SINGAPORE, Nov. 27, 2019 /PRNewswire/ -- WORBLI, an enterprise-grade blockchain platform, will offer Compliance as a Service (CaaS) through strategic partner Agenix to help companies navigate increasingly difficult regulatory requirements. Agenix, made up of founding WORBLI team members, will provide key services around financial compliance and risk management, aimed at significantly reducing development time and costs for companies looking to operate within mandatory regulations.
With recent announcements around compliance requirements coming from leading regulators FinCEN and FATF, it is becoming increasingly more difficult, time-consuming and expensive to build financial products and remain within the guidelines put forth from these regulators. Companies that ignore the strict rules around operating as a Money Service Business (MSB), AML/KYC, and corporate Know Your Business (KYB) risk serious fines and penalties. Meanwhile, building and maintaining a compliance framework can cost hundreds of thousands of dollars, likely require additional staff, and months of research and implementation. Agenix and WORBLI seek to help applications on the WORBLI network ease that friction by bringing a new toolset to manage your application from the ground up.
"CaaS is another great solution that we're offering for businesses that are looking to build faster and more secure fintech applications. It's about automating a complex process and creating a secure, inexpensive, and accessible path for developers who are looking to overcome some of these new regulatory hurdles," Sean Anderson WORBLI Vice President of Commercial Relations.
The CaaS product will bring the latest compliance tools and automation to the WORBLI ecosystem, enabling development companies to concentrate on building their products. Services will include a risk-based approach with AML program consulting and compliance reviews, guidance around regulator's requirements and licensing, GDPR compliant Transactional monitoring services, Automatic submission of SAR reports along with other reporting and services.
"Compliance is a headache for every company, especially those operating in the finance sector. Our Compliance as a Service will dramatically reduce costs surrounding this, allowing a new wave of innovators to enter the space, who wouldn't have been able to before. We've essentially removed a significant barrier to entry for a lot of entrepreneurs." - Domenic Thomas, WORBLI CEO.
The CaaS product also offers regular updates around changing compliance requirements and provides optimization plans for existing compliance programs that customers might already have in place.
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Source: Company press release.