Reveri has developed the first regulation technology platform powered by blockchain technology. Their unique interoperable model meets the needs of the evolving regulatory landscape while their unmatched distributed infrastructure enables the required speed and scalability.
In short, Reveri assigns a cryptographically generated, universally unique ID to each person and entity. Andany authorized party can access all related AML data on the person or entity.
I had the privilege to meet Jaspreet Randhawa, Founder and CEO of Reveri.
Jaspreet, how did you come up with this idea?
I had learned as a young girl that your ‘why’ in life is very important in everything you do. I learned the same in business, that the real ‘why’ and your absolute purpose is very important when you’re creating or running a business, so I’m most proud about the foundation of Reveri and the ‘why’ of our creation.
I care about a number of social causes, and one of the causes close to my heart is the absolutely horrific crime of human trafficking. I have attended several events over the years and listened to influential speakers talk about human trafficking, and one thing that always baffled me, is was why a crime like this, that we have known for such a long time cannot be controlled. In fact, human trafficking is the fastest growing and the most profitable criminal enterprise in the world.
So I started researching the root cause of this crime and realized that human trafficking is indeed a financial crime and money laundering is at the heart of it. Anti-money laundering efforts have been underway for many years. The first regulation for this effort came into existence in 1950 and since then AML fines, AML regulations and financial crimes have all been on the rise.
Addressing this core issue, became the north star for creating this technology platform, and Reveri was borne with a core focus to create an industry wide streamlined process, eliminating duplication, reducing risk for everyone and providing the utmost transparency and insights to the financial services organizations and regulators in real time.
As a famous author once said: “To make a difference in someone’s life you don’t have to be brilliant, rich, beautiful or perfect. You just have to care”. At Reveri, we decided to care, and that enabled us to create the first AML due-diligence platform with the goal to create transparency, market integrity and trust.
What are the challenges that you have faced so far?
Attempting to disrupt an age-old industry is a big challenge that we as a team have embraced, however, an undertaking of this magnitude comes with its set of challenges starting with assembling the best resources, alignment with right partners and most importantly getting the right message communicated to the relevant regulators.
What is your biggest achievement?
Our biggest achievement has been our ability to stay true to our North Star. Achieving our massive mission is a big undertaking, and our clients, partners and team have been the biggest proponents and supporters of the overall vision.
What are your plans for 2023?
2023 will be a landmark year for us and we will be announcing some strategic partnerships that will be invaluable for our growth and execution of our strategy. In the words of Steve Jobs – Stay hungry, stay foolish … that is exactly what we plan to do to stay innovative in 2023 and beyond.