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08 May 2019

Compliance for Crypto Assets

Magdalena Boškić

Magdalena Boškić

Head of Compliance at Crypto Broker AG

About the author

Compliance for crypto assets: at Crypto Finance, this is part of our day-to-day business in our teams and with our clients. It is a relatively new field, and our experience has helped us provide guidance, advisory services, and training for various client and interested parties on this topic.

Are you developing procedures for KYC and AML for crypto assets in your team? Contact Magdalena Boškić in Compliance for more information.

DOWNLOAD: An overview of the training and advisory workshops we provide is available here.

This is a topic we have written and spoken about often, for example in our article below, that goes into depth about the issues behind compliance for crypto assets.

Read more about it here in one of our previous articles:

The Crypto Privacy Myth
Author: Nicholas Cooper, Crypto Fund AG

Crypto and Bitcoin are terms synonymous to many with secrecy and illegality. Stories of drug dealing, tax evasion and money-laundering have dominated the press on Bitcoin in earlier years. Many consequently, and wrongly, assume crypto to be a cover for criminal activity.

In fact, Bitcoin and the majority of other crypto assets provide safeguards against criminal use. They are public blockchains where each coin’s history and chain of ownership is permanently and publically logged. The journey of a coin can be traced back in time – and it can be followed going forward. Compare this to a bank note, with no such history attached to it. These permanent records mean Bitcoin does not offer the same level of privacy as cash.

Governments and other institutions are able to gather a large amount of data from public blockchains. Had the transactions occurred with traditional money such information would not be available.

A number of innovative firms are using proprietary intelligence tools to analyse blockchains to create reports for anti-money laundering (AML), counter-terrorism regulatory (CTR) and know-your-customer (KYC) requirements. They search the public, and freely accessible, blockchain to build a historic picture of the blockchain addresses and transactions.

Read the complete article here.

Read more