If you have ever participated in crypto currencies as a money service business, or you are famliar with the Financial industry, then you must know and comply with Kyc requirements.
What is KYC?
KYC (Know Your Customer) is a process by which a company gathers enough evidence and information on its clients in accordance with its other clients’ needs and with the regulation.In the financial world, KYC is particularly strict, as institutions are legally forced to show that they are not — willingly or not — laundering money on behalf of clients (AML or Anti Money Laundering) or financing terrorist states.
Over the years, financial institutions have spent at least USD 321 billion due to market misconduct measures and regulatory measures relating to Anti-Money Laundering(AML) and Countering Terrorism Financing (CTF) since the global financial crisis. While some big firms have been able to scale through the financial burdens of compliance, other small financial institutions are unable to become fully complaint with the AML and CTF regulations. Due to this, the process of KYC has come along to protect against AML and CTF violations.
PROBLEMS WITH KYC
- E-KYC : Most financial institutions and individuals who participate in crypto-related businesses have shown reluctant attitude towards kyc as some of them most often feel its an infringement on privacy.
- MANUAL : Today's KYC procedure are mostly manual whereby customers have to fill variety of forms before they can be granted access to the services they require. If such customers find the process too tedious, there will be a loss of revenue from such customers.
- ANALOG : Analog Kyc processes are those stored on physical documents. These incur extra cost related to the creation, preservation and destruction of paper-based records.
Based on the above mentioned problems of KYC, the traceto.io team has compiled the KYC problem into 4 fundamental question defining how an entity should know their customer.
A. WHO ARE YOU? An identitycard, passport and driver's license issued by the government of a country are proofs of an identity.
B. WHO ARE YOU NOT? This screening process serves as protection against potentially high risk customers such as terrorists politically exposed persons, money launderers etc.
C. ARE YOU STILL WHO YOU SAY YOU ARE? The process of KYC should be revalidated if they are to be re-used by subsequent companies because passage of time my render the previously checked profiles out of date.
D. WHAT DID YOU DO? Transactions of clients should be monitored frequently as it helps to identify unusual activities carried out by customers.
HOW TRACETO.IO INTENDS TO SOLVE THE PROBLEM
Traceto.io is a subsidiary of Cynopsis Solutions Pte. Ltd, a Singaporean RegTech Company specialized in handling KYC processes for companies. The company boasts of about 450 crypto-clients and top-notch experts and advisors. Chye Kit is the CEO and co-founder o Traceto.io and also doubles as the co-founder and Managing Director of Cynopsis Solutions. So it can be said that they have it all in terms of legitimacy, visibility, and experience.
Traceto.io is a decentralised digital KYC network that gives ownership, control and management of KYC processes back to the community. Traceto.io will overcome the current KYC process by using blockchain and blockchain related technologies. Traceto.io intends to focus on addressing the issue of AML & CTF which is one of the most pressing issues faced by many crypto-related businesses using its Decentralised Apps namely:
a. Corporate Dapp
b. Community Dapp
c. Service Provider Dapp
THE TEAM
The team consists of experts and professionals with impressive profiles of more than 5 decades of combined years of experience in compliance, regulatory, audit, machine learning, blockchain technology and finance fields. Currently, they are serving the KYC needs of 400+ crypto-clients. There is no doubt that they can successfully bring their experience and solution to the blockchain.
TRACETO.IO TOKEN(T2T)
This is an Erc-20 token. T2T is a utility token and will be the primary token used for traceto.io smart contract. The Traceto.io network charges requesters T2T to obtain KYC services for their customers. Tokens will also be used as a form of payment should components of traceto.io network be used by external networks.
Token Name: Traceto.io
Ticker: T2T
Total Token Supply: 1 billion T2T
Token for Sale: 40% of total supply equivalent to 400 million T2T
Price per Token: 0.0000875ETH
Hard Cap: 35,000ETH
Private Sale Period: Currently running, ends 1 June 2018
Public Sale Period: Scheduled to start on 8 June
.
In my opinion, the T2T is unique in its own way and way better than similar projects as can be seen in the table below. 
WHY YOU SHOULD GO FOR TRACETO.IO
a. It is projected to have a high demand as it offers standard KYC solution.
b. Ease on onboarding
c. Earn more T2T
If you need to contact the team or gather more information, you could use the following links.
Website: https://traceto.io
Whitepaper: https://traceto.io/static/wp/traceto_io_GBX_whitepaper_v1.30_26032018.pdf
Telegram: https://t.me/tracetoio
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2911588.0
WRITER: E4ourma
Telegram: @itsify
Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1819701