K2 Integrity partners with Facebook Diem Network
K2 Integrity established their partnership with Facebook’s Deim network. The aim of this partnership is to work against Illicit Financial Activity.
On 11 August, K2 Integrity announced their partnership with the Deim Network of Facebook.
K2 Integrity known to work on monitoring, compliance & risk assessments associated with the financial activities. And Deim Network is a network service of Facebook for their stable coin Libra.
The Diem Networks US will work with K2 Integrity to analyse & provide the innovative solutions for the Financial Intelligence Function (FIF).
Diem Payment network has a FIF system, which combats illicit financial activity. The new solution ideas will work closely with the Deim’s members to adhere to financial crime compliance controls.
According to the press release details, it seems that the Deim wants to comply with the compliance perfectly but there are huge problems which are plaguing the market in the present situation.
Chief Executive Officer of Diem Networks US, Stuart Levey, said that to comply with the standards is our main priority with our system and here we are expecting much through this collaboration to solve the problem
“Designing a framework that sets high financial crime compliance standards has been one of the Diem project’s top priorities, and this is an area where we are continuing to innovate. We are excited by this opportunity to partner with K2 Integrity, a team that has a wealth of experience in this space and is respected internationally for their leadership on anti-money laundering and counter-terrorist financing (AML/CFT) issues.”
It is worth to note, Deim network is Facebook’s blockchain network at which Libra coin operates. And Diem Networks US is a unit of the Diem Association. So they probably want to boost their project again, which has calmed down due to regulatory issues on crypto assets, with a better working system under a highly regulated system.
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