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- The Tangle Treasury has implemented significant improvements in data and financial security, introducing a new anti-money laundering (AML) and counter-terrorist financing (CTF) policy.
- Nicole O’Brien will lead as the AML/CTF officer for IOTA’s Tangle Treasury, overseeing adherence to best practices, improving internal protocols, and training staff.
The IOTA and Shimmer communities received an important update from the Tangle Treasury regarding the enhanced backend improvements. The latest advancements currently focus on boosting data and financial security while refining proposal reviews and grant management processes.
Thus, in an effort to mitigate risks associated with fund allocations, the Tangle Treasury unveiled a new counter-terrorist financing (CTF) and anti-money laundering (AML) policy. The broader goal here is to safeguard the Treasury’s primary mission of issuing grants to other promising projects while minimizing the risk of the funds falling into the hands of scammers and other malicious players.
These improved screening features will further enhance the Treasury’s operational efficiency while protecting community investments. As we know, the Tangle Treasury has made significant strides in enhancing internal processes while ensuring community funds’ safety.
With its AML and CTF policy, Tangle DAO has also implemented additional protective measures such as conducting rigorous background checks and enhanced know-your-customer (KYC) procedures for all the proponents as well as grant recipients such as proof-of-address, proof of identity, screening against sanction lists from major countries and blocs, as well as checks for politically exposed persons (PEP).
IOTA Tangle Treasury Appoints Nicole O’Brien
In order to oversee all these processes, IOTA’s Tangle Treasury has appointed Nicole O’Brien as its CTF/AML officer. In her role, O’Brien will ensure adherence to best practices, enhance internal protocols and provide training for staff members.
These advancements, along with improved data security, bookkeeping, and the introduction of standard operating procedures (SOPs) for finance administration and grant management, will help boost the Tangle Treasury’s efficiency and professionalism. Further updates, including a call for new proposals, will likely come in the coming weeks.
The IOTA Tangle is an innovative form of Distributed Ledger Technology (DLT) specifically created for Web3 while using a unique structure based on directed acyclic graphs (DAG) instead of the conventional blockchain model, per the CNF report.
Recently, IOTA has put a major focus on enhancing trust and security, especially for its Identity wallets, per the CNF report. Also, the European Identity Wallet seeks to transform the Identity verification process by allowing users to log into websites without passwords while securely sharing verified information with simplicity.
In collaboration with the European Commission, IOTA has introduced a new prototype solution using distributed ledger technology (DLT) in order to boost the management of the intellectual property rights marketplace while allowing users to utilize automated, transparent digital contracts, eliminating the need for traditional negotiations, reported CNF.
