Early Blockchain and Crypto project Cashaa has launched a new “Crypto Business/Broker” account to ensure crypto businesses/brokers are compliant with the FCA’s new rules for anti-money laundering and counter-terrorist finance and the EU Fifth Money Laundering Directive (5AMLD).
“We have put our experience of dealing with hundreds of crypto businesses and extended our capabilities through technology to our customers to give them the freedom to innovate with minimum worrying about the new FCA rules or 5AMLD,” said Kumar Gaurav, CEO Cashaa.
In 2020, both the UK and the EU are enacting a number of new regulations that will impact the cryptocurrency sector, and Cashaa is adding on new compliant services for the industry.
“Our mission is to help crypto businesses get access to banking who have always struggled with traditional banks. Finally, in 2019, we started our operations in partnership with an FCA regulated entity intending to become the go-to banking services provider for underbanked industries worldwide,” stated the Cashaa team in their blog.
“We launched our business banking services in 2019, but onboarding crypto businesses was a huge challenge, mostly due to changing compliance rules, sometimes unclear KYC and AML policies of the business or sometimes just loose behaviour of founders. The Fifth Money Laundering Directive (5AMLD) became compulsory for European states from 10th Jan 2020, resulting in FCA to become the AML and CTF supervisor for crypto businesses. Based on my experience, the situation will get worse for many crypto companies out there who do not understand the implications. Our product is developed to adopt these new laws with reliable banking services to protect crypto entrepreneurs,” stated Archit Aggarwal, the CPO Cashaa.