Falcon Private Bank is offering clients “a compliant process for investing wealth generated from trading in cryptocurrencies”.
The bank said in a statement: “With immediate effect, existing and new private banking clients can place their wealth originating from crypto assets and converted into fiat currency with Falcon. The bank applies required due diligence using specific tools to analyse the transaction history on the blockchain to ensure full compliance with AML (anti-money laundering) and KYC (know your client) laws and regulations. Our auditor PricewaterhouseCoopers has reviewed the process."
Martin Keller, chief executive of Falcon, added that considering the latest developments of crypto assets, “the launch of this innovative new offering is timely.”
Falcon Private Bank is a Swiss private banking boutique headquartered in Zurich with locations in Abu Dhabi, Dubai, London and Luxembourg.