Coinnections Launches AML/KYC Compliance software 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.
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, please visit our website, Twitter, or LinkedIn.
Coinnections: http://www.coinnections.com/
Related News
Georgia-based SaaS technology company Coinnections has announced the launch of a beta of its AML and KYC compliance software for Bitcoin MSBs (money services businesses), such as cryptocurrency exchanges, Bitcoin ATMs and brokers. According to the official press release, beta testers will gain early access and a half hour of free compliance consulting with BitAML. FinCEN regulations require that MSBs develop and implement an anti-money laundering compliance system. Bitcoin compliance expert Joe Ciccolo was quoted as saying, "We are very excited about the potential for the Coinnections....
A pair of entrepreneurs has developed a solution to help banks reduce the risks involved in remittances. Route Trading Ltd., launched by Musa Jammeh and Taimoor Iqbal, will introduce Money Router, a software solution, to London, U.K. banks to prevent illicit money transfers. Money Router, to be introduced in September, is designed to improve the safety of global payments, enabling financial institutions to set parameters in accordance with anti-money laundering and anti-terrorism financing regulations. Developed in London by a team led by a compliance officer employed at a major U.K. bank,....
Compliance software developer Strevus has added support for bitcoin and other digital currencies to its existing compliance software service. The company says it will offer institutional-level compliance and support to bitcoin as well as other digital currencies. Strevus appears to be aiming to carve out a niche for itself by offering cutting edge know your customer (KYC) and anti-money laundering (AML) features for bitcoin platforms. The company argues that regulators are likely to adopt regulatory mandates similar to those already in place in traditional banking and trading networks.....
Bitcoin miners who mine "for themselves" do not have to register as Money Services Businesses (MSBs) with the US Financial Crimes Enforcement Network (FinCEN), according to an official letter from the agency this week. FinCEN was replying to a request for clarification by Atlantic City Bitcoin (AC Bitcoin), aka advocate Milly Bitcoin, who maintains an array of ASIC miners in New Jersey. According to the letter, miners are still free to purchase goods or trade with exchanges with the bitcoins they produce whether operating as individuals or businesses. The news should come as a relief for....
CoinTelegraph has assembled a research report on the regulatory environment for cryptocurrency across the globe. Already in 2015, we have seen many attempts at regulating new forms of digital currencies by various governments and jurisdictions, and we’d like to highlight the general trends and outlook for the readers. Below is the second half of the report that focuses on business compliance, consumer protection and the general trends for the future. A lot has been said regarding regulation of money service businesses (MSBs) across international jurisdictions. While often seen as a threat....