Neat solution for tokensale ID and AML checks?

MEWcoin

newbie

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Quote from: bttmember on August 10, 2018, 01:28:43 PM

I think it can serve as a solution for kyc problems but also depends on investor compliance, also by using the term AML are you doing something different or the data requirements will be same as in a kyc procedure?

I think AML is just the EU term for KYC - similar requirements for both e.g. ID checks and more depending on amount being spent.

At the moment we're not dealing with the US but that may change later, there's no reason the code isn't transplantable to a US based tokensale/ICO though.

bttmember

member

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AMEPAY

I think it can serve as a solution for kyc problems but also depends on investor compliance, also by using the term AML are you doing something different or the data requirements will be same as in a kyc procedure?

ivinghoe

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I'm interested

MEWcoin

newbie

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If you're interested in having access to this code please comment on here, if we get enough people interested I will carve it off as an add-on you can include in your smart contracts.

MEWcoin

newbie

Activity: 22

Merit: 0

One of the features we've extended our ERC20 contract with is an 'anti money laundering' (AML) lock function. We're avoiding using the term 'know your customer' (KYC) as we believe this is US centric and we are currently not allowing US purchases.

TL'DR summary: if you buy tokens and fail to provide AML your tokens will be revoked and your ETH refunded.

Detailed process:

- customer buys tokens for X ETH
- tokens issued but lock flag is set
- invalid ETH incremented by X
- customer provides AML details
- tokens flagged 'AML verified' manually by us
- invalid ETH decremented by X, valid ETH incremented by X

Furthermore, post-sale, these features kick in:

- AML verified tokens unlocked automatically for spending
- 3 months grace period after sale to provide AML
- failure to provide AML after 3 months results in revocation of all tokens during spend (logged)
- ETH will then be refunded manually (further opportunity to provide AML to get tokens re-issued)

What are your thoughts on this functionality?
Is anyone interesting in us releasing this functionality as a bolt on?

MEWcoin

Topic: Neat solution for tokensale ID and AML checks? (Read 121 times)