Objective
Setup and outsourced compliance operations for thousands of users and millions of dollars in assets.
Background
A global innovator in the use of blockchain and cryptocurrency holdings needed support to ensure two core elements of its business. First, as both a lender and a custodian of assets, it needed to meet the compliance requirements of the many national and local jurisdictions where it operates. Second, it required a cybersecurity approach to meet global financial standards.
See also:
Challenges
Operating in the world of cryptocurrencies creates potentially higher degrees of risk in the prevention of money laundering.
The client’s business model and global scope required a complex regulatory structure across countries and, in the U.S., individual states.
Operating globally also entails adopting and complying with data protection and data security best practices.
The client works with a wide range of affiliates and distribution partners as well as customers of its white label solution.
InnReg's Solution
InnReg completed a full risk assessment of the client’s business.
InnReg designed an end-to-end outsourced compliance and cybersecurity program, including:
Regulatory filings and updates
Anti-Money Laundering and Suspicious Activity Reporting
Management and protection of client and transaction data
Vendor and partner management
Marketing and advertising compliance
Client Results
The client has the ability to manage thousands of end users and millions of dollars in assets in a compliant manner where it does business.
The client has successfully avoided the risks inherent to their business model.
The client has saved extensively by using dedicated, outsourced compliance professionals rather than building an in-house team.
