LedgerSafe Lowers Financial Risk.
Cash intensive businesses are deemed high-risk and can be excluded from traditional financial institution services based on the types of business they do.
Compliance costs for tracking high-risk revenue is rapidly growing as new high-risk industries enter the economy. Many modern business models are deemed high-risk based on the industries they service, the payments they process, or the goods they transact with.
Financial institutions ensure high-risk revenue does not violate Anti Money Laundering (AML) and Know Your Customer (KYC) guidelines maintained by FinCEN.
LedgerSafe lowers the friction between merchants reporting their transaction and KYC/AML data to financial institutions without increasing the burden of compliance on either party.
Currently, merchants that deal primarily in cash are forced to look for workarounds to protect their revenue when financial institutions reject their personal and merchant banking accounts.
LedgerSafe want’s to change the way this relationship is built by lowering friction and increasing transparency in sharing high-risk transaction data.
Financial Compliance for Every Sale, Everyday.
LedgerSafe provides financial institutions with all the transaction data they need to accurately file Suspicious Activity Reports automatically when the transaction settles with the merchant.
An entire industry conducting all of its business in cash cannot be fairly taxed or regulated, and historically this has been associated with lawlessness in the industry —everything from security concerns, transportation and currency problems, money laundering, and cash hoarding can be solved with more secure financial networking.
Distributed Ledger Technology Will Increase Transparency
Ledger-Safe uses Distributed Ledger Technology to record information about financial transactions and shares this data to banks as they process high-risk revenue and regulators who look for Suspicious Activity in the economy.
This bridge creates a more effective relationship between merchants and banks to grow their businesses without violating federal or state guidelines regarding consumer privacy and AML/KYC data collection.
By combining customer identity information with transaction data at the point of sale, a digital ledger of transactions will be created to streamline transaction monitoring.
Both data sets, transaction and customer, are confirmed via unique automated signature methods from the merchant and their financial institution. The transaction data is stored so specific enforcement entities like federal financial regulators may access transaction data without burdening the merchant or the bank.
Are you a business that operates in a high-risk industry? Reach out to LedgerSafe today to learn more about our blockchain solution for financial compliance tracking!