ComplyFirst was established through the support of blockchain exchanges, operators, investors, developers, and thought leaders so that they can easily offer services associated with privacy-preserving technologies to their customers.
FREMONT, CA: ComplyFirst, an online resource for anti-money laundering (AML) and other digital assets-related compliance professionals has introduced, featuring detailed compliance briefs on Bitcoin, Monero, Grin, Zcash, and Dash.
ComplyFirst was established through the support of blockchain exchanges, operators, investors, developers, and thought leaders so that they can easily offer services associated with privacy-preserving technologies to their customers. The group looks to highlight how the features and characteristics of these instruments enable financial intermediaries and institutions to satisfy their compliance obligations. Initial contributors include DV Chain, CipherTrace, Tari Labs, Stoic Capital, and Cake Wallet.
Today, there are nine new compliance resources available; developed with input from industry stakeholders. In addition to compliance briefs on various cryptocurrencies, ComplyFirst offers an enhanced because of diligence questionnaire for entities to consider when implementing their own compliance program, as particularly applied to heightened risks which may be encountered when interfacing with privacy-preserving technologies.
"The robust pace of innovation within the digital assets industry can create regulatory challenges. Our aim with ComplyFirst is to provide timely and actionable compliance-focused briefs that take into consideration the latest guidance from applicable authorities," stated Louis Willacy, who serves as General Counsel of Tari Labs.
Justin Ehrenhofer, Compliance Analyst at DV Chain, believes this effort would make a real impact on financial institutions' approach to managing privacy-preserving technologies, which has historically been inconsistent. "ComplyFirst is a major industry effort to provide useful, cryptocurrency-focused resources that compliance professionals can understand and implement into their programs with ease," stated Ehenhofer. "Cryptocurrency companies will no longer need to design AML programs in the dark."