A successful collaboration for overcoming regulatory challenges in the fintech sector.
“Our collaboration with Chaindots has been fundamental to strengthening the integrity and compliance of our operations. The company has demonstrated exceptional commitment in creating and working together on two essential programs that have made a significant impact on our approach to risk management and legal compliance. On the one hand, a Money Laundering and Terrorist Financing Prevention Program to strengthen our internal processes, ensuring that we meet the highest standards in terms of prevention and detection of illicit activities, and on the other hand, a comprehensive Compliance Program that has strengthened our position in terms of governance and regulatory compliance.
The collaboration with Chaindots stood out for its personalized approach, deep understanding of our needs and timely delivery of effective solutions. We are confident that these programs not only meet regulatory requirements, but also position us as an entity committed to ethics, transparency and risk management.
We sincerely appreciate the hard work and dedication of the entire Chaindots team in building these crucial programs. Without a doubt, their expertise and professionalism have been an invaluable asset to our continued success.”
Matías Silva
Co-Founder
The company
Skipo is a secure and easy-to-use digital wallet for storing and managing cryptocurrencies. The Chilean startup belonging to the Finandes Group allows its customers to manage modern finances in an easy and secure way through its platform. With Skipo, companies can make massive transfers for payroll payments, to suppliers or for regular transactions using stable currencies such as USDT or USDC. In addition, it allows buying and selling large amounts at the best price by accessing international liquidity with OTC services. A product specially designed for traders, remitters or institutional clients. The platform also allows payments in cryptocurrencies while maintaining the stability of the business from the automatic conversion to another currency without volatility.
The challenge
In order to operate, Skipo had to comply with the requirements of the Chilean Fintech Regulation and with the Due Diligence processes of the Banks.
The “Fintech Law” (Law N°21.521) requires compliance with the standards established by the Financial Market Commission (CMF) regarding:
- Risk management policies and procedures
- Organization and internal control
- Information security
- Business continuity and outsourcing of service
Following the changes introduced by the new Fintech regulation, banks are compelled to expand the scope of certain requirements. Therefore, companies like Skipo must now ensure the verification of their customers’ identity through an onboarding (KYC) process as a requirement for opening bank accounts.
The solution
Skipo chose Chaindots as its Risk & Compliance Partner o build and implement the necessary risk control schemes.
From Chaindots we identify the requirements and build the Programs and Policies to ensure full compliance with the obligations imposed by both the new Fintech regulation and CMF requirements, as well as by the banking institutions.
Anti-Money Laundering and Terrorist Financing Prevention Program
- Anti-Money Laundering and Terrorist Financing Prevention Manual.
- Onboarding Policy and Processes for Legal Entity Clients and Individual Users
- Monitoring Manual (confidential within the entity)
- Client Risk Matrix
- Declaration of Funds Bidding
- Audit Plan
Compliance Program
- Crime Prevention Manual (CPM)
- Procurement Policy
- Debt Policy
- Investment Policy
- Donations, Charities, Sponsorships and Academic Collaboration Policy
- CPM Risk Matrix
- CPM Training (Law 20.393)
Among other programs and processes!
In addition to the development of its programs, we joined the company during its presentation to banks, ensuring compliance with the standards of financial institutions.
The impact
Thanks to the programs developed, Skipo was able to open the necessary bank accounts, start its operations and register in the Financial Services Registry.
Based on the successful results, Skipo decided to choose Chaindots for the construction of its Information Security and Fraud programs with the objective of obtaining the ISO 27.001 certification.
Explore other Success Stories
Learn more about how Chaindots can benefit you.
Copyright © 2024 Chaindots | All Rights Reserved | Terms and Conditions Website | Terms and Conditions Platform | Cookie Policy Website | Privacy Policy