About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Atlas ATS Deploys Strevus Compliance Solution to Support Digital Currency Exchange

Subscribe to our newsletter

Atlas ATS, a New York based cryptocurrency trading exchange, has deployed a Strevus hosted solution to ensure that its institutional customers achieve Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance as required under the US Bank Secrecy Act. The exchange is up and running with the Strevus compliance lifecycle management solution in New York and is planning to deploy it at operations in Europe and Asia. It will also take advantage of the utility style of Strevus compliance management that allows customers to input their data once for the benefit of many exchanges.

Atlas ATS started the search for a KYC and AML compliance solution last year, following regulatory guidance that digital currency exchanges and their members would be subject to similar due diligence requirements as other financial trading organisations. The exchange considered compliance solutions geared to the retail market and others requiring a large amount of input, before selecting Strevus to support its compliance requirements.

Shawn Sloves, Atlas ATS CEO, explains: “It is difficult to collect information from clients and they all need to provide information separately at different exchanges. This is a long and repetitive process. But in Strevus we found a repository where clients can enter their information voluntarily and where one entity’s information is universally available to other exchanges. The Strevus solution also has an analytics engine and the ability to identify any potential AML activities between entities. This means our members can easily manage the on-boarding process, collect information for KYC and AML reporting, and monitor and analyse data required to ensure ongoing compliance. In future, we plan to leverage Strevus’s compliance technology for multiple private markets.”

Strevus extended its compliance technology to support Bitcoin and other digital currencies in April 2014, recognising regulatory requirements for registration, reporting and record keeping, as well as exponential growth in cryptocurrency trading, albeit from a small start. Ken Hoang, CEO and founder of Strevus, explains: “Early movers in digital currency trading are aggressive hedge funds around the world, but large institutions have now formed digital currency groups and are looking for regulatory guidance on how they can operate. It is only a matter of time before they join the market.”

Hoang suggests Strevus is a good fit here as its managed service has the capabilities to meet exchanges’ initial goals and future proof them against additional regulatory requirements. The company is on-boarding clients and providing proof of KYC compliance for Atlas ATS, as well as looking at the portability of client data to other exchanges. Hoang says: “Our key is time to transaction. The Strevus solution cuts the time to on-board new customers, while dramatically reducing costs.”

As Atlas ATS on-boards customers to its trading exchange, it is also looking forward to using the Strevus solution as a broader, shared customer data repository. Sloves explains: “Imagine 10 Bitcoin businesses all using the same client data repository. Using the Strevus platform they could cross-reference client data and the clients would be immediately available for trading. A solution like this stops customers having to repeat processes and lowers the barriers to trading.”

On the subject of Bitcoin and cryptocurrencies, he concludes: “Bitcoin is a transformational product and digital currencies are one of the most significant inventions of recent times. They will change everything.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: The challenges and potential of data marketplaces

Data is the lifeblood of capital markets. It is also a valuable commodity providing financial institutions with additional insight when gathered in an internal data marketplace, or packaged and sold externally to other institutions. While the theory is sound, the practice of setting up a data marketplace can be challenging. Internally, vast amounts of data...

BLOG

GoldenSource Plans Product Innovation Following Acquisition by Gemspring Capital

GoldenSource is planning to innovate its enterprise data management (EDM) and master data management (MDM) solutions, and accelerate global growth following its acquisition by Gemspring Capital. Product innovation will include building and buying adjacent solutions to the EDM platform. GoldenSource CEO John Eley, describes the acquisition as a strategic investment in the company’s growth. He...

EVENT

RegTech Summit APAC

Now in its 2nd year, the RegTech Summit APAC will bring together the regtech ecosystem to explore how capital markets in the APAC region can leverage technology to drive innovation, cut costs and support regulatory change. With more opportunities than ever before for RegTech to add value, now is the time to invest for the future. Join us to hear from leading RegTech practitioners and innovators who will share insights into how they are tackling the challenges of adopting and implementing regtech and how to advance your RegTech strategy.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...