Wolters Kluwer Compliance Solutions in collaboration with NYDIG (a prominent Bitcoin company), e-commerce platform iBit has launched Bitcoin Risk Assessment – NYDIG Clients to provide regulatory assessments to financial institutions that are looking to offer Bitcoin services to their customers NYDIG.
The Risk Assessment evaluates a financial institution’s control environment related to its participation in the NYDIG Bitcoin platform. Clients receive a report detailing how the findings relate to a range established controls. This gives clients a better understanding of their Bitcoin activities. This report helps financial institutions understand whether their current controls are sufficient to allow them to meet the applicable regulatory standards for offering Bitcoin services and products.
“Recent federal regulatory messaging and guidance has emphasized that financial institutions pursuing Bitcoin-related investments for their customers must fully understand and control for potential risks,” Stevie Conlon was Vice President, Tax and Regulation Counsel for Wolters Kluwer Compliance Solutions. “A targeted assessment allows a financial institution to appropriately tailor and document its controls.”
“Federal regulators are sending a clear message,” Steve Meirink, Executive Vice president and General Manager at Wolters Kluwer Compliance Solutions. “Financial institutions considering the potential rewards associated with Bitcoin products need to have a clear understanding of what they want to provide and how they’ll provide it. We are pleased to collaborate with NYDIG to offer participating financial institutions these assessments, which will help organizations begin their journey into offering Bitcoin to their customers.”
Customers expect their banks and credit unions offer Bitcoin-related services and products. A 2021 survey found that consumers are increasingly expecting their banks and credit unions offer Bitcoin-related services. Bitcoin & Banking NYDIG commissioned a survey to find out 71 percent of Bitcoin holder said that they would switch their primary banks to offer Bitcoin-related services alongside traditional banking services.
“NYDIG’s research clearly shows that consumers expect their banks and credit unions to provide access to Bitcoin,” said Patrick Sells, NYDIG’s Chief Innovation Officer. “With Wolters Kluwer’s expertise and NYDIG’s best-in-class platform, banks can confidently provide the Bitcoin products clients want in a safe and compliant manner.”
Wolters Kluwer is a NYDIG Preferred consultant for NYDIG platform risk assessments. In 2021, the two companies announced a strategic arrangement in which Wolters Kluwer agreed to provide regulatory compliance solutions and services—such as Wolters Kluwer Bitcoin Deposit Disclosure Program-NYDIG Accounts financial institutions interested in gaining additional confidence that account disclosures using NYDIG comply with regulatory requirements.
Wolters Kluwer Compliance Solutions the market leader and trusted provider in risk management and regulatory conformity solutions to U.S. insurance, banks, credit unions and securities firms, is the Trusted Provider of Risk Management and Compliance Solutions and Services. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ eOriginal® suite of purpose-built, digital lending solutions, for example, helps lenders digitize their transactions and features electronic signatures, collateral authentication and an electronic vault. Compliance Solutions’ OneSumX® for Regulatory Change Management tracks regulatory changes and organizes them into structured, value-added content using a single data feed that is paired up with an easy to use software solution. Wolters Kluwer Finance, Risk & Regulatory Reporting FRR, meanwhile is a world leader in providing integrated regulatory compliance reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation Wolters Kluwer ELM Solutions.