How can GECKO help you manage AML/KYC Requirements?

GECKO Governance
Jul 1 · 3 min read

Money laundering diverts resources away from economically and socially productive uses and negatively impacts a country’s financial system. Both Irish and European law requires financial firms to ensure that they have information about their customers for the maintenance and development of anti money laundering (AML) policies and procedures. It is important that there is a robust AML regulatory framework embedded within financial firms to prevent money laundering and prohibit criminals setting up anonymous accounts or using legitimate accounts to launder criminal proceeds.

At GECKO Governance, we provide technologically advanced solutions to adhere to the ever increasing demands of compliance within the financial industry. We offer a suite of unique integrated products for managing compliance in the Fund Management, Banking & Digital Asset industries. The GECKO system is optionally integrated with Blockchain technology and enables users to easily manage their end to end compliance and regulation requirements from one central dashboard. The use of Blockchain can streamline and reduce the cost of AML/Know Your Customer (KYC) compliance. For example, the on-boarding of a customer need only be done once which eliminates duplication and improves the quality of data, enhancing the customer experience. Streamlining these actions not only improves client’s operational efficiency but also enhances cost effectiveness and compliance security.

Most recently, The Financial Action Task Force (FATF) have updated their guidance and issued an Interpretive Note to Recommendation 15 on New Technologies (INR. 15). It clarifies the FATF’s previous amendments to the International Standards relating to virtual assets and describes how countries and obliged entities must comply with the relevant FATF Recommendations to prevent the misuse of virtual assets for money laundering and terrorist financing. Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers have also been updated by the FATF. This will allow further assistance for countries and providers of virtual asset products and services in understanding and complying with their AML obligations.

The FATF expects all countries to take immediate action to implement the FATF Recommendations in the context of virtual asset activities and service providers. They will monitor implementation of the new requirements by countries and service providers and conduct a 12-month review in June 2020. An essential requirement for countries will be to register and supervise crypto companies like exchanges, compelling them to engage in detailed checks on customers and report suspicious transactions. GECKO’s solution allows clients to stay on top of requirements at an international level to avoid sanctions. It allows them to perform due diligence, monitor transactions and handle other AML/KYC procedures, promoting the need to establish a more level playing field across the virtual asset ecosystem. Together with our technology, we have many years of extensive risk and compliance experience in-house, which gives us a unique global perspective.

Natasha Quinn

natasha@geckogovernance.com

About GECKO Governance

GECKO Governance provides a suite of Advisory, Consulting and Technology services to the crypto and asset management industries.

The company was founded in 2014 and built the first RegTech solution globally to integrate with Blockchain.

The team have over 120+ years combined financial & crypto compliance experience and are based at 3 global offices — New York, Ireland (HQ) and Sydney, Australia.

Our Advisory and Consulting business provides clients with definitive compliance solutions for their crypto and fund projects on a global basis.

GECKO Governance

Written by

Providing much needed Transparency, Compliance & Accountability To Investors

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade