VAF Compliance, a leading virtual assets and financial compliance firm, has announced the launch of its newest solution – a Telegram Bot service that assesses the risks associated with accepting cryptocurrency as payment.
This innovative solution is the latest addition to VAF Compliance’s suite of compliance services, which includes outsourced compliance officers and transaction monitoring.
There is no doubt that the financial industry has undergone a transformative shift with the advent of cryptocurrencies and blockchain technology. While these innovations have brought transparency and decentralization, compliance remains a significant challenge that could undermine the industry’s potential.
Crypto exchanges, the entry point to cryptocurrencies, are particularly vulnerable to compliance issues. To maintain compliance, the implementation of robust Know Your Customer (KYC) and Anti-Money Laundering (AML) policies is essential.
Recent fraudulent scandals in the crypto industry, such as the collapse of FTX and Terra Luna, have led to increased legal scrutiny and a steady rise in personal wallet addresses included as sanctions identifiers.
According to a report by Chainalysis, OFAC has imposed sanctions on two Iranian nationals associated with the SamSam ransomware strain, designating their Bitcoin addresses as identifiers on the SDN List entries, and the number of personal wallet addresses included as sanctions identifiers has increased steadily since 2018.
While recent sanctions against entities providing money laundering services to criminals have had a positive impact, alternative money laundering services may still be found, highlighting the need for robust KYC and AML policies in the crypto industry.
VAF Compliance’s Telegram Bot can help individual clients and small businesses avoid situations where they may unknowingly accept tainted funds.
With this service, VAF Compliance aims to democratize access to AML solutions to all users, who now can assess risks before accepting crypto, receive a clear and user-friendly report, understand the risks associated with interacting with other wallets, and prevent the receipt of crypto with criminal origins.
The bot is now available in English and Chinese (Mandarin) and will cover over 45 blockchains. It also provides an easy-to-read report to understand the risk level prior to accepting any funds in the user’s wallet.
The cost per transaction is affordable when compared to the potential risks associated with accepting illicit funds, and payments can be settled via credit card, making the process even more convenient for users. In addition, users have the option to pay fees per report or package, and if they refer the service to others, they can receive free reports that cover more than 70 different risk parameters.
“We are very excited to launch our newest solution, the VAF Compliance Bot service, which provides an easy-to-use, yet comprehensive solution for individuals and small businesses looking to navigate the complex world of crypto compliance,” said Gilson Ribeiro Da Costa, CEO of VAF Compliance.
“We believe our innovative solutions will help our clients achieve their compliance goals, while also enhancing the overall reputation and credibility of the crypto industry.”
In addition to the launch of the Telegram Bot service, VAF Compliance recently conducted a study on the crypto exchange Huobi, which received a C- rating based on transactions from the cluster wallet with categorized addresses related to child abuse, terrorism financing, and OFAC sanctions, among others.
Being from the region and for the region, VAF Compliance can definitely help companies avoid such unfavorable situations, while the UAE’s crypto-friendly regulations set a foundation for a prosperous future in the blockchain and crypto space.
With over a decade of experience and an array of innovative solutions, VAF Compliance is the ideal partner for any crypto enthusiast or business looking to navigate the complex and ever-changing world of compliance and risk assessment.
Not only does the company offer support to clients in the MENA region, but it also extends its services in countries such as Turkey, Africa, and Europe. In fact, the company has announced its expansion to Switzerland and the establishment of its office in Zug. The team will be led by Farzaad Gaibie, a seasoned financial services consultant with extensive industry knowledge and experience.
The expansion to Zug will enable VAF Compliance to better understand the needs of its clients and offer tailored solutions that meet their unique requirements.