Ensuring Stablecoin Compliance for Our Brand: Banking Circle's Approach
Banking Circle Partners for Comprehensive Stablecoin Compliance
Banking Circle, a fully licensed correspondent bank operating within the Banking and Financial Services sector for over a decade, has announced a partnership with a leading brand in digital asset decisioning. This strategic alliance aims to enhance the bank's compliance and monitoring capabilities, particularly for its Euro- pegged stablecoin, EURI.
The partnership drives operational efficiency without requiring additional resources for Banking Circle. It allows the bank to make faster, data-driven decisions, ensuring compliance with the evolving regulatory landscape, such as the Markets in Crypto Assets Regulation (MiCA) in the EU.
The key role of the partnering brand is to ensure compliance and monitoring for Banking Circle's EURI stablecoin. This includes ongoing issuer due diligence, real-time transparency, on-chain activity monitoring, and adherence to regulatory frameworks like MiCA. The brand's compliance teams assess the credibility of the issuer, reserve backing, and monitor blockchain transactions for compliance with anti-money laundering (AML) and sanctions rules.
In addition, the brand is responsible for compliance monitoring, regulatory adherence, transparency and auditing, and risk and treasury management support. This includes conducting real-time AML and KYC monitoring, transaction screening for sanctioned addresses, and ensuring that EURI complies with jurisdiction-specific regulations. The brand also verifies that Banking Circle maintains detailed and frequent reserve disclosures, reducing depegging fears and reputational risk.
Banking Circle chose this partner for their comprehensive ecosystem monitoring capabilities, robust wallet screening functionality, scalability, expertise in digital asset compliance, and ability to navigate complex regulatory landscapes. The partnership enables Banking Circle to screen wallets effectively for regulatory compliance, paving the way for the bank to extend EURI availability to more exchanges.
Founded in 2013, Banking Circle provides a global digital financial infrastructure. By creating new blockchain-based financial services, Banking Circle is pursuing commercial partnerships with Traditional Finance (TradFi) to make banking faster, safer, and more efficient. The bank can now monitor ongoing risks from a financial crime perspective through this partnership, further enhancing its position in the Correspondent Bank segment.
In August 2024, Banking Circle launched EURI, one of the first EURO stablecoins compliant with MiCA. As the bank considers supporting potential growth into new markets, the partnership with the leading digital asset decisioning brand is set to play a critical role in ensuring that Banking Circle's stablecoin issuance and transactions meet evolving regulatory and operational standards globally.
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- This partnership between Banking Circle and a leading digital asset decisioning brand bolsters the bank's transaction monitoring capabilities, ensuring compliance with regulations like MiCA through ongoing due diligence, real-time transparency, on-chain activity monitoring, and robust AML and KYC screening.
- The digital asset decisioning brand's expertise in elliptic curve cryptography and technology plays a crucial role in supporting Banking Circle's stablecoin, EURI, by maintaining detailed and frequent reserve disclosures, reducing depegging fears, and enhancing financial investing and business operations.
- By partnering with a digital asset decisioning brand that offers a comprehensive ecosystem monitoring capability, scalability, and navigational prowess in complex regulatory landscapes, Banking Circle can extend EURI availability to more exchanges, further positioning itself as a key player in the Correspondent Bank segment and the digital finance industry.
