GREY:FGBDF - Post by User
Post by
PAYPAY1on Dec 15, 2016 9:00pm
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Post# 25607854
RE:RE: SquidlyJones
RE:RE: SquidlyJonesYou should read this about FGD. Q6: You have made mention of acronyms like KYC, AML and ATF which may not mean much to investors new to this stock and to the global fintech industry. Can you explain what they are, what they mean in a globally-connected financial world where crime, hacking and terrorism remain threats and what FGD has to protect the integrity of the transactions that run on its platforms? Do you use blockchain technology?
KYC stands for know your customer, AML stands for anti-money laundering and ATF stands for anti-terrorist financing and they all have to do with regulatory guidelines across the planet. FGD acquired a company by the name of Samso's Express which at the time had money services licenses in 7 U.S. states. Since then, FGD has grown that to 22 states with plans to have licenses in all 50 states in 2017. As part of the licensing process Andre and his family along with all FGD directors and members of management have to get a full background check in each state.
In these states, FGD is treated like a banking institution. The company needs a certain amount of capital to stay within leverage ratios and is subject to state and federal audits of systems, processes, procedures and controls to ensure compliance. The behavior of the regulators drives these institutions to profits. The stringent regulations and intense scrutiny involved with getting these licenses create barriers to entry. Some companies that are larger than FGD get refused licenses. As the regulatory landscape across the globe changes, the value of these licenses increases. Andre believes that these licenses are worth in the $10's of millions upon application.