Coinfirm blog

Finoa engages Coinfirm to enhance Compliance with the EU’s Fifth Anti-Money Laundering Directive (5AMLD)

Germany is at the forefront of legislative pronouncement in the Digital Asset sector.

A company leading the way in the German market in maturity of the Digital Asset industry in Germany is the 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:

“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:

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:

“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. “

About Finoa GmbH
Finoa provides custody and asset-servicing solutions for Digital Assets, customized to institutional investors, HNWI and corporations. The warm-storage custody platform enables its users to securely store and manage their cryptographic tokens, while providing a directly accessible, highly intuitive and unique user-experience. The custody infrastructure serves as the base to a growing product portfolio, such as Trading and Staking. Reference customers include Bankhaus Scheich, Blockchainfonds byImmutable Insight, Inflection VC and Crane VC. With the regulation of Crypto Assets and CryptoCustody by German Federal Financial Supervisory Authority (BaFin) starting January 1st 2020, Finoa is currently granted a preliminary license approval (§64y KWG). Finoa was founded in 2018, is based in Berlin and backed by renowned investors like Ventures Stars, Coparion and Signature Ventures. For more information, visit https://www.finoa.io/

Media contact:
Nelson Macchi
E-mail: contact@finoa.io
Phone: +39 349 688 0503

About Coinfirm
Coinfirm is a global leader in AML & Analytics for blockchains and cryptocurrencies. It offers the industry’s largest blockchain coverage, supporting over 1,400 cryptocurrencies and a wide range of blockchain protocols including Bitcoin, XRP, Ethereum, Hyperledger and more. The Coinfirm AML Platform is used by market leaders globally, ranging from crypto exchanges such as Binance and protocols like XRP to major financial institutions like PKO BP. The company’s services also include compliance investigations in partnership with Kroll, as well as Trudatum, a standalone platform that allows any file to be registered, signed, and verified with 100% accuracy. To get the latest company updates follow us on Twitter, LinkedIn and like our Facebook page. For more information, visit https://www.coinfirm.com/

Media contact:
Grant Blaisdell
E-mail: grant.blaisdell@coinfirm.com
Phone: +48 790 771 807

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