FISE Portal: Users & Services

FISE Portal will interact with four user groups:

• Layer 1 Blockchains — Blue box
• Banks & Financial Companies — Orange box
• Cryptocurrency Exchanges — Yellow box
• Individuals, Families, & Non-banking/financial entities — Green box

AML/KYC services will be provided to all user groups:

• All sensitive data and due diligence findings are stored in a KYC file with privacy/consent mechanisms assigned to each individual or entity
• FISE Portal Wallet account for each user is initially validated with compliance token

FISE Portal’s Compliance as a Service (CaaS) based network will enable consent-based, incentivized AML/KYC checks for:

• Banks/Financial Entities, Non-Bank/Financial Entities needing to onboard new customers or conduct ongoing AML/KYC on existing customers with their consent
• Enabling compliant, trusted, and pseudonymous Peer to Peer (P2P) transactions
• Faster onboarding of correspondent banking entities overseas
• Cooperative ownership of the FISE Portal Network which includes staking rewards per wallet account

FISE’s Compliance Portal for regulated entities and regulators will allow for:

• Consent-driven KYC audits
• Communication between entities and regulators regarding AML/KYC
• Remote auditing
• Record-keeping of correspondence, approvals, remediation requests, and more

Real-time, account-centric, compliance record-keeping will be provided for all entities and individuals regarding:

• consent activity
• completed KYC checks
• Incentives
• node validation activity

FISE Portal’s core competencies in providing GDPR compliant AML/KYC processes will build a foundation of trust, fulfilling a critical risk management function for all user groups. The issues and risks that are mitigated and resolved include:

1. Regulatory risk in lacking AML/KYC protocols, record-keeping, and training
2. Insufficient knowledge about the safety of a particular entity or individual prior to establishing an online transactional relationship
3. Lack of digital accreditation and accountability records for individuals and entities
4. GDPR violations
5. Fourth Amendment violations
6. Sensitive KYC and due diligence files are not currently accessible for storage, modification, remediation or deletion by associated individual or entity
7. Lack of KYC risk management remediation
8. Bankruptcy-threat level or profit draining AML/KYC expenditures for large and small entities
9. Months long onboarding processes due to outdated, non-GDPR-compliant KYC processes

IP note: Information in this article is covered by patent pending application(s)

FISE Portal General Information

More Articles:

Order in a Time of Chaos, July 2020

Trust Tokens & Identity, Repurposed, July 2020

Blockchain, Democracy, & Independence, August 2020

Disclaimer: Any forward-looking statements serve to describe the projected or future state of FISE Portal’s development which may be subject to change.

Author: Emmy L.

Editors: Kevin H., Travis E., Lucia E.

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