SaaS tech. firm Coinnections launches AML, KYC compliance software for bitcoin …

SaaS tech. firm Coinnections launches AML, KYC compliance software for bitcoin MSBsSaaS tech. firm Coinnections launches AML, KYC compliance software for bitcoin MSBsAtlanta, Georgia-based Software as a Service (SaaS) technology company Coinnections announced in December, 2015 that it had launched a private beta of its Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance software for bitcoin Money Services Businesses (MSBs).

The company invited a limited group of digital currency MSBs such as exchanges and bitcoin ATMs to beta test its software suite. Beta testers will enjoy early access and a half hour of free compliance consulting with BitAML.

Coinnections says that it provides a comprehensive AML/KYC compliance platform designed to consistently enforce a business’s AML policy. Coinnections’ combination of powerful AML transaction monitoring, case management, enhanced due diligence, electronic SAR/CTR filing and intuitive workflow reduces the complexity of compliance responsibilities, says the company.

Coinnections’ founder, Aaron Williams, is a former payments industry product manager and entrepreneur. He made his debut into the bitcoin world in 2013 when he took delivery of the first Lamassu Bitcoin ATM machine. Williams says that he at once experienced the need for an integrated AML product.

“Since then the vision has developed,” explained Williams. “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.”

With the integration of cryptocurrencies and blockchain technology into day-to-day life, the FinCEN bureau at the U.S. Department of the Treasury is applying considerable stress on the regulation of transactions through anti-terrorism financing and anti-money laundering compliance. MSBs, in order to conform to legal requirements, must create an AML compliance program and report to FinCEN if suspicious or unusual activities are discovered.

“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,” said bitcoin compliance expert Joe Ciccolo.

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