"The sharing economy struggles with the same issues facing bitcoin, the crypto-currency that has been criticized for its facilitation of money laundering and criminal activity as well as a lack of safety for its buyers."
- David Weiner, Wall Street Journal, 22 May 2014
Bad Eggs is a quick and passive way for SMEs to be alerted of doing business with individuals or companies on the sanctions list.
"Billions of pounds of corrupt cash are flowing through the UK’s financial sector, according to an official report." - Vanessa Houlden, FT
5 Million Businesses X £500 to check = £2.5 Billion
Bob is the CEO of JetShare, a London based private jet sharing business.
Xavier is a drug dealer based in Acity, Acountry who just scored £100K in an illegal deal. He wants to launder his money through his company, Dodgy Limited.
1.) Bob goes to www.badeggs.com and creates an account. He enters the bank account for his company and accepts the terms.
2.) Xavier sets up two recurring payments. First, he pays BreatheBnB £1000 per day for 60 days to rent luxury suites in Paris, Rome, and Berlin. Second, he pays Bob £3500 per month for 10 months to use one of Bob's jets to fly to his rented flats around the world.
3.) The Bad Eggs app makes an API call to the Open Bank Project to retrieve Bob's incoming and outgoing transactions. The transaction data includes the £3500 payment from Xavier's company, Dodgy Limited.
4.) The Open Corporates API performs a lookup on the Open Bank Projects list of counterparties/payors. It returns a brief summary of each payee including information about Dodgy Limited.
5.) Our self-made Sanctions API matches all payor/counterparty names against a current list of all persons and entities subject to sanctions in the UK. Source: http://www.hm-treasury.gov.uk/fin_sanctions_index.htm
6.) Bob recieves a push notification on his phone to say that the incoming payment of £3500 from Xavier's company a transaction is potentially fraudulent. He submits a suspicious activity report (SAR) to the National Crime Agency.
7.) He shares the company online through the Bad Eggs social media sites (Trust)
Businesses don't have to rely on their accountant to tell them if they are doing business with a sanctioned company(Disintermediation)
Bob just has to log in and Bad Eggs takes care of the rest! We monitor his transactions and alert him of any suspicious activity