Token platform TokenSoft is improving its Know Your Business (KYB) practices in the wake of FinCEN amendment to the Bank Secrecy Act by automating the process. What once could take up to 10 days has been cut down to a matter of hours, according to Mason Borda, Founder and CEO of TokenSoft.
Similar to Know Your Customer requirements on exchanges, platforms must identify businesses seeking to issue tokens. According to Borda, some companies do so manually, having companies provide the necessary information via email exchanges. To cut down on the back and forth, TokenSoft automated the process ahead of the effective date for KYB compliance.