AI platform for AML compliance, Dotfile, has partnered with Bastion to streamline the onboarding and risk management processes for stablecoin programs.
Through this strategic alliance, Dotfile and Bastion aim to enhance AML compliance for enterprise-level stablecoins across the United States.
Facilitating stablecoin regulatory compliance
As stablecoins evolve from crypto-native assets into sophisticated financial tools, New York has established a regulatory framework through the NYDFS regime. Among the 13 limited-purpose trust companies operating under this framework is Bastion.
Companies are also exploring the development of proprietary stablecoins for treasury management and, in the near future, consumer payments. Given the extensive scope of this transition, advanced Know Your Customer (KYC) solutions that balance regulatory adherence with an excellent user experience are essential.
Working together, Dotfile and Bastion intend to provide:
- A comprehensive verification platform that offers a unified solution for securely onboarding all participants, institutions (KYB), and individual users (KYC). The integration allows the platform to aggregate multiple sources of verification data, supporting users in onboarding via their preferred method, regardless of their global location;
- Automated compliance through efficient operations with Sanctions & Politically Exposed Persons (PEP) screening, document validation, and risk assessment processes that are streamlined by the solution;
- Adaptability to various regulatory contexts, ensuring that both companies will comply with local requirements and provide comprehensive due diligence across different jurisdictions.
In line with this decision to collaborate, Vasco Alexandre, Founder and CEO of Dotfile, noted that Bastion’s enterprise-oriented focus necessitates flexible, auditable onboarding processes. The partnership aims to establish a compliant pathway from treasury operations to consumer launches.
Rohan Kohli, Chief Risk & Compliance Officer at Bastion, highlighted that the company’s efforts center on maintaining stringent regulatory standards as it develops stablecoin implementations for enterprise use. Collaborating with organizations like Dotfile will help Bastion meet these standards in a scalable manner.
