Switzerland-based Falcon Private Bank has announced that it has implemented a compliant process to accept wealth generated from crypto assets.
Last year, the bank announced bitcoin asset management service, followed by the addition of Ether, Litecoin, and Bitcoin Cash to crypto-asset management services.
In a release dated January 09, 2018, Falcon announced the crypto wealth management service, with immediate effect. Existing and new private banking clients would now be able to place their wealth originating from crypto assets and converted into fiat currency with Falcon.
“I am proud that Falcon reconfirms its reputation as a first-mover in blockchain asset management. With this initiative, we anticipate an increase in client demand for Falcon’s blockchain asset management services. Considering the latest developments of crypto assets, the launch of this innovative new offering is timely,” Martin Keller, CEO Falcon Private Bank.
The bank said that it applies required due diligence using specific tools to analyse the transaction history on the blockchain to ensure full compliance with AML (anti-money laundering) and KYC (know your client) laws and regulations.
