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21 September 2020

How banks are integrating crypto AML software for compliance

How banks are integrating crypto AML software for compliance

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With the exposure of traditional banks and financial institutions to crypto-assets and all the risks involved, as well as the continued advice from governmental authorities to banks to integrate a crypto risk management system, what are the solutions available.

In order to align with current regulatory standards, banks and financial institutions entering the digital asset space, whether as direct or indirect service providers, must comply with Anti-Money Laundering and Know Your Transaction, or KYT, compliance — as part of broader Know Your Customer processes.

With the availability of multiple crypto software solutions, it is now possible to integrate all three stages into an all-in-one tool that covers KYT (as part of KYC compliance procedures), AML, and case management solutions for digital assets.

One of the questions, however, for banks and financial institutions — which must prioritize data confidentiality and security, especially considering the Financial Action Task Force’s Travel Rule — is how to ensure data security with third-party compliance software.

One option for a crypto compliance software solution is Crystal Blockchain, an analytics platform that provides secure and automated transaction and fund-flow monitoring for banks and financial institutions, and is consistently updated to meet FATF and 5AMLD requirements.

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