A new to market crypto asset business domiciled in Ireland received a regulatory requirement from the Central Bank of Ireland to design and embed a financial crime, AML/CTF, governance framework.
Crypto & Digital Assets
A new to market crypto asset business domiciled in Ireland.
A regulatory requirement from the Central Bank of Ireland to design and embed a financial crime, AML/CTF, governance framework.
Lysis worked closely with the client to design an AML/CTF framework which would enable registration with the Central Bank of Ireland as a crypto asset business which included the drafting of a crypto related financial crime risk appetite statement, bespoke AML/CTF policies and procedures, the design of a financial crime risk committee terms of reference and the documentation of the Money Laundering reporting Officer (MLRO) roles and responsibilities for crypto asset risk management.
Lysis successfully designed a financial crime governance framework that will enable the client to register successfully with the Central Bank of Ireland as a schedule two regulated crypto asset firm.
A successful regulatory turnaround for a UK EMI and crypto firm, restoring FCA permissions and avoiding administration under new leadership.
Our client had been advised that their AML provisions were not up to the required standard and wished to remedy this before regulatory sanctions were imposed.
Our client had a requirement to review and update its AML Framework to take account of the Fifth Money Laundering Directive and also some changes in its business model.
