Coinnections Launches Anti Money Laundering Software and KYC Compliance for Bitcoin MSBs
Coinnections, a SaaS technology company announced today that it has launched a private beta of its AML and KYC compliance software for Bitcoin MSBs.
A limited group of Cryptocurrency MSBs such as Bitcoin ATMs and exchanges are invited to beta test this new extensive compliance suite. Beta testers will enjoy early access and a half hour of free compliance consulting with BitAML.
“We are very excited about the potential for the Coinnections platform to simplify the management and enforcement of compliance programs for MSBs, as it was created to meet FinCEN regulations”
Coinnections provides a comprehensive AML/KYC compliance platform designed to consistently enforce a business’s AML compliance policy. Coinnections’ combination of powerful AML transaction monitoring, case management, enhanced due diligence, electronic SAR/CTR filing, and intuitive workflow reduces the complexity of compliance responsibilities.
Coinnections was founded by former payments industry product manager and entrepreneur Aaron Williams. Williams made his debut into the Bitcoin world in 2013 when he took delivery of the first Lamassu Bitcoin ATM machine. He immediately experienced the need for an integrated AML product.
“Since then the vision has developed,” explained Williams.
“Coinnections is more than an AML compliance platform. We’ve put a lot of focus on auditing and change management as well. Auditing in the MSB space tends to be very resource intensive so we architected our systems to take as much legwork out of the audit process as possible.”
As digital currencies and blockchain technology begin to be incorporated into day to day life, the FinCEN bureau at the U.S. Department of the Treasury is applying heavy emphasis on the regulation of transactions through anti-money laundering and anti-terrorism financing compliance. In order to meet legal requirements, money services businesses (MSBs) must develop an AML compliance program and report to FinCEN if suspicious or unusual activities are detected.
“We are very excited about the potential for the Coinnections platform to simplify the management and enforcement of compliance programs for MSBs, as it was created to meet FinCEN regulations,” says bitcoin compliance expert Joe Ciccolo.
Cryptocurrency MSBs are welcome to visit the Coinnections website to request beta access.
About Coinnections
Coinnections is an AML/KYC solutions technology company offering SaaS products to manage, automate, and enforce the regulatory compliance of Bitcoin MSBs.
For further information about Coinnections, please visit our website http://coinnections.com/ or Twitter @aaronwwwilliams
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