How does ChainComply revolutionize AML in the post MiCA era?
MiCA: The New Crypto-to-Fiat Regulatory Framework
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The Markets in Crypto Assets (MiCA) regulation establishes a unique regulatory environment in the EU for crypto businesses but also creates new risks for established traditional financial institutions.
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The previously distinct worlds of cryptocurrency and traditional finance will become interconnected.
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By January 1st, 2025, the compliance deadline had passed, and most financial institutions are still not compliant.
Did you know? 💡
If you offer IBANs, you are indirectly exposed to value transfers from crypto exchanges.
Regulatory Compliance
The EBA’s 16/10 AML update implements MiCA. The new guidance requires all financial institutions to:
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Review and update AML policies and procedures regarding their exposure to the new risk MiCA brings.
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Enhance DD processes for high-risk customer transactions coming from crypto exchange.
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Invest in new technologies allowing for KYT investigations.
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Increase focus on staff training on these risks and tools.
Stay ahead of the curve with ChainComply's MiCA AML compliance solution.
Our platform provides the tools and insights you need to meet evolving regulatory requirements, whether you transact on blockchain or not.
Meet Your New Crypto-Related Enhanced Due-Diligence Process
Invitation: AML officer invites the client to upload relevant transaction data.
Data Import: The client connects their crypto exchange and non-custodial wallets for transaction data in just a few clicks.
Data Collection: ChainComply leverages external information to prepare the analysis.
Case Analysis: AML officer conducts the investigation supported by user-friendly visuals and scoring
One Click Report: AML officer generates a report documenting the analysis with one click.
Operational Efficiency
ChainComply's intuitive platform will streamline and scale your crypto-related enhanced due diligence capacity by 10x. We will help you across the new process:​
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Data gathering is digitalized for your crypto holding clients through seamless connectivity to their blockchain wallets and APIs of their crypto-exchange accounts.
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Data augmentation is a core service we offer through our network of partners.
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Data analysis is quick thanks to pre-flagged risky transactions and easy-to-understand visualizations; informed decisions about client files can now take minutes.
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Thorough reporting in one click; ready for internal audit or inspection by a regulator.
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Comprehensive Oversight
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AML teams investigating the Source of Funds need access to the client’s entire transaction history, including the data from crypto exchanges.
Example: John made cryptocurrency transfers from his (1) Non-custodial wallet on Ethereum to his custodial accounts on (2) Binance and (3) Coinbase. 1 + 2 + 3 is needed for a SOF investigation.
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ChainComply offers a 360-degree view of your clients' financial activities, combining on-chain and off-chain data for a more accurate risk assessment.
Leverage Industry-Leading Blockchain Forensics Expertise
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ChainComply provides access to the most comprehensive on-chain insights available and supports the highest quality of risk assessment.
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How can an emerging startup achieve this? By building on the shoulders of the giants! We partner and collaborate with established blockchain analysis industry leaders.
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With these tools complementing our datasets, we can focus on delivering a superior user experience and innovative features for our target clients.​
Conclusion
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MICA regulation introduces new risks to all financial institutions, whether their exposure to crypto and crypto exchanges is direct or indirect
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By choosing ChainComply, you're investing in a solution that meets your AML needs and empowers your financial institution to thrive in the digital assets age.