Lysis reviewed the exchange’s AML/CTF framework which resulted to a successful maturity assessment review.
Crypto & Digital Assets
Independent Governance Review of a Crypto Exchange
A U.K. domiciled crypto exchange with global reach.
A requirement from the client’s payment processing partner to carry out an independent maturity assessment review of the exchange’s governance framework and operational controls.
Lysis conducted an independent maturity assessment of the exchange’s AML governance framework including the operational systems and controls utilising the Arctic Intelligence AML HealthCheck solution.
Lysis reviewed the exchange’s AML/CTF framework which resulted in the assessment where a percentage of 83% fully compliant were achieved and 17% achieved partial compliance, meaning compliance requirements were met but some gaps were identified. A remedial programme was set up for the 17% and consequently the payment processing partner was happy to keep the facilities open.
A new to market crypto asset business domiciled in Ireland received a regulatory requirement from the Central Bank of Ireland to design and embed a financial crime, AML/CTF, governance framework.
Our client was in the middle of an extensive regulatory remediation for the Central Bank of Ireland and the remediation.
An international payment company with offices in major European hubs outsourced KYC service provision was unsatisfactory. A significantly enhanced and more effective capability was developed by Lysis.
