15 Apr BitAML Introduces ComplyFit, An Innovative Money Transmitter License Management And Compliance Solution For The Cryptocurrency Industry
On-demand workplace platform also streamlines numerous day-to-day institutional compliance tasks including reporting, record-keeping, and transaction monitoring.
Financial institutions (FIs) in the cryptocurrency industry face significant challenges regularly updating customary money transmitter license (MTL) requirements, as well as a variety of other daily compliance activities. To help FIs meet their federal and state license and reporting obligations, BitAML, an AML compliance advisory firm that serves the cryptocurrency industry, introduces ComplyFit, a SaaS platform that helps FIs identify compliance vulnerabilities and address them in real time.
ComplyFit offers a suite of inventive tools that solve the most pressing MTL and compliance issues confronting cryptocurrency businesses. Foremost among them is the first-of-its-kind MTL monitoring and management tool, which tracks updates to money transmitter license requirements in all 50 states and provides updates to ComplyFit users in real time when state licenses require an update or renewal.
“Cryptocurrency compliance obligations vary state by state and change constantly and quietly, onerously requiring compliance officers to frequently check in with regulators to ensure they continue to operate in accordance with requirements,” said Joe Ciccolo, founder and president of BitAML. “That’s why ComplyFit is such a game-changer. For the first time, crypto FIs can manage their license requirements from a single dashboard and receive notifications and real-time customer support.”
In addition to MTL tracking, ComplyFit provides real-time transaction monitoring and automated tracking of mission-critical tasks (i.e. SAR, CTR filings) as well as deep record-keeping and live support from compliance professionals.
“ComplyFit was designed with one goal in mind – to fill an unmet need in financial compliance with tools that BSA compliance officers actually need and will actually use,” Ciccolo added. “As a solution, it is lean, user-friendly, and highly functional. A leap in innovation that doesn’t come often in our industry, which is filled with clunky, complex, and expensive solutions filled with unnecessary features.”
Complyfit enables entrepreneurs in cryptocurrency to take corrective actions prior to regulatory examination, not after the fact. The platform is truly the first of its kind; it is an unprecedented solution that raises the bar for robust AML compliance in the industry.
To sign up for a free demo and 45-day trial, email firstname.lastname@example.org.
ComplyFit is a SaaS platform that helps financial institutions in the cryptocurrency industry identify compliance vulnerabilities and address them in real time. It offers easy-to-use tools that streamline traditional compliance tasks like reporting, recordkeeping, and monitoring, and includes live tech and compliance support with compliance professionals. ComplyFit enables crypto institutions to reduce the cost of compliance, rein in rising labor expenses, and operate more efficiently, while keeping the “health” of their compliance more robust than ever before. To learn more about ComplyFit, visit complyfit.com.
BitAML is a compliance advisory firm working in the fast-growing and dynamic cryptocurrency financial sector. We offer compliance advisory services and consultation for regulated cryptocurrency companies, including bitcoin ATM operators, exchanges, traders and trading platforms, hedge funds, crypto-cannabis and other innovative solutions providers. To learn more about BitAML’s services, visit bitaml.com.