Coinfirm Brings AML/CTF Expertise to HMQ Platform
Humaniq is bringing enhanced Anti-Money Laundering and Counter-Terrorism Financing capabilities to its HMQ digital banking platform thanks to a new partnership with Coinfirm. The latter’s AML/CTF platform will be integrated across Humaniq’s platform, with Coinfirm getting access to all white-labelled HMQ wallets.
In a statement announcing the integration, Humaniq CIO Hazem Danny Al-Nakib called Coinfirm “a unique player in the regtech space” that is “guiding the blockchain industry in the area of fintech through innovative anti-money laundering solutions that provide added legitimacy to digital currencies and various digital asset classes.”
The issue of AML and CTF compliance is a critical one for Humaniq, whose digital banking platform combines blockchain and biometric technologies to enable mobile access to financial services for the world’s unbanked population. The effort is one that Humaniq expects to pay dividends, with the company estimating that achieving its aim of global financial inclusion “would also free up approximately USD 4.2 trillion dollars of capital for investments and market growth of the world’s poorest countries.”
The integration’s announcement comes a little over a month after Humaniq founder Alex Fork took over as CEO, with Dinis Guarda having led the company through its initial growth phase on a short-term contract. While Humaniq has already started at least one trial for its HMQ platform, in Ghana, it has indicated that together with Coinfirm it will organize a forthcoming “series of pilots around financial services for the unbanked.”