The developers of the Shyft Network have reportedly hired two former Financial Action Task Force (FATF) officials as company advisors to help with the development of its new regulatory compliance product.
FATF’s former executive secretary Rick McDonell has joined Shyft Network’s board of directors. Josee Nadeau, former head of the Canadian delegation to the FATF, has also joined the blockchain company’s board.
Both McDonell and Nadeau served in their respective roles at the FATF (an intergovernmental organization that develops policies to combat money laundering) for around ten years.
Shyft Network’s creators have developed a digital identity protocol for permissioned (private) and permissionless (public) blockchain networks.
Recently, the company teamed up with Bermuda’s government in order to launch the first phase of a digital ID platform for local residents, island visitors, companies, and civil agencies.
Shyft Network is also developing a pan-industry product through a partnership with CipherTrace. The product has been designed to assist digital asset exchanges in implementing FATF’s new rules which were introduced in June 2019.
The agency’s new “travel rule” guidance for member countries requires virtual asset providers (VASPS) to obtain and keep up-to-date records of know your customer (KYC) information with other VASPs and several other government agencies for crypto asset transfers above a specified amount.
Digital currency exchanges have not yet implemented a regulatory compliant way to share KYC information that also maintains users’ privacy.
Shyft Network’s management noted that it has partnered with the “top 10” digital asset exchanges in order to create its solution to that problem through its identity passporting, database bridging and data attestation network.