German financial institution Bankhaus von der Heydt has partnered with Coinfirm, a leader in blockchain analytics and provider AML, to improve the oversight and management of risks associated with cryptocurrencies.
“As a fully regulated credit institution, Bankhaus von der Heydt guarantees the highest possible security and compliance standards. Coinfirm has built a reputation as a leader in crypto risk monitoring. Their blockchain analysis platform is therefore an excellent addition to our internal risk management. – Philipp Doppelhammer, Managing Director of Bankhaus von der Heydt
Coinfirm’s AML platform includes over 270 risk indicators capable of catching nefarious actors with red flags for everything from anti-money laundering (AML) and anti-terrorist financing (CTF) ) the fight against fraud and darknet trading. Along with this range of indicators, the company has the largest coverage of monitored cryptocurrencies in the blockchain space, making Coinfirm the ideal position to help an innovative financial institution like Bankhaus von der Heydt to navigate more space in a safe and compliant manner.
“Coinfirm is proud to be able to work with a highly respected financial institution such as Bankhaus von der Heydt, which has been a leading pioneer in financial stocks, markets and trends. We look forward to creating a more secure blockchain economy with the traditional banking world. »- Pawel Kuskowski, CEO and co-founder of Coinfirm
Germany was one of the first jurisdictions to allow banks to be custodians of crypto assets (according to an amendment to the German Banking Law (KWG) that came into effect on January 1, 2020, the provision of digital asset custody for third parties has become a regulated financial service which can only be offered with the authorization of the German Federal Financial Supervisory Authority (“BaFin”). With this regulatory change, the traditional banking industry can now play a role in the virtual asset industry, with Bankhaus von der Heydt in the lead.