Confirm to provide RegTech for Bankhaus von der Heydt

By Sunniva Kolostyak

Bankhaus von der Heydt has partnered with blockchain analytics and AML provider Coinfirm for a platform to enhance its risk monitoring and crypto management.

The German financial institution, which is one of the oldest in Europe, will be using Coinfirm’s anti-money laundering (AML) platform for blockchain risk management related to cryptocurrencies.

Coinfirm’s AML platform consists of 270+ risk indicators able to catch nefarious actors with red flags for anything from Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CTF) to combatting fraud and darknet trading.

Alongside this array of indicators, the firm has the largest coverage of cryptocurrencies being monitored in the blockchain space. It covers over 1,500 cryptocurrencies and protocols including Bitcoin, Ethereum and Hyperledger, and is used by crypto exchanges such as Binance, protocols like XRP, and financial institutions like PKO BP.

Commenting on the agreement between the two firms, Philipp Doppelhammer, Managing Director at Bankhaus von der Heydt, said: “As a fully regulated credit institution, Bankhaus von der Heydt ensures the highest possible security and compliance standards. Coinfirm has established a reputation as an industry-leading crypto risk monitorer. Their blockchain analytics platform is therefore a great addition to our internal risk management.”

Germany was one of the first jurisdictions to allow banks to be a custodian of crypto assets, as the recent amendment to the German Banking Act (KWG) means that third parties must obtain permission of custody from the German supervisory authority BaFin.

With the regulatory change, the traditional banking sector can now have a role in the virtual assets industry, with Bankhaus von der Heydt aiming to lead the charge.

Also commenting, Pawel Kuskowski, CEO and Co-Founder of Confirm, said: “Coinfirm is proud to be able to collaborate with an extraordinarily respected financial institution such as Bankhaus von der Heydt that has been a foremost pioneer in financial securities, markets and trends. We look forward to creating a safer blockchain economy with the traditional banking world.”