Zurich-based Swiss private bank group Falcon has announced they have implemented a process in line with relevant compliance provisions to enable acceptance of wealth originating from crypto assets.
Falcon Private Bank reaffirms its first-mover role in blockchain asset management by accepting a new source of wealth: With immediate effect, existing and new private banking clients can place their wealth originating from crypto assets and converted into fiat currency with Falcon.
The bank applies required due diligence using specific tools to analyze the transaction history on the blockchain to ensure full compliance with AML (anti-money laundering) and KYC (know your client) laws and regulations. Our auditor PricewaterhouseCoopers has reviewed the process.
Martin Keller, CEO Falcon Private Bank, on the expanded offering:
“I am proud that Falcon reconfirms its reputation as a first-mover in blockchain asset management. With this initiative, we anticipate an increase in client demand for Falcon’s blockchain asset management services. Considering the latest developments of crypto assets, the launch of this innovative new offering is timely.”