Wolters Kluwer Compliance Solutions has collaborated with Bitcoin company NYDIG to launch the Bitcoin Risk Assessment.
The Risk Assessment evaluates a financial institution’s control environment related to its participation in the NYDIG Bitcoin platform.
As part of the assessment, clients receive a report on how the findings fit within a range of established, relevant controls, providing clients a clearer picture of their Bitcoin activities.
This helps the financial institution understand if its current controls will allow it to fulfill the relevant regulatory standards for offering Bitcoin products and services.
Wolters Kluwer is a NYDIG Preferred Consultant for risk assessments conducted by financial institutions related to the NYDIG platform.
In 2021, the two companies announced a strategic arrangement in which Wolters Kluwer agreed to provide regulatory compliance solutions and services—such as Wolters Kluwer Bitcoin Deposit Disclosure Program-NYDIG Accounts.
“Recent federal regulatory messaging and guidance has emphasized that financial institutions pursuing Bitcoin-related investments for their customers must fully understand and control for potential risks. A targeted assessment allows a financial institution to appropriately tailor and document its controls.”
explained Stevie Conlon, Vice President, Tax and Regulatory Counsel for Wolters Kluwer Compliance Solutions.
“NYDIG’s research clearly shows that consumers expect their banks and credit unions to provide access to Bitcoin.
With Wolters Kluwer’s expertise and NYDIG’s best-in-class platform, banks can confidently provide the Bitcoin products clients want in a safe and compliant manner.”
said Patrick Sells, NYDIG’s Chief Innovation Officer.
This article first appeared on Fintech News Switzerland.