Identity Solutions

With SelfKey, Singularity Finance already has a robust identity solution in place that allows individuals to maintain their identity on the blockchain. The L2 will feature onchain user identities, allowing protocols and RWA projects to build permissioned as well as non-permissioned products on the same chain, with permissioned products relying on them thus remaining compliant with AML regulations.

Identities will include the following due diligence checks which can be periodically refreshed:

• KYC: Used for onboarding individuals, these checks usually require the user's PII such as name, date of birth, passport, and, in some cases, selfie or liveness checks.

• KYB: Used for onboarding business and institutions. These checks are more comprehensive and depend on the organisational structure and jurisdiction. Comprehensive checks might involve checking address, organisation charts, and beneficial owners.

• Wallet Screening: This includes AML (anti-money laundering), TF (terrorist financing), and sanctions checks on wallet addresses. Every address has a risk associated based on its previous transaction history.

Singularity Finance will partner with various existing KYC solutions to build a comprehensive library of compatible third party vendors, making user onboarding as flexible as possible. Users that have verified their identity onchain will be able to use their existing KYC data seamlessly across apps.

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