👮Compliance

Empowering Compliance.

One of the major concerns with privacy-enhancing solutions is their potential misuse.

Redacted is fully aware of this and has put in place robust compliance measures to ensure legality.

Secure Origin Verification

It is crucial to note that the withdrawal of funds can only occur to the originating address of the deposit. This allows for the tracking of asset flow from the perspective of the origin and final destination of the assets. This is crucial in maintaining transparency of fund ownership, a key tenet in various Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

While transactional privacy is maintained throughout the use of Private-Banking-Accounts, the starting and end points of the transaction flow are verifiable on the public blockchain. This inherent transparency provides a balance between user privacy and the necessary compliance with regulatory standards.

In essence, while transactions made via the Private-Banking-Account are masked to the public, they are not entirely anonymous. The originating deposit address serves as a pseudo-identity within the system, allowing for the mapping of asset ownership. This feature is paramount, especially within jurisdictions that mandate transparency of digital asset ownership and flows.

Shareable Read-Only Private Key

Redacted respects and upholds the autonomy and privacy of its users even while facilitating transparency. With that in mind, we devised a system that allows users, at their discretion, to generate a read-only private key. This read-only key can be shared with i.e. auditors or tax consultants if the user chooses to do so, providing a means for them to examine transactions without compromising the actual control or privacy of the user’s activities. It is exclusively the user’s choice to create and distribute this key, further ensuring user control and privacy. This unique feature balances the need for privacy with the potential requirements of compliance and auditability.