Falcon Private Bank says it’s the first Swiss bank to introduce direct crypto transfers for its customers. According to an announcement, Falcon clients can directly transfer Bitcoin, Ether, Bitcoin Cash and Litecoin to and from Falcon wallets, as well as convert crypto into fiat.
According to the announcement,
“Clients can place trading orders conveniently through e-banking or a dedicated relationship manager. Digital assets are included in portfolio statements as well as in tax reporting documents. In addition to ensuring best execution, Falcon provides secure storage thanks to its proprietary custody solution.”
“The bank has developed a process that ensures full compliance with AML (anti-money laundering) and KYC (know your client) laws and regulations. Falcon’s multi-level protection covers hardware, software and the transaction process. Our custody solution has been audited and reviewed by independent providers.”
Falcon’s verbal commitment to internal control processes may serve as a relief to some, given the bank’s recent track record. In 2016, Swiss regulators found that Falcon had breached money laundering regulations. Owned by Abu Dhabi’s International Petroleum Investment Co(IPIC), Falcon was placed under investigation when it became ensnared in the Malaysian state fund 1MDB banking scandal.
Consequently, Swiss financial watchdog FINMA ordered the Zurich-based bank to turn over 2.5 million Swiss francs ($2.56 million) in illegal profits. In 2017 Falcon reported operational losses of 128 million Swiss Francs ($138 million) and an additional 28 million Swiss Francs, raising questions about its “ambitious” trading strategies. At that time, the banking scandal fallout forced Falcon to close its Singapore branch on an order by the Monetary Authority of Singapore (MAS).
In a new video, co-head of digital assets at Falcon, Katie Richards, says the bank aims to be preferred partner for traditional and blockchain-based banking in Switzerland where, according to a survey by Switzerland-based crypto investment firm CV VC and PwC, fintechs are thriving.
The move is an expansion of Falcon’s strategy to move into blockchain-based services and solutions since receiving approval to manage blockchain-based assets back in July 2017.
Falcon Private Bank was founded in 1965.
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