German financial institution Bankhaus von der Heydt, has entered a partnership with industry-leading blockchain analytics and AML provider Coinfirm to enhance risk monitoring and management associated with cryptocurrencies.
“As a fully regulated credit institution, Bankhaus von der Heydt ensures the highest possible security and compliance standards. Coinfirm has established a reputation as an industry leading crypto risk monitorer. Their blockchain analytics platform is therefore a great addition to our internal risk management.” - Philipp Doppelhammer, Managing Director at Bankhaus von der Heydt
Coinfirm’s AML platform consists of 270+ risk indicators able to catch nefarious actors with red flags for anything from Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CTF) to combatting fraud and darknet trading. Alongside this array of indicators, the firm boasts the largest coverage of cryptocurrencies being monitored in the blockchain space, which makes Coinfirm ideally positioned to help an innovative financial institution such as Bankhaus von der Heydt to further navigate the space in a safe and compliant fashion.
“Coinfirm is proud to be able to collaborate with an extraordinarily respected financial institution such as Bankhaus von der Heydt that has been a foremost pioneer in financial securities, markets and trends. We look forward to creating a safer 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 a custodian of crypto assets (according to an amendment to the German Banking Act (KWG) that came into force on January 1, 2020, the provision of custody of digital assets for third parties has become a regulated financial service that may only be offered with the permission of the German Federal Financial Supervisory Authority or ‘BaFin’). With this regulatory change, the traditional banking sector can now have a role in the virtual assets industry, with Bankhaus von der Heydt leading the charge.