Valsen Corporate

ICO AML/KYC Support

ICO AML/KYC Support
Valsen Fiduciaries is well placed to help your ICO comply with all AML requirements. There are numerous procedures, regulations, and laws designed with the explicit purpose of stopping income generation through illegal actions. The Financial Action Task Force (FATF) on Money Laundering, founded in 1989, is responsible for examining and identifying money laundering techniques and trends.
Many AML rules, oversight, and regulation are local and can differ greatly from country to country. Some localities embrace a top-down approach, creating parallel structures to the FATF policies, while others let companies on the ground develop their own practices.
At the end of the day, the onus is on companies to ensure they are not participating in money laundering or being a conduit for it. Valsen Fiduciaries’ team of experts, lawyers, and consultants can help you identify and implement sustainable measures for making sure your ICO is in compliance.
Know Your Customer (KYC) Support
The procedural norms around KYC all have the same intent – to limit operational risk by cutting out money laundering and terrorist financing. To this end, ICOs should know who their customer is, their source of income, and where their transactions take place.
At its heart, a company must be abreast of relevant information on their clients or customers they do business with. This is fully the company’s responsibility, so having a set of systems as well as compliance understanding is important. A typical set of procedures might include:

  • Collecting and analyzing basic identity information
  • Checking customer lists against lists of “politically exposed persons” or PEPs
  • A risk assessment of an individual or entities likelihood to engage in areas such as money laundering and the finance of terrorism.
  • Monitoring customer’s transactions in relation to their supposed behavior and recorded profile, in addition to those of their peers.

These rules and regulations may seem merely like obstacles to overcome but they are integral to the health and longevity of your ICO. Even outside of the regulatory watchdogs, a PR issue with one of these areas could be enough to drive investors off. Valsen Fiduciaries can help you shape these processes in the way that works best for your company, creating less friction, work, and maintaining your accordance with the rules. In addition, developing this information does not just help with compliance, but also allows you to better understand your customers and investors, which can better inform future decisions.