All banks have a level of exposure to crypto today; whether they want to or not, and whether they see it or not.
If your bank is looking either to enable your customers to transact with low-risk VASPs an exchanges, or provide banking servicesGeneral services, including non-profits, forums and news sit... More to crypto entities, you need deep-dive insights to better inform your risk decisioning.
Ciphertrace’s VASP Entity Risk Assessment is a consulting-based solution that delivers detailed insights into the overall risk of an entity. Leveraging proprietary Mastercard tools and data, we perform extensive due diligence on VASPs to highlight risk considerations to meet your specific needs.
Benefits to financial institutions
| Enhanced risk assessment | In-depth insights into the overall risk of Virtual AssetThe term "virtual asset" refers to any digital representatio... More Service Providers, including corporate profiles, sanctions assessments, cyber risk, and AML policy risk. This enables banks to conduct a more comprehensive risk assessment, and make informed decisions when engaging with these entities |
| Better Risk Decisioning | Leverage insights and benchmarking to make better risk-related decisions when enabling transactions with low-risk VASPs or providing banking services to crypto entities |
| Detailed Analysis and Auditability | Each customized report includes a detailed and expansive analysis of each in-scope VASP and related entities to meet specific organisational needs |
Crypto VASP & Exchange Risks FAQs
How can insights into VASPs and exchange risks benefit financial institutions?
Gaining insights into VASPs and exchange risks empowers financial institutions to make informed decisions, enhance risk management strategies, and ensure compliance with evolving regulations in the dynamic cryptocurrencyA cryptocurrency (or crypto currency) is a digital asset des... More landscape.
What specific information does the analysis provide about VASPs and exchanges?
The analysis offers comprehensive information about VASPs and exchanges, including risk profiles, regulatory compliance assessments, cyber risk evaluations, and AML policy scrutiny, enabling financial institutions to evaluate and manage associated risks effectively.
What factors are considered in assessing the overall risk of VASPs and exchanges?
The overall risk assessment of VASPs and exchanges considers factors such as corporate profiles, sanctions assessments, cyber risk indicators, AML policy effectiveness, and compliance with regulatory standards to provide a comprehensive risk evaluation.
How does the analysis address AML policy risk for financial institutions?
The analysis scrutinizes the AML policies of VASPs and exchanges, assessing their effectiveness in combating money laundering risks. It helps financial institutions evaluate the AML compliance level of these entities and make informed decisions accordingly.
Can the insights and analysis be customized to meet our specific needs?
Yes, the insights and analysis can be customized to meet the specific needs of financial institutions. The solution offers flexibility in tailoring the analysis to align with individual risk management strategies and requirements.
Is the analysis conducted by qualified experts with expertise in crypto risk management?
Yes, the analysis is conducted by qualified experts with in-depth expertise in crypto risk management. These professionals possess the necessary knowledge and experience to deliver accurate and comprehensive assessments.
What are the next steps to request an analysis or learn more about the process?
To request an analysis or learn more about the process, simply reach out to our dedicated team. They will guide you through the steps, provide further information, and assist you in initiating the analysis for your financial institution.