As cryptocurrencies become more mainstream, our objective to drive crypto adoption in Africa by developing accessible crypto-powered financial tools for all businesses and individuals is more vital than ever. A critical component of accessibility is ensuring that everyone can securely and appropriately engage in the crypto economy while also keeping pace with growing compliance regulations.

User trust and acceptance rely, now more than ever, on the implementation of compliance standards designed to meet worldwide regulations. As a result, we’ve spent the past few months developing solutions that assist crypto-powered businesses to meet these standards.

Today, we’re happy to share some of the tools we’ve created to aid financial institutions, crypto firms, and enterprises new to crypto in remaining compliant with growing crypto regulations. We are introducing Compliance-as-a-Service, a new product with three tiers that come together to form a portfolio of crypto compliance tools needed to help protect your company from bad actors.

Introducing Compliance-as-a-Service

People’s misunderstandings about cryptocurrencies are widespread because they are unsure of their legality and safety. These concerns are especially pertinent for businesses considering accepting them as a payment option. This is why it has been critical for us to concentrate on developing necessary safeguards to help alleviate these fears. As a result, We’ve built Compliance-as-a-Service with three distinct product tiers.

Tier 1

With this tier, we’re providing a free OFAC-sanctioned wallet screening tool.

OFAC publishes lists of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.

This solution offers a seamless way to prevent wallet addresses on this sanctions list from transacting with your business. This was initially used as an internal tool to reduce risk on our platform as we developed. Today, we’re opening this up to all Fluidcoins’ merchants completely for free. Businesses interested in this can signup for a Fluidcoins account and start benefitting from this right away.

Tier 2

Cryptocurrency businesses of all sizes confront the same fundamental challenge: gaining the trust of authorities, financial institutions, and users. In the coming years, we expect firms to experiment with various AML compliance solutions in order to satisfy regulators worldwide and also gain the trust of major financial institutions.

Tier two takes your organization a step closer to achieving this by enhancing your entire compliance workflow. In the coming months, we would be opening up this tier in partnership with the leading provider of cryptocurrency compliance and investigation solutions-Chainalysis. Enhanced data and compliance tools from Chainalysis will be made available to your company through this tier. The aim of this is to provide your organization and customers the confidence needed to transact cryptocurrencies safely.

Features you can expect:

• Automated address, wallet, and transaction screening.
• Real-time alerts optimized for illicit behavioral patterns.
• Enhanced customer protection measures.

Tier 3

As blockchain technologies become increasingly embedded in the financial mainstream, businesses now require more transparent tools to safely and securely utilize crypto in everyday transactions. This makes building Compliance-as-a-Service a very important step toward providing the deepest analytical and technical insight businesses require to identify trusted partners and utilize cryptoassets with confidence.

Our third and final tier embodies all these needs as it bundles all the benefits of tier One and Two into an easily comprehendible visual interface on the Fluidcoins dashboard. This helps compliance teams of any size stay in touch with the details of their organization’s crypto inflows and outflows.

Using this, businesses can:

• Receive alerts to enable proactive risk management.
• Analyze transactions for anti-terror financing and other AML-related flags at scale.
• Monitoring transactions from addresses directly and indirectly exposed to known hacks, exploits, fund theft, dark net, and others. Protection dates as far back as 2010. 

We look to launch the first version of this within the next few months. As soon as it is available, users can subscribe and get access to it through their Fluidcons dashboard.

Compliance isn’t an option – it’s a necessity!

Many times, businesses view compliance as a hindrance rather than an opportunity. When this impression is combined with a tough regulatory and enforcement environment, it makes true innovation and transformation difficult. Fluidcoins is deciding to alter this narrative though.

From the beginning, we have prioritized regulatory compliance. We’ve long maintained that for crypto to earn the legitimacy required for general adoption, compliance cannot be an afterthought – it must be central to how we operate.

We also strongly believe the adoption of crypto is in a stage of unprecedented growth and the ability to conduct transactions with crypto safely and securely will only become more important in the coming years. Today many innovative businesses are striving to be at the forefront of cryptoasset integration and we are thrilled to support them with the most robust analytics and compliance tools available as they grow from strength to strength.

We’re really pleased to be providing Tier 1 and 2 (when launched) free of charge to all Fluidcoins merchants. In conclusion, we look forward to speaking to any business interested in utilizing this solution. Please feel free to reach out to us at [email protected] for more info on this.