Policies & Regulations

Finoa Digital Asset Custodian leverages Coinfirm AML Platform

Germany is at the forefront of legislative pronouncement in the Digital Asset sector with one of the leading digital asset custody platform, Finoa.  In line with the efforts of becoming a regulated Digital Asset custodian, Finoa will leverage Coinfirm’s AML Platform and analytics to its warm-storage custody solution for ensuring secure trading for its customers and compliance with the FATF’s guidelines and with the Federal Financial Supervisory Authority BaFin. 

With the implementation of the Fifth Anti-Money Laundering Directive, the lay of the digital currency land in the EU has been established. This much-anticipated and much-debated directive introduces new provisions for and brings greater legal clarity to Digital Asset custodians and exchange platforms. Institutional investors are now turning their attention to an industry that offers both the decentralized freedom of the blockchain ecosystem and the security of financial regulation.

 Wilhelm Nöffke, Finoa’s Senior Compliance Manager stated, “Finoa is at the center of groundbreaking changes in the financial industry. We know that only law-abiding products and astute risk management can give consumers the confidence they need in Digital Asset Banking. We, in collaboration with Coinfirm, are taking all the necessary precautions to ensure that, from the outset, our custody and asset-servicing solutions are not only the most secure, but also wholly compliant with the BaFin regulatory requirements.”

As the regulatory requirements on the Digital Asset market continues to move forward, standards such as the FATF’s Travel Rule will also need to be solved. Coinfirm is working with industry leaders to deliver a Travel Rule solution to further supplement Finoa and others. 

Henrik Gebbing, Finoa’s Co-Founder & Managing Director added, “Finoa has always worked on compliance-excellence since inception of the company. With new and more expansive AML and regulatory standards being put in place across the globe and governmental bodies such as the FATF placing new rules on the market in order to ensure sustainable growth of the market, we are looking forward to our collaboration with Coinfirm. We trust that Coinfirm and its leading solutions will help us and the industry evolve in a fast-changing and developing market while allowing for comprehensive and institutional growth in a compliant and safe manner.” 

Working with anyone ranging from major exchanges such as Binance to custodians such as Finoa that stand at the forefront of servicing the market, Coinfirm has seen a continual growth in engagement from a large and growing range of companies. This has signaled Digital Assets becoming a larger a more influential part of the mass economy.

 Paweł Kuskowski, Coinfirm’s CEO explained, “With the 5th AML Directive in effect, and Germany’s Financial Supervisory Authority (BaFin) providing the authorization and guidelines for custodians serving the German market, it is essential to apply highest AML standards and best blockchain analytics tools for client onboarding and ongoing transaction monitoring. It is a very positive sign, that companies like Finoa are actively looking for ways to ensure their full regulatory compliance. We embrace our partnership with Finoa in a further step to help the custody businesses in building a robust compliance standard in the market. “

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

Related Articles

Back to top button