Georgia-based SaaS technology company Coinnections has announced the launch of a beta of its AML and KYC compliance software for Bitcoin MSBs (money services businesses), such as cryptocurrency exchanges, Bitcoin ATMs and brokers. According to the official press release, beta testers will gain early access and a half hour of free compliance consulting with BitAML.
FinCEN regulations require that MSBs develop and implement an anti-money laundering compliance system. Bitcoin compliance expert Joe Ciccolo was quoted as saying, “We are very excited about the potential for the Coinnections platform to simplify the management and enforcement of compliance programs for MSBs, as it was created to meet FinCEN regulations.”
The powerful product is a complete suite of AML transaction monitoring, case management, due diligence, electronic SAR/CTR filing, and intuitive workflow which eases the implementation process. This immensely benefits the Bitcoin ecosystem, which is witnessing a mushrooming of bitcoin ATMs and exchanges–according to coinatmradar.com, the latest Bitcoin ATM count is 501.
Aaron Williams, founder of Coinnections said:
“Coinnections is more than an AML compliance platform. We’ve put a lot of focus on auditing and change management, as well. Auditing in the MSB space tends to be very resource-intensive, so we architected our systems to take as much legwork out of the audit process as possible.”
Cryptocurrencies such as Bitcoin have been criticized for their alleged involvement in terrorist financing and illegal activities such as child pornography, money laundering, and tax evasion. This helps the FinCEN bureau at the US Department of the Treasury to enforce compliance on Bitcoin businesses. And with the Bitcoin space growing at an increasing pace, this only bodes well in terms of both legal and operational purposes.
Coinnections is inviting Bitcoin money services businesses to join the beta list by signing up on the website, www.coinnections.com.