We are pleased to announce that DS Partners Law Firm, in collaboration with Thridium Limited, has been awarded funding for its project proposal “ID2L: Identity on Distributed Ledgers” under the Eurostars3 Programme, co-funded by the European Union and the Research and Innovation Foundation of Cyprus (RIF), for the development of an innovative Know-Your-Client (KYC) / Anti-Money Laundering (AML) platform.
The ID2L Project will develop a novel digital platform that intends to reshape the market and transform the KYC ecosystem through the development of a comprehensive full-service offering, which will be based on three pillars:
- The use of a new user/client-driven platform, based on a best-of-breed approach utilising Blockchain/Distributed Ledger Technology (DLT) and AI, to create an ongoing compliance assurance mechanism; the platform will be data driven, not document-driven hence, changing the focus of KYC data authorization flow;
- Engagement with regulatory authorities and key stakeholders to demonstrate existing KYC deficiencies and proposed ecosystem amendments towards the mutualisation of KYC processes, to enable the adoption of a unified KYC approach;
- The digitalisation of existing KYC files held by financial institutions and professional service providers and their upload onto the platform.
ID2L will further establish an External Advisory Group, comprised of key opinion leaders and regulators from the target industries to enable the adoption of a unified KYC approach for client on-boarding and AML compliance across industries.
The Project has been awarded circa EUR700.000 in funding and commenced operations in September 2023.
We are excited to be working with our partners on this groundbreaking initiative and look forward to engaging with industry leaders, regulators and decision-makers in reshaping the KYC ecosystem and AML compliance of regulated entities.
For more information on the project and to arrange for an introduction of the platform for your purposes please contact us at firstname.lastname@example.org.