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 3 Ways Compliance as-a-Service (CaaS) Can Help Your Cryptocurrency Start-up

As your Cryptocurrency start-up begins to build and roll out products and services, there is a need for you to implement Compliance-as-a-Service, CaaS. Cryptocurrency Compliance is gaining more popularity and acceptability as international bodies and governments are trying to regulate cryptocurrency services. Thus, Compliance as-a Service (CaaS) becomes very imperative to help your start-up stay compliant in the cryptocurrency industry. 

What is Cryptocurrency Compliance?

Cryptocurrency Compliance is the act of following laws, rules, regulations, and various codes of conduct including voluntary ones. It also implies the attempts to ensure that firms follow both industry and government rules. More also,  with the increased crypto-related activities, and many players moving to offer crypto-related services, the attention of regulators has been drawn due to the belief that cryptocurrency has enabled an easy environment for money laundering (ML), terrorist financing(TF) and other financial frauds.  

CaaS can Help You Stay Compliant- A&D Forensics
CaaS can Help You Stay Compliant- A&D Forensics

Cryptocurrency Compliance as-a-Service (CaaS) For Start-ups

Given the legislative ambiguity surrounding cryptocurrencies, businesses engaging in the industry need to be aware of their compliance responsibilities and be prepared to identify and manage any risks. 

Compliance as a Service is a type of service that makes advantage of cloud computing to assist companies with data storage and regulatory compliance management. Thus, Compliance as Service providers often store sensitive data by standards and offer tools for managing and reporting compliance in your firm, while services vary based on the industry. 

Compliance services help cryptocurrency service providers to meet the requirements of Anti-Money Laundering (AML) cryptocurrency regulations. This also enables cryptocurrency service providers to implement proper internal control that mollifies ML and terrorist financing. To achieve this, companies in the cryptocurrency industry will rely on AML tools and services to enhance full compliance.    

Basic Cryptocurrency Compliance Requirements for Start-ups/VASPS/MSBS

Cryptocurrency companies, visual assets providers (VASPS) and money service businesses (MSBS) need to put in place several procedures to ensure regulatory compliance for cryptocurrency. The standards for cryptocurrency compliance will change depending on the country or region where the organization is based. Every regulator may put in place its AML framework for cryptocurrencies. 

As an illustration, some needs for cryptocurrency legislation can include: 

  • Having a Compliance Policy
  • Having a Compliance Unit with compliance officer(s)
  • Identity Verification (KYC)/KYV
  • Wallet and Account Screening
  • Identifying Suspicious Transactions
  • Report Filling- SARs, STRs
  • Sanction Screening and PEPs
  • Travel Rule Compliance

3 Ways Compliance-as-a-Service (CaaS) can Help a Cryptocurrency Start-up

Compliance-as-a-Service (CaaS) providers can help ensure your cryptocurrency start-up adhere to AML laws while saving you the time and money often required to maintain compliance in the cryptocurrency sector with strict regulations. A&D Forensics CaaS can help you in many ways not limited to the three (3) advantages mentioned below:

  1. To lessen the burden of compliance on your VASP/ Start-up by outsourcing compliance management tasks to a third party with the resources needed to meet regulatory standards more cost-effectively.
  2. CaaS solution gives you access to software tools and support resources created to be compliant with specific regulatory requirements such as KYC/KYV verification, wallet screening and Travel Rule Compliance. These solutions are created with specific requirements based on different Jurisdictions in the cryptocurrency ecosystem.
  3. Automatic system updates: CaaS will relieve you of the burden of updating your system each time business regulations change. Normally, your service provider will immediately update its cloud-based services.

3 Things to Keep in mind When Selecting a Cryptocurrency Compliance-as-a-Service (CaaS), Provider For Your Start-up.

3 Things To Keep in Mind When Selecting a CaaS Provider- A&D Forensics
3 Things To Keep in Mind When Selecting a CaaS Provider- A&D Forensics
  1. Does this service provider know my sector?

Select a CaaS service provider that provides solutions that are suited to the cryptocurrency industry. A reputable provider will give you tools that are made to function with the particular AML regulations you need to follow. Talk with the service provider to learn how they update their service as regulations change and seek out references from other businesses in your industry. 

