Zurich-based Falcon Private Bank was one of the first mainstream financial institutes to embrace the trade with bitcoin, launching a platform for its client to buy the crypto-currency in July 2017. The company is now implementing a next step in its digital offering.
The bank will accept wealth originating from crypto assets and converted into fiat currency from existing and new customers, the company said in a statement today.
The move comes at a time when central banks and eminent bankers warn about digital currencies such as bitcoin.
The little controlled business with crypto-currencies may offer criminals an easy way to wash ill-gotten assets.
Due Diligence Tool
Falcon Private Bank is aware of the concerns and has developed a set of tools to stop money with a criminal background to be placed with the bank.
The due diligence tool has been reviewed and approved by auditor PricewaterhouseCoopers, the bank said.
The bank will analyze the transaction history on the blockchain to ensure full compliance with anti-money laundering and know-your-client laws and regulation.
Falcon Private Bank CEO Martin Keller is proud to reconfirm the bank’s role 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,» Keller said. «Considering the latest developments of crypto assets, the launch of this innovative new offering is timely.»