Background

In the fast-paced and constantly evolving landscape of cryptocurrency trading, a prominent trading platform found itself at a crossroads. With its increasing popularity came a pressing need to bolster its Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. These procedures were not just regulatory checkboxes but were fundamental to maintaining the platform’s integrity and trustworthiness in a landscape often scrutinized for its security measures.

 

Challenges

The cryptocurrency exchange found itself grappling with several pressing challenges. Foremost was the issue of regulatory compliance; the exchange operated in a domain where AML and KYC regulations were stringent, designed to combat money laundering and terrorist financing. The task of manually reviewing and verifying each client became increasingly arduous and resource-intensive as the platform grew.

Additionally, there was a pronounced gap in the in-house expertise necessary for managing a dedicated team to handle AML and KYC compliance, a gap that threatened the platform’s ability to meet regulatory demands effectively.

This trading platform soon discovered that in order to fulfill the security and compliance requirements of not only the law, but it’s users, their in-house team would not suffice. This organization needed to bolster its team, and partner with an outside organization that specializes in finding AML and KYC Compliance experts.

As such, the trading platform engaged Forrest Solutions.

 

The Forrest Solutions’ Difference

In response to these challenges, the cryptocurrency exchange partnered with Forrest Solutions, leveraging its specialization in providing AML and KYC staffing solutions. Forrest Solutions embarked on a comprehensive strategy to identify world-class AML and KYC candidates, interview and vet them, and subsequently onboard 100 high-quality AML and KYC candidates for a 100% fully in-person set of positions over the course of 60 days.

Forrest Solutions and their highly regarded proprietary 10 step recruiting process and sea of deeply tenured recruiters employed a multi-pronged approach to identify professionals with deep expertise in regulatory requirements and best practices specific to the crypto industry. Their national network of recruiters was able to identify thousands of potential candidates quicker than anyone else. While the national average time-to-fill currently is 47 days, Forrest Solutions’ time-to-fill is 17 days.

Furthermore, Forrest Solutions implemented flexible staffing solutions, enabling the platform to dynamically adjust its team size based on current needs. This approach allowed the exchange to maintain operational efficiency by scaling up and down as the crypto-market fluctuates without the burden of unnecessary costs.

 

Results

The partnership between the cryptocurrency exchange and Forrest Solutions yielded significant benefits. The platform improved compliance with AML and KYC regulations, effectively mitigating the risk of regulatory penalties and protecting its reputation.

The introduction of a dedicated AML and KYC team streamlined the client onboarding process, significantly reducing the time and resources previously required for client verification. This efficiency gain, coupled with the ability to scale operations flexibly, enhanced overall operational efficiency and cost-effectiveness. Perhaps most notably, the improved onboarding process led to an uptick in customer satisfaction, with clients appreciating the seamless and secure experience.

 

Conclusion

Forrest Solutions ensures success by measuring it. Forrest Solutions utilizes performance dashboards for clients that track every single service level.  This enables Forrest Solutions to create relationships that are completely transparent and to provide data-driven results each and every time.

The collaboration with Forrest Solutions exemplifies a strategic approach to overcoming the challenges of regulatory compliance, scale, and expertise in the cryptocurrency trading industry. Through this partnership, the cryptocurrency exchange not only ensured its compliance with AML and KYC regulations but also achieved remarkable improvements in operational efficiency, scalability, and customer satisfaction.