Dec 10, 2019

Crypto Scandals We Need Better Checks

Recent scandals in the cryptocurrency industry have elevated conversations about how cryptocurrencies are custodied.  As a custodial wallet service provider, Trustology’s primary focus is keeping investors’ private keys and crypto safe. We implement robust procedures around AML compliance utilising the support of both Onfido and Chainalysis. Our know your transaction (KYT) and know your customer (KYC) processes in place ensures we’ve conducted exhaustive checks, in addition to ongoing suspicious activity reporting. The upcoming Fifth Money Laundering Directive (5MLD), which comes into force on January 10th 2020 will make cryptocurrencies and cryptocurrency exchanges “obliged entities”, which means they face the same AML/CFT regulations applied to financial institutions. Read Alex Batlin’s views in Computer Business Review.