Thu, Oct 31, 2019

Kroll and Coinfirm Launch Crypto Compliance and Investigations Solutions

Kroll, a division of Duff & Phelps, a global leader in risk mitigation, investigations, compliance, cyber resilience, security and incident response solutions, today announced that it now offers crypto compliance and investigations solutions through a collaboration with blockchain analytics firm Coinfirm. Together, the companies will bring new anti-money laundering (AML) compliance, investigations and security solutions to the cryptocurrency and blockchain technology market.

The need for due diligence, regulatory consulting, security and investigative services has increased in recent months as the cryptocurrency and blockchain industry continues to grow. Adoption by diverse businesses and industries is rising, and new upcoming AML regulations mean that businesses need to know exactly who their customers are, even in the crypto-sphere.

The combination of Kroll’s investigative expertise with Coinfirm’s proprietary technologies allows for effective investigation and risk assessment of cryptocurrencies. Evidence gathered from such investigations can then be used to design effective legal recovery strategies in conjunction with the appropriate regulatory and law enforcement bodies. 

Benedict Hamilton, Managing Director at Kroll, comments: “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. 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.”

Kroll, Duff & Phelps and Coinfirm will provide banks, financial institutions, companies and regulators with best-in-class solutions across a range of compliance and investigative 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 maximize 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

Pawel Kuskowski, CEO and Co-Founder at Coinfirm, comments: “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. 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.”

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Compliance Risk and Diligence

The Kroll Investigations, Diligence and Compliance team partners with clients to anticipate, detect and manage regulatory and reputational risks associated with global ethics and compliance obligations.

Financial Services Compliance and Regulation

End-to-end governance, advisory and monitorship solutions to detect, mitigate, drive efficiencies and remediate operational, legal, compliance and regulatory risk.