ML/TF Risk Assessment For Digital Currency Exchanges
Perform a Risk Assessment
ML/TF Risk Assessments make up the foundation of any good AML/CTF Program, bronID is here to help you get the foundations right.
A sector-specific ML/TF Risk Assessment is essential to protect your business and fight financial crime. To learn more about how to conduct a risk assessment see the blog;
Ask the right questions
The bronID adviser can keep you up to date with the most relevant money laundering and terrorist financing risks relevant to your business.
Each risk assessment is tailored to your sector and business. A dynamic online ML/TF risk assessment flow will enable your business to update its risk matrix online and in real-time. Ideal for constantly evolving technology-based sectors such as digital currency which require strong AML/CTF systems.
Learn the ML/TF risk specific to your industry
The bronID risk methodology behind your ML/TF Risk assessment will remain up to date with the most recent recommendations to your sector, based on global compliance recommendations.
Digital Currency Regulatory Guidance
- FATF Guidance, Risk Based Approach for Virtual Assets
- AUSTRAC Digital Currency Sector Risk Assessment.
- FinCen Sector-Specific Guidance
- bronID for Digital Currency
Sector-Specific Risk Assessment Questions
The bronID risk assessment questionnaire will assist your business in understanding and mitigating the ML/TF risks immediately relevant to your sector. With sector-specific guidance, your business can be confident in its risk-based approach to AML/CTF legislation.
Here are a few sample questions included during the risk assessment process:
- Do you provide anonymity enhancing digital currencies, for example, Monero or Zcash?
- How likely is the product or service that you are operating to be used for laundering the proceeds from cyber-crime?
- Will you be running an ICO, IEO or equivalent fundraising activity?
- Do you store any cryptocurrency as a custodian for your customers? If so, do you use cold storage?
Reduce your risk of money laundering by using the recommendations and controls built into the bronID Adviser Package
During the bronID risk assessment procedure, you will have the opportunity to control and reduce the ML/TF risks posed to your business using the bronID control bank which includes the essential techniques such as electronic customer due diligence, PEP and sanctions screening as well as transaction monitoring of blockchain ledgers.Sign up to the bronID portal and begin your AML/CTF compliance journey with a bronID ML/TF Risk Assessment today!