Swiss private bank Falcon is offering clients a compliant process for investing wealth generated from trading in cryptocurrencies.
The Zurich-based bank says that with immediate effect, existing and new private banking clients can place their wealth originating from crypto assets and converted into fiat currency with Falcon.
The bank says it applies required due diligence using "specific tools" to analyse the transaction history on the blockchain to ensure full compliance with anti-money laundering and know your client laws and regulations.
Martin Keller, CEO Falcon Private Bank, says the bank's auditor PricewaterhouseCoopers has reviewed and approved the process.
"With this initiative, we anticipate an increase in client demand for Falcon's blockchain asset management services," he says. "Considering the latest developments of crypto assets, the launch of this innovative new offering is timely."
The bank moved into the cryptocurrency space in July last year, providing blockchain asset management services to clients through an alliance with currency exchange Bitsuisse. Under the arrangement, approved by Swiss regulatory body Finma, clients can exchange and hold bitcoins via Falcon using their cash holdings.
Additionally, a Bitcoin ATM has been installed in the lobby of the bank's headquarters in Zurich and is accessible to the public during business hours.