12/15/2022, 4859 characters
Zug, Switzerland, May 2 /PRNewswire/ — The decentralized nature of digital assets demands increased compliance. Therefore, policymakers have developed and enforced regulations to prevent the use of cryptocurrencies for illicit financing activities. Our story is quickly told: as a Swiss financial intermediary, FinchTrade AG failed to find a solution on the market that would ensure that companies complied with anti-money laundering (AML) guidelines and knowledge of the customer (KYC). . Therefore, we have developed such a solution in-house and are happy to launch the FinchGuard Anti-Money Laundering and Know-Your-Client solution for blockchain businesses.
* The crypto industry will be regulated
* Financial intermediaries are required to follow crypto regulations but lack automated anti-money laundering solutions
* FinchGuard provides breakthrough technology for blockchain businesses that intelligently handles compliance procedures
Pioneering system for automating complex compliance procedures
With crypto regulations changing rapidly, it is best for financial institutions to rely on a plug-and-play anti-money laundering/know-your-customer system like FinchGuard, which offers the following features:
* Collection of data necessary for the verification of persons, companies and shareholders
* Automated mechanism for extensive due diligence and continuous observation
* Detailed real-time transaction monitoring and risk assessment
* regulatory reports
boarding. Customer onboarding is critical for businesses. It should be quick and transparent, but thorough enough to identify potential risks. Additionally, automation is essential for scalability. Therefore, the risk assessment method must be transferred to an automatic identity verification system.
Continuous monitoring. Financial institutions are required to monitor their customers’ compliance with anti-money laundering regulations. The system put in place must ensure real-time monitoring of shareholders, transparency registers and key persons in terms of sanctions or lists of politically exposed persons and issue alerts in the event of a change of status.
Know your transaction (KYT) solution performs real-time on-chain transaction analysis to detect suspicious behavior or fraudulent transactions (FinchGuard monitors Bitcoin, Ethereum, Litecoin, Tron, XRP, Binance Smart Chain, Tezos blockchains, etc.) Some parameters must be taken into account:
* Payment country risk for fiat/crypto
* Detection of suspicious patterns
* Blockchain Transaction Assessment / Implicit Risk Factors
* Business-related client-specific risks
Regulatory reports. The result of automated verification and continuous monitoring is reliable evidence that helps control risk and protect your business from fraud and fines.
Computer security and technology
In terms of security and user-friendliness, the technical solution must be:
* Secure: 2FA, data encryption, multi-role accounts
* Reliable: regular backups, geographical distribution
* Manageable: web GUI, transactional analysis
* Easy to integrate: out-of-the-box cloud-based AWS solution
FinchGuard has integrated with major service providers to automate almost all daily routine tasks:
1. AML/KYC/KYB: SumSub
2. Cloud infrastructure: AWS
3. Blockchain Analytics (KYT): Crystal*, Scorechain
4. Crypto Storage: Copper, Fireblocks*
5. API integration with payment institutions: BCB Group, ClearJunction, Intergiro*, NexPay
6. API integration with trading platforms: Binance, Bitfinex, Coinbase, Finery Markets, Kraken
7. Reports: Slack, email
* Coming soon
Lesya Margris, COO of FinchTrade AG, says:
“Adequate AML monitoring is a major challenge for any financial institution. Things get even more complicated when you have to do both: comply with Swiss regulations and manage high-risk digital assets. To free you from daily routine work and be able to accurately identify risks, we have built an elegant solution that offers a seamless and easy-to-use suite for crypto compliance – FinchGuard.”
FinchGuard.ch – Focus on growing your business and spend fewer resources on AML compliance.
Logo – https://mma.prnewswire.com/media/1968455/Finch_Guard_Logo…
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