The owner of the Payment21® brand infomred that it recently been licensed as a Directly Subordinated Financial Intermediary (DSFI). The third-party processor is now supervised by the Swiss Financial Market Supervisory Authority (FINMA) for compliance with Anti-Money-Laundering (AML) laws and Know-Your-Customer (KYC) rules.
After over one year of substantial effort and investment, the company received a regulatory upgrade, making it the first Bitcoin firm in Switzerland directly supervised by the Swiss Financial Market Supervisory Authority (FINMA) for compliance with Anti-Money-Laundering (AML). Moving Media GmbH, was formerly a member of Geneva’s ARIF, the Association Romande des Intermédiaires Financiers, a self-regulatory organization (SRO) under Swiss private law.
Moving Media GmbH has now reached a new level of regulatory compliance for firms dealing with crypto currency in Switzerland. As Managing Director Bernhard Kaufmann observes,
“We are committed to meeting the legal requirements of the Swiss financial marketplace. Our handling of compliance issues enriches the digital currency ecosystem, and demonstrates that Swiss regulators embrace competitiveness in financial services, and truly encourage Fintech innovation in the digital era.”
Both the company’s business model and its compliance with the Anti-Money-Laundering law (AML) and regulations were carefully evaluated by Swiss FINMA, the Financial Market Supervisory Authority, prior and the company’s admission as a DFSI.
The Swiss-based payment gateway operates as a regulated financial intermediary offering AML-compliant Bitcoin processing services. Its offices are located in the Canton of St. Gallen, situated in the German-speaking eastern area of the alpine country. According to Kaufmann,
“Government licensing is crucial when establishing a payments business. Official approval in a leading European financial center like Switzerland is a key differentiator in the competitive landscape.”
Payment21®’s award-winning Bitcoin cashier system provides collection and exchange services to e-commerce merchants, multinational corporations, and financial intermediaries around the globe. In addition to offering gateway services, the technology firm operates an exchange office enabling Payment21® to broker Bitcoin by exchanging digital money into legal tender. Kaufmann adds,
“Our unique selling proposition goes well beyond simply providing cryptographic payment processing to ecommerce vendors. Currently, our advisory and engineering services for RegTech projects enjoy increased demand.”
Beyond providing payment services, the company has additional products in the development pipeline. The first product, an OTC brokerage for digital currencies targeted to licensed asset managers and institutional investors, is currently under limited release. Given its unique regulatory status, the company is well positioned to bridge the gap between the digital cash ecosystem and regulated financial services.
Payment21.com offers added value to enterprise-level businesses by meeting the specific regulatory requirements of auditors, government agencies, and financial institutions. The operator offers custom-made Fintech solutions and sophisticated integration modules to regulated companies such as payments institutions, publicly-listed corporations, and traditional banks.
This article first appeared on payment21.com, Featured image via Pixabay
