Did you know?
69% of firms anticipate cryptocurrency trading activity to increase in the next six months.
While 44% of firms don’t know how many of their employees are currently active in cryptocurrencies.
The evolution of the cryptocurrency and digital asset landscape has had its bumps in the road. However, despite these fluctuations, it continues to attract investors and interest.
Which means, as the compliance professional at your firm, it has continued to create challenges for your program.
But what if it didn’t have to?
Introducing COMPLY™ Digital Assets Trade Monitoring, the answer to your crypto conundrum.
COMPLY Digital Assets Trade Monitoring
Digital Asset Trade Monitoring is the first and only compliance software solution to integrate end-to-end cryptocurrency compliance monitoring with your firm’s other trade monitoring processes. COMPLY’s partnership with ZenLedger, the industry-leading blockchain data and tax solution, bridges the gap between cryptocurrency compliance and regulatory compliance, offering a seamless solution to compliance monitoring for digital assets today and in the future.
- Comprehensive coverage of all major crypto exchanges and wallets.
- Secure API integration mitigates data interruptions.
- Data remains confidential and protected by COMPLY’s data security practices
In short, with Digital Asset Trade Monitoring, compliance teams have full visibility into and verification of employees’ cryptocurrency transactions within The ComplySci® Platform, ensuring compliance with your firm’s policies and procedures and eliminating manual uploads or offline reconciliation for cryptocurrency trading activity.
“Based on COMPLY’s proprietary data, up to 45% of firms require their employees to preclear cryptocurrency trades. However, given the lack of automated resources to track such trades and confirm compliance with a firm’s policies, the majority of that group has likely relied on manual processes. As cryptocurrency popularity continues to surge, and regulatory pressures on these assets increase, firms will need technology-backed solutions,” said David Bliss, COMPLY’s Chief Product Officer. “The launch of COMPLY’s Digital Asset Trade Monitoring is a direct answer to the challenges our clients face in today’s evolving market. Financial services firms did not have a real-time, automated solution for digital asset monitoring, and were forced to conduct the process manually, relying on employee-provided data such as cryptocurrency wallet screenshot uploads. As a market leader and a CCO’s first call for compliance resources, we are taking proactive steps to address the evolution of the financial landscape – and the heightened compliance requirements – which come with new technological advancements.”
So, how does it work?
Step 1: Add Digital Asset Trade Monitoring to ComplySci.
Step 2: Set up compliance rules to align with your firm’s policies and procedures.
Step 3: Employees link their Digital Asset Accounts.
Step 4: Employees search and pre-clear their trade.
Step 5: Compliance teams approve or deny based on their policies and procedures.
Step 6: Compliance teams review their cryptocurrency feeds to verify employee activities.
Step 7: Compliance activities are automatically documented for reporting and audit purposes.
Ready to see it in action? Schedule a demo today to learn more about the COMPLY Digital Asset Trade Monitoring Solution and how we can help you achieve cryptocurrency compliance with confidence.