Audits For Banks And Financial Institutions
CipherBlade is available to conduct in-depth funds audits and security audits of high-volume cryptocurrency businesses for banks and financial institutions that are keen to open bank accounts for such businesses but are concerned from a risk and compliance standpoint.
Our audits are designed to ensure that such businesses are operating legally, safely, securely while ensuring their financials and crypto assets are both accurate and consistent. We ensure that the businesses do actually hold cryptocurrency that they claim to on behalf of customers, and don’t leverage, loan, trade or otherwise disperse of such assets. We also ensure the businesses are properly registered and compliant in accordance with applicable AML laws.
This audit helps financial institutions ‘de-risk’ cryptocurrency businesses as much as possible, so they can comfortably start a banking relationship with them knowing that the business is within an acceptable risk profile.
CipherBlade’s audit is extensive, involving a multi-day on-site visit and includes verifications or checks on the following:
Cryptocurrency Solvency “Proof of Reserves”
Cold Storage Practices & Policies
Redundancy & Backups
Handling of Client Information
Company Registrations & Licenses
Team Background Checks
Access Tiers & Requirements
Credential Storage & Redundancy
KYT on Select Suspicious Transactions
AML Prevention Measures & Assessment
Conducting such audits in advance helps banks mitigate risks posed by working with businesses in the cryptocurrency industry, in addition to helping their customers know their funds are safe due to having sound operational and security practices.
Furthermore, CipherBlade is available to conduct followup audits to ensure businesses remain financially sound, secure, and to ensure they’ve implemented any recommendations that were provided.