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MANTRA Compliance is a set of tools and services offered by MANTRA to help Web3 platforms comply with various regulatory requirements related to cryptocurrency transactions and other financial activities. The goal of MANTRA Compliance is to provide a streamlined and automated way for Web3 businesses to manage their regulatory compliance obligations, enabling them to more easily and safely participate in the growing cryptocurrency and blockchain-based economy.
MANTRA Compliance includes a range of features and capabilities, including know-your-customer (KYC) / know-your-business (KYB) protocols, AML/sanctions screening and transaction monitoring. It also offers tools for risk assessment and reporting, as well as for managing and tracking regulatory changes.
MANTRA Compliance is built on top of MANTRA Chain's blockchain platform, which allows for real-time and transparent tracking of transactions and other financial activities. This can help businesses more effectively detect and prevent fraudulent or illicit activity, while also preventing reducing the risk of regulatory non-compliance.
Key Features of MANTRA Compliance:
- Onboarding: user identification and verification (KYC/ KYB), business verification (KYB), wallet address verification, sanction / adverse media list, AML screening, etc.
- Reusable KYC: DID / Soulbound NFT
- Ongoing user profile AML checks
- User Risk Scoring
- Transaction Monitoring: Know Your Transaction (KYT)
On-chain Decentralized ID
As part of MANTRA Compliance, our On-chain Decentralized ID (DID) system will provide a secure, efficient, and reusable way for verifying an individual's identity for regulatory KYC/AML purposes. MANTRA Compliance will issue a Soulbound NFT / ID once a user's identity has been verified.
A Soulbound NFT / ID is a unique, non-fungible token that is tied to a specific user's ID. The token acts as proof of the user's identity and can be used for various purposes, including KYC verification with third parties. By issuing a Soulbound NFT / ID, the platform can confirm that the user's personal information is not duplicated, and that the user's identity is only stored once. This eliminates the need for the user to go through the KYC process multiple times and makes the process more convenient and efficient.
Initially, MANTRA Finance & SOMA.finance will be the only DID issuers on the platform, but we expect that new entities will be added over time. To facilitate that, we will perform due diligence on the new entities to make sure they comply with our guidelines and have a good reputation in the industry.