Crypto Currency

The 5^th anti-money laundering (AML) directive (since May 2018) stipulates even more requirements in relation to crypto currencies. But things change quickly in the crypto world and it takes time for regulators to catch up. Often, sizeable financial institutions are slow-moving, therefore a strong but flexible policy and procedures should be designed for easy adaptation to changes.

In the 5^th, but even more so in the 6^th AML Directive, requirements relating to licences for FinTechs (financial technology), wallet suppliers and crypto companies have been elaborated on further still.

In the Dutch Money Laundering and Terrorist Financing (Prevention) Act (WWFT) a mandatory registration of crypto service providers (CSP) i.e. firms offering services for the exchange between virtual and regular currencies, and providers of custodian wallets for virtual currencies, must apply to the (local) regulator for registration.

To ensure compliance with regulations, a solid fundamental systematic integrity risk analysis (SIRA) and a strong but flexible policy and procedures should be produced. BlueMonks has experience with a wide range of financial institutions and increasingly with FinTechs and crypto service providers. We can help you to create this foundation, to ensure compliancy with relevant regulations.