Crypto Wealth Management Service Offered By Falcon Private Bankbr>
Falcon Private Bank has implemented a compliance process to accept wealth generated from trading in cryptocurrencies.
Falcon Private Bank is a Swiss private banking firm headquartered in Zurich. The company provides private banking and wealth management services to high net-worth private clients and investment companies worldwide. The company has branches and representative offices in Geneva, London, Singapore, Abu Dhabi, and Dubai.
Falcon was the first Swiss financial institution to provide bitcoin and blockchain asset management solutions, instituting them in July, 2017. It was followed by the addition of Bitcoin Cash, ether, and Litecoin to its cryptocurrency asset management solutions. Falcon also installed a bitcoin ATM in the lobby of its headquarters in Zurich.
On Tuesday, the bank announced that, with immediate effect, existing and new private banking clients can place their wealth originating from crypto assets and convert it into fiat currency with Falcon. The bank claimed that it applied required due diligence using specific tools to analyze the transaction history on the blockchain to ensure full compliance with anti-money laundering (AML) and know your customer (KYC) laws and regulations.
Martin Keller, CEO of Falcon Private Bank, said the initiative reconfirms the banks 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, he said. “Considering the latest developments of crypto assets, the launch of this innovative new offering is timely.”