Don’t Risk your Crypto License and Business Model
Don’t risk your crypto license and business model is not a great opening to a letter.
But as Co-Founder & Director of one of Europe’s leading Fintech firms specialising in Risk & Financial crime I wanted to reach out and let you know we are here to help.
Estonia lead the way, revoking around 500 Crypto currency licenses, with an anticipated 400 more to be revoked soon for non-compliance to the 5AMLD,
SPOILER ALERT: many markets’ regulators are likely to follow…
The EU 5AMLD was clear in its requirements as to how these regulated business have to comply with the directive. As a cryptocurrency business and license holder, you must have a robust process in place to keep your license and prevent it being permanently revoked.
For the first time ever, this legal requirement can now be purchased; off the shelf and all wrapped into one industry-leading Risk & Financial Crime Management platform.
Key capabilities are off-the-shelf; set up in days – not months – and affordable:
- Implement Know Your Customer, Fraud & ID verification checks that are fully automated. Including coverage into 46+ countries for data, 200 jurisdictions for document checking and business checks globally.
- Perform FATF recommended due diligence measures built into business strategy to enable automation and Straight-Through-Processing of new customers.
- Maintain compliant records of clients using our ‘Dynamic Risk Scoring’ methodology and AI. Regularly monitor accounts for suspicious financial activity and report that activity to the appropriate national authority via the platform’s built in case management capability.
- Enforce effective sanctions against legal persons and obliged entities that fail to comply with FATF regulations or national requirements.
We are a ‘cloud native’ solution built for the strictest regulatory environments and integrated via a single API. Strategy is configured in a ‘no-code’ portal and rules and AI ensure full customer onboarding and continuous risk scoring, minimising false positives with the provision of full alert management and case management. This can be configured to ‘best practise’ from the get-go.
Our standard set up fee is €10,000 with a monthly SaaS charge of as little as €3,000 per month. For a demo, click on the link below, review our API documentation or request access to our native SDK’s that can be used in browser, iOS or Android.
If you have a license and are serious about building a Crypto Wallet or Exchange, protect your business model by getting in touch. Otherwise, better to cancel your license and get out of the sector. Regulated markets are not for the slap dash or uninformed.
Mike Harriss is a TruNarrative founder and head of partnerships. A proven and respected industry leader, Mike helps businesses across FX Trading and crypto safely onboard more customers and remain compliant.