Falcon expands crypto services
New and existing private banking clients of Falcon Private Bank can now place their wealth originating from crypto assets and converted into fiat currency with Falcon, according to a statement from the bank.
To ensure that no money from criminal sources ends up in the bank, Falcon uses special tools that analyse the transaction history on blockchain to ensure full compliance with anti-money laundering (AML) and know-your-client (KYC) laws and regulations. The process has already been reviewed by the consultancy PwC.
“I am proud that Falcon reconfirms its reputation as a first-mover in blockchain asset management,” said Martin Keller, CEO of Falcon.
Last summer, Falcon became the first bank in Switzerland to sell and administer bitcoins.