ComplyFirst Launches to Support Crypto-Exchange Compliance With Privacy-Preserving Cryptocurrencies
ComplyFirst, an online resource for anti-money laundering (AML) and other digital assets-related compliance professionals has launched, featuring detailed compliance briefs on Bitcoin, Monero, Zcash, Grin, and Dash. The group also announced its first industry event, a free online webinar titled “Designing a Compliance Program for Privacy-Preserving Cryptocurrencies,” which takes place on Dec. 16, 2020, at 1 pm ET.
ComplyFirst was founded through the support of blockchain exchanges, developers, operators, investors, and thought leaders so that they can more easily provide services related to privacy-preserving technologies to their customers. The group seeks to highlight how the features and characteristics of these instruments enable financial intermediaries and institutions to satisfy their compliance obligations. Initial contributors include Tari Labs, DV Chain, Stoic Capital, CipherTrace, and Cake Wallet.
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Today, there are nine new compliance resources available; developed with input from industry stakeholders. In addition to compliance briefs on various cryptocurrencies, ComplyFirst provides an enhanced due diligence questionnaire for entities to consider when implementing their own compliance program, as specifically applied to heightened risks which may be encountered when interfacing with privacy-preserving technologies.
“The robust pace of innovation within the digital assets industry can create regulatory challenges. Our aim with ComplyFirst is to provide timely and actionable compliance-focused briefs that take into consideration the latest guidance from applicable authorities,” noted Louis Willacy, who serves as General Counsel of Tari Labs.
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Justin Ehrenhofer, Compliance Analyst at DV Chain, believes this effort will make a real impact on financial institutions’ approach to handling privacy-preserving technologies, which has historically been inconsistent. “ComplyFirst is a major industry effort to provide useful, cryptocurrency-focused resources that compliance professionals can understand and implement into their programs with ease,” says Ehenhofer. “Cryptocurrency companies will no longer need to design AML programs in the dark.”
ComplyFirst’s contributors care deeply about user privacy. ComplyFirst believes that these compliance resources can assist exchanges and projects to more confidently support technologies that give users the protections they deserve.
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