Swiss private bank Falcon announced on January 9 it is offering clients a compliant process for investing wealth generated from trading in cryptocurrencies.
According to the Zurich-based bank, existing and new private banking clients can place their wealth originating from crypto assets and converted into fiat currency with Falcon.
The bank says it applies required due diligence using “specific tools” to analyse the transaction history on the blockchain to ensure full compliance with anti-money laundering and know your client laws and regulations.
With this initiative, we anticipate an increase in client demand for Falcon's blockchain asset management services. Considering the latest developments of crypto assets, the launch of this innovative new offering is timely.
CEO, Falcon Private Bank
The bank turned to the cryptocurrency in July last year, providing blockchain asset management services to clients through an alliance with currency exchange Bitcoin Suisse. Under the arrangement, approved by Swiss regulatory body Finma, clients can exchange and hold bitcoins via Falcon using their cash holdings.
Additionally, a Bitcoin ATM has been installed in the lobby of the bank's headquarters in Zurich and is accessible to the public during business hours.