Kroll and Coinfirm release crypto compliance and investigations solutions

Kroll, a division of Duff & Phelps, a global risk mitigation firm, has announced the launch of new crypto compliance and investigations solutions in collaboration with blockchain analytics firm Coinfirm.

The two firms will supply new anti-money laundering (AML) compliance, investigations and security solutions to the ever growing cryptocurrency-blockchain market.

Benedict Hamilton, managing director, Kroll, commented: “Banks, financial institutions and businesses in regulated industries require effective solutions that can provide auditable proof of their complying with AML regulations, including the upcoming 5th Money Laundering Directive in the EU or the new FATF recommendations for crypto. 

As cryptocurrencies become more adopted, Kroll believes the need for due diligence and regulatory services is higher than ever, especially in consideration of the new AML regulations set to be introduced in 2020.

Combining Kroll’s expertise with Coinfirm’s proprietary technologies is expected to provide “effective investigation and risk assessment of cryptocurrencies.”

Furthermore, evidence collated from such investigations can be utilised to structure  legal recovery strategies in conjunction with the appropriate regulatory and law enforcement bodies.

“Coinfirm has shown leadership in data quality and coin market coverage that in combination with our capabilities we can now provide the market with a new confidence to investigate, analyse and pursue suspicious activity involving cryptocurrencies,” concluded Hamilton.

The firms will offers a range of services including:

  • Due diligence and business intelligence solutions to better protect investments in the cryptocurrency and blockchain market, assess the provenance of cryptocurrency wealth and help companies make critical business decisions with confidence
  • Anti-money laundering coverage, providing real-time evaluation of blockchain transactions counterparties, effectively mitigating the criminal and reputational risk exposure
  • Assurance benchmarking to help companies in the cryptocurrency and blockchain market understand and proactively address risks to maximise their chances of receiving investment and insurance products
  • Design and implementation of effective compliance programs, covering onboarding, remediation and monitoring for businesses that deal with both fiat and digital currencies
  • Cyber security assessments to test the resilience of systems, applications and facilities to prepare against and mitigate the risk of attack
  • Investigations into hacks, thefts and breaches to identify the perpetrators and recover what has been stolen, as well as remediate identified vulnerabilities
  • Online tools such as Coinfirm’s Wallet Checker which enables users to quickly assess the risks associated with a crypto wallet

“The market we are jointly approaching with Kroll is already worth over USD 10 billion and the combination of our leading AML and analytics solutions with Kroll’s investigative abilities will provide the needed solutions for that growing market,” said Pawel Kuskowski, CEO and co-founder, Coinfirm.

“As we further see blockchain assets and cryptocurrencies enter the traditional and major markets, businesses of all kinds are going to increasingly require AML analysis and investigative tools. 

“The collaboration with Kroll will ensure this needed certainty can be provided and effective compliance programs will mean businesses are ready for the enhanced regulations which will soon come into force.”