Sygna bridges the divide between virtual asset service providers and the evolving global KYC/AML requirements of regulatory authorities such as the Financial Action Task Force (FATF) and the Financial Crimes Enforcement Network, United States Department of Treasury (FinCEN) in compliance with FATF Recommendations 4, 15, 16 and more.
What Sygna Offers:
Real Identity Wallets - Connecting real identities to crypto addresses in fully compliant and integrated hardware wallets, issued directly to consumers.
Universal KYC - A universally recognized Know Your Customer registration system allows for a streamlined process for all involved parties.
Key Management - An effortless all-in-one private key management solution that generates, stores, issues, and recovers keys in an EMV Certified Facility.
Transaction Screening - Public address and identity screening to flag, prevent, and freeze any malicious transaction activity.
How Sygna Makes Your Platform Compliant:
FATF Recommendation #4 - Freeze or Seize Money Laundered Assets
Countries should adopt measures similar to those set forth in the Vienna Convention, the Palermo Convention, and the Terrorist Financing Convention, including legislative measures, to enable their competent authorities to freeze or seize and confiscate the following, without prejudicing the rights of bona fide third parties: (a) property laundered, (b) proceeds from, or instrumentalities used in or intended for use in money laundering or predicate offences, (c) property that is the proceeds of, or used in, or intended or allocated for use in, the financing of terrorism, terrorist acts or terrorist organisations, or (d) property of corresponding value.
Such measures should include the authority to: (a) identify, trace and evaluate property that is subject to confiscation; (b) carry out provisional measures, such as freezing and seizing, to prevent any dealing, transfer or disposal of such property; (c) take steps that will prevent or void actions that prejudice the country’s ability to freeze or seize or recover property that is subject to confiscation; and (d) take any appropriate investigative measures.
Countries should consider adopting measures that allow such proceeds or instrumentalities to be confiscated without requiring a criminal conviction (non-conviction based confiscation), or which require an offender to demonstrate the lawful origin of the property alleged to be liable to confiscation, to the extent that such a requirement is consistent with the principles of their domestic law.
Sygna solution: Transaction screening helps filter corrupt transactions from bad actors
FATF R.15 VASPs need to comply with AML / CFT
Countries and financial institutions should identify and assess the money laundering or terrorist financing risks that may arise in relation to (a) the development of new products and new business practices, including new delivery mechanisms, and (b) the use of new or developing technologies for both new and pre-existing products. In the case of financial institutions, such a risk assessment should take place prior to the launch of the new products, business practices or the use of new or developing technologies. They should take appropriate measures to manage and mitigate those risks.
To manage and mitigate the risks emerging from virtual assets, countries should ensure that virtual asset service providers are regulated for AML/CFT purposes, and licensed or registered and subject to effective systems for monitoring and ensuring compliance with the relevant measures called for in the FATF Recommendations.
Sygna solution: Universal KYC helps VASPs identify high risk individuals
FATF R.16 VASPs should obtain Originator and Beneficiary information on wire transfers
Countries should ensure that financial institutions include required and accurate originator information, and required beneficiary information, on wire transfers and related messages, and that the information remains with the wire transfer or related message throughout the payment chain.
Countries should ensure that financial institutions monitor wire transfers for the purpose of detecting those which lack required originator and/or beneficiary information, and take appropriate measures.
Countries should ensure that, in the context of processing wire transfers, financial institutions take freezing action and should prohibit conducting transactions with designated persons and entities, as per the obligations set out in the relevant United Nations Security Council resolutions, such as resolution 1267 (1999) and its successor resolutions, and resolution 1373(2001), relating to the prevention and suppression of terrorism and terrorist financing.
Sygna solution: Withdrawals to Real Identity Wallets allows for traceable transfer information