or excessive risk, preventing or otherwise detecting money laundering, terrorism financing, and any other unauthorised interactions with the PMGT smart contract. This not only allows for greater investor peace of mind but helps legitimise the commodities digitisation sector even further.

Therefore, thanks to Coinfirm's integration and The Perth Mint acting as custodian of the underlying assets, PMGT is protected by a complex layer of security.

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Keywords: InfiniGold, blockchain analytics, AML, Coinfirm, compliance and security standard, digitalised commodities, PaaS, Perth Mint Gold Token, transaction monitoring, fraudulent activity, issuer, PMGT
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions