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How RegTech tools enable regulatory compliance for cryptoassets: A case study for cryptoasset transaction monitoring
Journal of Digital Banking,
8
(2),
176-189
(2023)
Abstract
BBVA, BNP Paribas, Citigroup, DBS, JPMorgan, Société Générale — these are the names of just a few well-known traditional banks that have already established or are in the process of establishing a cryptoasset offering to their clients. While various challenges need to be overcome in introducing a cryptoasset offering, some might see the true challenge starting once customers can not only ‘buy and hold’ cryptoassets but also transfer these assets to a wallet outside the banking environment or bring their already existing cryptoassets into the banking environment. Compliant yet efficient cryptoasset transaction monitoring as part of an effective cryptoasset compliance framework is an important component of a successful cryptoasset offering by a traditional bank. This paper discusses some of the challenges related to cryptoasset transaction monitoring, provides insights on regulatory technology (RegTech) tools that address those challenges and illustrates in a case study the approach of Sygnum Bank, the world’s first digital asset bank, to overcome these challenges.
Keywords: Blockchain; cryptoassets; banks; compliance; RegTech; transaction monitoring; Travel Rule
The full article is available to subscribers to the journal.
Author's Biography
Magdalena Boškić has five years of crypto compliance relevant experience with regulated financial intermediaries. She is Head of RegTech & Crypto Compliance Services (CCS) at Sygnum Bank, the world’s first digital asset bank, which is regulated by the Swiss Financial Market Supervisory Authority, FINMA. Magdalena is responsible for Sygnum Bank’s RegTech & CCS offering, which encompasses crypto compliance consulting and crypto compliance educational services as well as Sygnum’s proprietary cryptoasset transaction monitoring tool, C-AML. Together with her team, Magdalena supports other banks in the compliant offering of cryptoassets. Prior to joining Sygnum Bank, Magdalena was Head of Compliance at Crypto Finance (Brokerage) AG, a FINMA-regulated securities firm. While at Crypto Finance, she was responsible for establishing and maintaining AML compliance frameworks applicable to cryptoassets, contributing to obtaining the securities firm licence. Her interest in cryptoassets was triggered while serving as a compliance officer at Credit Suisse, where she was a member of the Cryptocurrencies Working Group. Since 2019, she has been a member of the Compliance Working Group of the Crypto Valley Association (CVA), and since June 2022, she has been a board member of the OpenVASP Association. Magdalena holds a Bachelor of Law degree from the University of Zurich and an MA HSG in Law from the University of St. Gallen in Switzerland. She is a regular speaker at conferences and writes articles about regulatory aspects of cryptoassets.