  1. Do I comprehend the intricate details of this Compliance as a Service provider?

Before selecting a service, learn exactly how the company operates. Make sure you are aware of the location of data storage, the security measures taken by servers, the services they offer, and the ones they do not. The foundation of a solid relationship is complete openness. 

  1. Can this CaaS solution be customized to my company’s needs?

Your CaaS provider should be able to adapt solutions to your start-up’s particular demands in addition to meeting the compliance standards of the cryptocurrency industry. This includes data reporting such as filling of SARs and STRs accordingly.

Let’s Improve Your Fintech /Crypto Start-up’s Compliance at A&D Forensics

Whether your start-up’s primary focus is cryptocurrency or you’re a Fintech company, you need to make sure that your compliance program efficiently monitors the trading of digital assets. To this end, Compliance-as-a-service,(CaaS) offer from A&D Forensics is designed to assemble all the requirements needed for start-ups to have a simple-to-use, effective, affordable compliance program. 

At A&D Forensics, we realized that most VASPs need compliance services, require guidance on picking tools and want to get all the compliance tools as one API. This is as a result of the various solutions in the market which target different aspects and stages of compliance. For instance, from experience with the clients we had worked with, we realized that each of the available tools has specific capabilities such as onboarding, wallet checks and Travel Rule features. Hence, our idea is to have a solution that enables VASPs to get the best tools from across the world in one API and payment bundle. 

A&D Forensics is committed to making the blockchain and cryptocurrency ecosystem a safe place for cryptocurrency transactions. We also guide blockchain and cryptocurrency enthusiasts into becoming cryptocurrency compliance specialists and certified cryptocurrency investigators. 

Contact us  today for our Compliance-as-a-Service, (CaaS) Solution.

Contributor: Emmanuel Bassey

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LEAD FACILITATOR – CRYPTOCURRENCY INTUITION

Onyekelu Chioma is a passionate and professional teacher with expertise on blockchain and cryptocurrency education. She is a renowned blockchain advocate in Africa with the belief that there are so many career opportunities to be leveraged on in the Blockchain Industry.

Chioma is the Head of Academic and Training, the Crypto Bootcamp Community, and a member of Stake holders in blockchain technology association of Nigeria (SiBAN).

Chioma’s passion for fourth industrial revolution technology has helped her hold key strategic positions in various private sectors, regulating the way for blockchain adoption in the continent of Africa.

As an experienced teacher, blockchain educator, and a cryptocurrency trading coach, she has trained a lot of students and assisted them in identifying their innate skills which enabled them to carve a niche so as to become experts in their chosen blockchain career.

She’s currently a Crypto Forensic Intern at A&D Forensics and undergoing her Masters studies in Blockchain and Cryptocurrency at University of Nicosia

LEAD FACILITATOR – CRYPTOCURRENCY INVESTIGATIONS

Adedeji is a Forensic Investigation Practitioner and CertifiedBlockchain/Cryptocurrency Forensic
Investigator (CFE, CCI, CCFI & Reactor Certified) with more than Fifteen years of experience across few banks within the Nigeria Financial Sector and educator in Corporate workplace settings, Deji is uniquely qualified and involved in forensics analysis of Financial Infractions, Cryptocurrency crimes and designing plans that works for Government, Regulators, Law enforcement. He was appointed by SEC Nigeria as Member Virtual Asset and Fintech Regulatory framework drafting Committee, He is a member of Global Digital Finance’s KYC/AML working group in France and a member of the Industry led Thinktank that worked on and came out with FATF cryptocurrency Travel rule InterMessaging Standard for Virtual Assets (IVMS101) to help combat money laundering and terrorism financing using cryptocurrencies around the globe.
His law enforcement training efforts on new money and cybercrime have seen him train many law enforcement agents in various countriesn i.e Nigeria Police, Nigeria Army CyberWarfare command, Zambia Financial Intelligence Unit, Zambia Central Bank and more.
He is Chainalysis Sole Africa Investigative Partner helping law enforcement investigate criminal organizations using cryptocurrency to conceal illiccit activities across Africa, he is also a training Partner for Blockchain Intelligence Group based out of Canada.

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