Crypto Asset Providers

Crypto Asset Providers

The anonymity of virtual currency conceals the source and ownership of funds, allowing criminal gains to be laundered through cryptocurrencies and custodian wallets. The virtual currency remittance system is vulnerable to the risks of terrorism financing (TF).
Crypto asset service providers or virtual asset service providers are natural or legal persons that offer the following services:
Exchange services between fiat and virtual assets
Transfers of virtual assets
Custodian wallet providers offering safekeeping and administration of virtual assets
Crypto assets are easily accessible, transferable and exchangeable from almost anywhere around the world. Crypto asset providers are exposed to criminals that may use cryptocurrency mixers to conceal the proceeds of illegal activities before transferring them into a regulated crypto asset provider. Additionally, the use of decentralized exchanges can make it difficult to trace funds that may be associated with criminal activity.
The crypto asset industry however, is not effectively regulated like traditional financial institutions. In some countries there are no specific regulations in place to address money laundering in the crypto industry. In others, regulations have been implemented but as not as comprehensive as those in place for traditional financial institutions. The lack of regulation creates opportunities for criminals to launder money.

Regulatory Compliance

Crypto asset service providers are “obliged entities” and they must comply with anti-money laundering (AML) rules. As a result, they must have a robust AML programme in place, which includes:
Systems in place to detect and report suspicious transactions to the appropriate authorities
Risk Assessment to understand the money laundering and terrorism financing risks they face
Keeping records of transactions and customer information for as long as it is required by the national law in an easy and retrievable way when requested by authorities
Customer Due Diligence (CDD) which includes identification and verification of the client and the beneficial owner, understanding the nature and purpose of the business relationship and ongoing monitoring
Providing training to their staff on AML regulations and the internal controls including CDD measures and identification and reporting of suspicious transactions
Comprehensive Risk Management Solutions
PEP & Sanctions Checks
Safeguard your business with our comprehensive PEP and Sanctions Checks. Scan again daily updated datasets and stay aligned with global regulation.
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Sanctions Checks
Ensuring Compliance with Global Sanctions Regulations
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Adverse Media Checks
Improve due diligence effortlessly with our integrated Adverse Media Checks, offering simultaneous screening alongside PEP and Sanctions—at no extra cost.
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Customer Identity Verification
Simplify your KYC procedures with our powerful Identity Verification solutions. Effortlessly meet KYC and AML/CTF obligations while strengthening your business's defenses against potential risks.
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Enhanced Due Diligence
Manage the risk of dealing with high risk customers
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Know Your Business
Our KYB checks offer thorough verification of business partners, enhancing your due diligence and strengthening your business network.
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Transaction Monitoring
Monitor financial activities as they occur with our Transaction Monitoring system. Detect and report anomalies swiftly to ensure regulatory compliance.
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AML Consulting Service
Gain valuable insights and stay ahead in the compliance landscape with our expert AML consulting. Tailored advice from ACAMS-certified advisors to elevate your strategies.
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Compliance as a Business
Transform compliance into your business advantage. Leverage our cutting-edge risk management tools to help your clients foster trust and integrity.
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Visa Check
It is important to perform visa and right to work checks as part of the hiring process for several reasons
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Jurisdictional Risk Checks
Make informed decisions with our comprehensive Jurisdictional Risk Assessment. Safeguard your business while optimising opportunities in diverse markets.
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