Spotlight on Cryptocurrency Part 2: Close-Up on Compliance Resources


When it comes to regulatory preparedness, there’s no time to wait. That applies to a growing number of entities within the ever-expanding financial services industry. Now, we can add cryptocurrency to the list of those needing to come to terms with a host of regulatory compliance measures.

As if there was any doubt, the President’s Executive Order officially calls for research and reporting on cryptocurrency (see article on its March 9 issuance).

17 Сryptocurrency mining copy 2

While that initial reporting is expected 180 days from the date of the Executive Summary, those companies in the arena would be wise to step up their preparedness, as noted in the first article in this series.

The race to resources and compliance readiness is now. Those who first and best leverage solutions to navigate the complicated landscape ahead are poised to gain a competitive edge.

And resources do exist. Taking a cue from financial services leaders whose marketing technology teams have sought and found solution partners, crypto firms are wise to follow that lead. As a company that prides itself on resourcefulness and innovation, we’re going to cut to the chase. Here, then, a deep dive into what marketing teams need to know. We’re hopeful it serves as a resourceful primer in ways regulated companies can put best practices into play.

Regulatory Compliance Readiness 101: What Marketers Need to Know

Here’s an inside look at how it all works. Let’s take as an example the review of soon-to-be regulated content. The use cases are many, and include marketing disclosures, omnichannel offer management outreach, customer agreements, new client welcome packets, as well as other ESG, GRC, CRA criteria. (LINK to past blog on these)

By employing artificial intelligence, augmented with industry-specific compliance rules, Naehas Intelligent Reviews reduces tedious, error-prone manual review processes, and ensures consistency and accuracy across the entire marketing workflow. As a result, talented and valuable marketing, compliance, risk mitigation and legal staff are freed up to advance more interesting, pressing, and valuable work.

The business impact is clear and measurable. Manual content change management, compliance, and content reviews can be automated to reduce both cycle times and the institution’s regulatory risk, while increasing its ability to reach more business targets with more offers more rapidly. Importantly, the automated review platform also enables institutions to centrally manage all compliance evidence in a single, searchable file system, and to demonstrate compliance using the built-in compliance reporting functionality. It’s essentially a bulletproof audit history for regulators.

Addressing Key Pain Points

Companies facing the expected emergence of regulations can find a range of resourceful technology tools to ensure their compliance journey’s success. While we acknowledge there are options from which to choose, we know ours best, and will offer its AI-infused benefits to help you get a glimpse into what and how companies leverage technology to meet regulatory compliance and disclosure rules. Our solutions teams at Naehas have a long, strong history of working with banks and wealth management firms to provide a customer experience platform built specifically for financial services. This includes a complete Marketing Compliance platform for Disclosure and Offer Management, along with Document Compliance. In supporting client needs, we often see common priorities and challenges.

Top 5 Issues Needing Attention with Disclosure Management:

  1. Risk management
  2. Auditability and Traceability
  3. Speed-to-market
  4. Scale efficiency
  5. Innovation

Addressing each of those priorities brings a focus on Artificial Intelligence-powered technology. Popular among top banks and wealth management institutions, AI platforms ensure disclosures and regulatory content are accurate, compliant and auditable.

One primary benefit we find clients appreciate is that the platform automatically creates, manages and delivers disclosures for all products and channels. This answers the increasingly important need to improve both operational efficiencies and the customer experience simultaneously.

17 Сryptocurrency mining copyOmnichannel marketing is and will continue to be a top priority, for the value it brings to the customer and the enterprise. We’ve worked with multiple highly-respected global consultants who specialize in customer experience and digital transformation. They, like us, learn from the marketing technology teams with whom they collaborate to answer common pain points. What we’ve learned is that collaboration is key. No single entity can know all there is to know about regulations, whether it’s the Schumer Box or other Truth in Lending Act rules. Additionally, while one group may be laser-focused on solving for a better customer experience, another team brings deep industry knowledge from experience with leaders who have helped formulate best practices from which others can benefit. Our Resource Center, by the way, with the help of so many partners, offers a veritable treasure trove of valuable assets from which you can see who is doing what and how it is working to meet the myriad challenges finserv marketers face.

More about AI. Why? Because the more people learn about its potential, and the more finserv leaders leverage its potential and realize its impact, the better we do as an industry overall. And with new players arriving on the scene regularly, it’s important to set and maintain a high standard. So, a short lesson in “the why behind AI” may serve those who need it, and all involved in the complex world of regulatory compliance.

By utilizing AI, the entire workflow is streamlined, generating multiple and meaningful efficiencies which include:

  • Enhanced and Increased Personalization
  • Better Customer Experience/Retention
  • Higher Top Line Growth
  • Reduced Costs
  • Expedited Time to Market
Consistency across the entire enterprise is critical, saving time, manpower and costs.

Clarion Call to Collaborate and Innovate

Crypto companies are well-positioned and wise to collaborate with tech firms who can provide secure, innovative, collaborative solutions, and offer these benefits:

  • An Artificial Intelligence (AI) powered engine purposely-built to achieve compliance for financial service institutions in an increasingly complex and regulated industry.
  • A leading industry cloud which ensures disclosures and regulated content are accurate, compliant and auditable.

Serving as a valuable resource to those companies in highly-regulated industries is nothing new to Naehas. While compliance concerns have heightened in crypto and in the Buy Now, Pay Later (BNPL) sector, as noted in a recent blog series, the collaboration between finserv and technology is a winning combination, a force multiplier. We’ve created partnerships with some of the most widely-recognized top banks, leading wealth management firms, and insurers. While each case, and solution, is unique, the purposely-built AI-powered platform tools we offer match the need.

17 Сryptocurrency mining copy 3The fast-paced changes in the dynamic crypto arena are sure to mean more news to come. We’re hopeful our efforts to offer deep financial services industry knowledge, address top priorities, and present resources to answer challenges will deliver value – to the businesses in, consumers of, and those preparing to establish and enforce regulations of cryptocurrency.

Akin to March Madness, there will be plenty of fast-paced changes and the best prepared teams will be the most competitive. Stay tuned, and get ready.