CRYPTO SERVICES
FOR FINTECHS AND FINANCIAL INSTITUTIONS

The 5th Anti-Money Laundering Directive (AML) (since May 2018)

imposes additional requirements regarding cryptocurrencies.

However, things change rapidly in the crypto world,

and it takes time for regulators to adapt.

Often, large financial institutions are slow to respond. Therefore,

a robust yet flexible policy and procedures should be

designed to easily accommodate future changes.
In the 5th AML Directive, and even more so in the 6th AML Directive, the requirements

the 6th AML Directive, the requirements related to licenses for FinTechs (financial technology),

wallet providers, PSPs (payment service providers), and crypto companies are further elaborated.
The Dutch Anti-Money Laundering and Counter-Terrorist Financing Act (WWFT)

vincludes a mandatory registration for cryptocurrency service providers (CSPs).

This means that companies offering services for exchanging between virtual and fiat currencies,

as well as providers of custodian wallets for virtual currencies, must register with the supervisory authority.

It is crucial for businesses operating in the crypto space to stay updated on the evolving

regulatory landscape and comply with the obligations set forth in the applicable directives and national legislation.

CRYPTO SERVICES
FOR FINTECHS AND FINANCIAL INSTITUTIONS

The 5th Anti-Money Laundering Directive (AML) (since May 2018)

imposes additional requirements regarding cryptocurrencies. However, things change rapidly in the crypto world,

and it takes time for regulators to adapt. Often, large financial institutions are slow to respond. Therefore,

a robust yet flexible policy and procedures should be designed to easily accommodate future changes.

In the 5th AML Directive, and even more so in the 6th AML Directive, the requirements

the 6th AML Directive, the requirements related to licenses for FinTechs (financial technology),

wallet providers, PSPs (payment service providers), and crypto companies are further elaborated.

The Dutch Anti-Money Laundering and Counter-Terrorist Financing Act (WWFT) includes a mandatory registration for cryptocurrency service providers (CSPs).

This means that companies offering services for exchanging between virtual and fiat currencies,

as well as providers of custodian wallets for virtual currencies, must register with the supervisory authority.

voor virtuele valuta, moeten zich bij de toezichthouder melden voor registratie.

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WIDE RANGE OF CRYPTO-CURRENCIES

In addition to the cryptocurrencies described in the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations, there are constantly new developments on the horizon. These advancements emerge at a pace faster than regulators can keep up with, necessitating the analysis of newer "currency" forms. The question arises: are they considered a currency or not?

However, cryptocurrencies can also take on other forms, such as tokens, equity tokens, utility tokens, swaps, and security tokens.

WIDE RANGE OF CRYPTO-CURRENCIES

However, cryptocurrencies can also take on other forms, such as tokens, equity tokens, utility tokens, swaps, and security tokens.

CRYPTO POLICIES FOR FINANCIAL INSTITUTIONS AND FINTECHS

To ensure compliance with regulations, it is essential to establish a robust systematic integrity risk analysis (SIRA) and a strong yet flexible policy and procedures framework.

BlueMonks has extensive experience working with a wide range of financial institutions, including an increasing number of FinTechs and cryptocurrency service providers. We can assist you in building this foundation to ensure sufficient adherence to relevant regulatory requirements.

Would you like more information about our expertise? Please don't hesitate to contact us!

Expertise

BlueMonks has a team of experts specialising in financial and economic crime, with years of experience in identifying, mitigating and managing such risks.

Tailor-made solutions

BlueMonks offers tailor-made solutions tailored to each customer's specific needs, rather than a one-size-fits-all approach.

Innovative technologies

BlueMonks uses innovative technologies, such as artificial intelligence and machine learning, to identify and prevent financial and economic crime.

Regulatory compliance

BlueMonks has a deep understanding of the complex regulatory landscape surrounding financial and economic crime and we ensure that our clients are fully compliant with relevant laws and regulations.

Reputation

BlueMonks has a strong reputation in the industry for providing high-quality, reliable services and solutions to our customers.

Confidentiality

BlueMonks understands the importance of confidentiality and privacy when dealing with financial and economic crime challenges, and we take all necessary measures to protect our customers' sensitive information.

Cost-saving

BlueMonks provides cost-effective solutions to our clients, enabling them to manage their financial and economic crime risks and keep costs manageable.

Proactive approach

BlueMonks BV takes a proactive rather than reactive approach to financial and economic crime, allowing our clients to identify and mitigate risks before they become a problem.

HOW DOES IT WORK?

1

Schedule a free, no-obligation consultation.

2

During the online conversation, we discuss the options.

3

Choose the service that suits you.

GET IN TOUCH

Interested in what BlueMonks could do for you in terms of unburdening your AML/KYC/FEC process?

CRYPTO SERVICESFOR FINTECHS AND FINANCIAL INSTITUTIONS