AML Bitcoin Review - ATENC Anti-Money Laundering KYC Cryptocurrency?
AML Bitcoin is a first-generation, identity-based, compliant digital currency. Find out more about AML Bitcoin today in our review.
What Is AML Bitcoin?
Found online at AMLBitcoin.com, AML Bitcoin is a rebranded version of AtenCoin. The token claims to be a bank-friendly, government-friendly digital currency – which seems a bit counter-intuitive, given the fact that most digital currencies are designed to take power away from banks and governments.
In any case, AML Bitcoin is run by NAC Foundation, LLC, “an organization that supports the identification of based block chain technology and digital currencies,” explains the website in an awkward way.
AtenCoin was first announced back in 2015, when it was described as a “privately regulated public blockchain” described with “anti-money laundering, anti-terrorist financing and anti-theft goals” in mind. Today, AML Bitcoin aims to offer similar benefits, and many of the branding remains the same. It’s just a rebranded version of AtenCoin.
Essentially, AML Bitcoin wants to create a version of bitcoin that is more in line with how banks and governments operate. That could mean more widespread adoption of bitcoin.
How Does AML Bitcoin Work?
AML Bitcoin aims to be a fully KYC/AML compliant digital currency. The goal is to promote the use of cryptocurrencies in a bank-friendly and government-friendly way. It introduces regulation to the cryptocurrency world with the aim of reducing fraud and black market activities while still allowing users to enjoy the benefits of a digital currency.
AML Bitcoin Features
AML Bitcoin advertises most of the features you would expect with a digital currency, including fast P2P payments, easy transfers, and digital access. However, all cryptocurrencies advertise these things. Here are some of the regulatory features that make AML Bitcoin superior to other currencies:
- Compliant with the US PATRIOT Act
- Compliant with the Bank Secrecy Act
- Anti-Money Laundering (AML) compliant
- Compliant with the US Office of Foreign Assets Control
- Know Your Customer (KYC) compliant
- Compliant with many other worldwide regulating requirements
As you can see, AML Bitcoin was primarily designed with US regulatory authorities in mind. However, because it meets US regulations, AML Bitcoin also meets many regulations from around the world.
One of the most unique features of AML Bitcoin is that the cryptocurrency is based on a database. The “AML Bitcoin Database” is compared with many criminal and section list databases to prevent people from using the AML Bitcoin transaction network. People on the FBI’s Most Wanted List, for example, and the Canadian OSFI List, cannot use the network.
Despite these seemingly centralized features, AML Bitcoin claims to be a decentralized digital currency where users control the value. The website explains that, “The only part of the AML Bitcoin that is centralized are its compliance features.” That’s why the network is described as a “privately regulated, public block chain.”
How Does AML Bitcoin Work?
Obviously, it seems counter-intuitive that a digital currency could be compliant with KYC/AML standards, or that it could abide by regulatory requirements while still being decentralized. So how does AML Bitcoin accomplish these goals?
First, AML Bitcoin uses a proprietary wallet (“patent pending”) with a verification process. AML Bitcoin cannot be transferred into an unverified wallet. That means all transactions must be placed through a verified wallet, and that means all transactions are traceable. If a fraudulent transaction is placed, or if theft takes place, that transaction can be tracked.
At the same time, if you lose access to your AML Bitcoin wallet, your name and personal information isn’t leaked to the world. A thief is never able to take your AML Bitcoins “as long as you immediately change your encrypted credential by logging into www.AmlBitcoinWallet.com”.
To detect suspicious activity on its network, AML Bitcoin uses “specialized monitoring and detecting software.” After suspicious activity is detected, the network generates an automatic “Suspicious Activity Report” and submits that report to the US Financial Crimes Enforcement network, along with the equivalent regulatory organization in other countries. The report explains where the suspicious transactions originated from, and where the transactions were going.
Everyone in the AML Bitcoin database is compared against criminal and sanctions list from around the world “to help prevent law enforcement-known unethical people from using AML Bitcoins.” The database compares its information with the FBI’s Most Wanted List, for example, the EU sanctions list, the UN 1267 list, and many other restrictive lists from around the world.
Where Does AML Bitcoin Store your Information?
AML Bitcoin claims that it does not store personal client data in frontend servers. Instead, it is stored “in a place with limited access.” The company uses web servers that “require Captcha Brute Force Protection” and are locked behind two factor authentication. All information is also encrypted.
In terms of security, the AML Bitcoin network uses the X11 algorithm to make the network more secure.
Why Would You Use AML Bitcoin?
So far, AML Bitcoin seems like a similar digital currency to bitcoin – but with intense tracking features and no anonymity. So why would anybody use it? Here are some of the advantages promoted by the organization:
- Lower transaction fees when sending from person to person
- No international transaction fees
- The value of AML Bitcoin is insulated from governments, which means it’s less susceptible to economic troubles
- An open market determines the price of AML Bitcoins
- Borderless currency
- Fast transaction speeds
These are the exact benefits listed on the AML Bitcoins website. No, I don’t understand how the currency can simultaneously offer “low transaction fees” and “no international transaction fees.”
AML Bitcoin Tokens
There will be a total supply of 26,000,000 ATENC in circulation. 24 million have already been generated by the NAC Foundation.
Who’s Behind AML Bitcoin?
AML Bitcoin is led by NAC Foundation, LLC. The team was motivated to create AML Bitcoin (originally called AtenCoin) after they noticed a lack of consumer protection features on ordinary bitcoin, and a lack of restrictions against criminals.
“Our team felt we had a duty to develop the next generation digital currency, which contained safety features and had a way to prevent law enforcement-known, unethical people from using AML Bitcoins.”
The team – including a group of programmers and entrepreneurs – started working on the Aten Coin project in 2012. In early 2014, towards the end of development, the team established the National Aten Coin (NAC) Foundation.
The company is registered to an address in Las Vegas.
AML Bitcoin Conclusion
AML Bitcoins is a unique project. Some people claim it’s the future of digital currencies: it’s a compromise between governments, banks, and people who want a frictionless currency. Others, however, see it as a contradiction of one of the cryptocurrency world’s most important benefits: freedom from government and bank interference.
Ultimately, AML Bitcoins aren’t really designed for most of the internet. Most people on the internet prefer to stay anonymous, when given the choice. AML Bitcoins is the opposite of anonymity. It’s a fully-tracked and monitored cryptocurrency network where all transactions are observed, and everyone in the network has their personal information recorded in a centralized database.
For an average user, that sounds like a bad system. However, AML Bitcoins – which is a rebrand of AtenCoin – isn’t really designed for the average user. Instead, it’s designed for banks, governments, and other regulatory organizations. Stay tuned for more information about the AML Bitcoin project and its ATENC currency. Or, visit http://amlbitcoin.com/ for more information.