Client Case Study: Securing VASP Registration with Central Bank of Ireland

Our client, Fortuna Digital Custody Ltd, needed to secure VASP registration from the Central Bank of Ireland (CBI) to offer custody and transfer of virtual assets. At AMLBot, we are pleased to have successfully assisted our client in this endeavor. By incorporating AMLBot’s compliance tools, including our Know Your Transaction (KYT) software, Fortuna was able to meet the regulatory requirements and obtain the registration.

Regulatory compliance is essential for businesses aiming to establish themselves as trustworthy and secure service providers. Read more about how AMLBot's solutions supported Fortuna in achieving this milestone. Here’s a short background on our successful client case study:

Background

• Client: Fortuna Digital Custody Ltd
• Established: 2021
• Location: Ireland
• Service: Bespoke custody solutions for digital assets
• Objective: Secure Virtual Asset Service Provider (VASP) registration by the Central Bank of Ireland (CBI)

Challenge

To operate legally as a VASP in Ireland, Fortuna needed to:

1. Develop a comprehensive AML policy.
2. Implement a reliable transaction monitoring system.
3. Demonstrate robust AML and Counter-Terrorist Financing (CTF) measures to the Central Bank of Ireland.

Solution

Fortuna partnered with AMLBot to enhance their AML processes with our advanced compliance tools:

• AMLBot's KYT Software: This tool screens transactions and wallets, providing detailed risk scoring to prevent money laundering activities.
• The onboarding and implementation of AMLBot's KYT tool were completed in under a short period of time.

Key features of AMLBot's KYT solution include:

• Blockchain Analytics: Analyzes blockchain transactions to identify suspicious activities.
• Risk Management: Provides detailed risk scoring for transactions and wallets.
• Address Monitoring: Continuously monitors and screens crypto addresses.
• Data Security: Ensures secure handling and reporting of transaction data.
• Compliance Reporting: Facilitates comprehensive compliance reporting.

Implementation Process

1. Product  Integration: Fortuna integrated AMLBot’s KYT software API into their product.
2. Transaction Monitoring Policy: Fortuna indicated AMLBot as a KYT compliance provider responsible for transaction monitoring for AML purposes.
3. Regulatory Inquiry: The CBI inquired about the functionality and reliability of AMLBot.
4. Response and Demonstration: AMLBot together with Fortuna provided detailed responses, showcasing the tool's capabilities and compliance features.

Outcome

• VASP Registration Granted: The Central Bank of Ireland granted Fortuna Digital Custody Ltd a VASP registration.
• Milestone Achievement: Fortuna became the 12th business to secure VASP approval in Ireland.

Client Testimonial

Brian Elders, Co-founder and CEO of Fortuna Custody Solutions, stated:

"VASP registration with the Central Bank of Ireland is an important milestone in the Fortuna journey.  We would like to thank AMLBot for their business collaboration to date and we look forward to leveraging this milestone to grow our business and our mutual collaboration in the future."

Conclusion

Our collaboration with Fortuna Digital Custody Ltd exemplifies how AMLBot’s advanced AML and KYC solutions can facilitate regulatory approval processes. By providing robust tools and expertise, we enable our clients to meet stringent compliance requirements, secure necessary licenses, and grow their businesses confidently in the digital assets sector.

Fortuna’s success underscores the importance of integrating reliable AML solutions in achieving regulatory compliance and fostering growth in the dynamic world of digital assets. At AMLBot, we remain committed to supporting our clients with robust compliance solutions tailored to the evolving demands of the cryptocurrency ecosystem.

For more information on how AMLBot can assist your business in achieving regulatory compliance and securing essential licenses, visit our KYT services page.

About AMLBot

AMLBot provides efficient AML and KYC solutions tailored to the needs of businesses operating in the cryptocurrency and digital assets sector. Our tools assist clients to get approved by regulatory bodies, ensuring compliance, security, and efficient transaction monitoring. Our solutions have been approved by regulators in Estonia, Lithuania, France, Switzerland, Ireland, and more.