Compliance & Security

In the UK, businesses conducting cryptoasset activity must register with the Financial Conduct Authority (FCA). Today, the technology and infrastructure underpinning the Zumo platform already powers sister entity Zumo Financial Services, which is one of the select number of firms registered with the FCA to operate a consumer facing crypto app. Our Crypto Invest product is powered by Zumo Financial Services.

Customer onboarding at Zumo has strict adherence to the Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) regulations set forth by the regulators in the UK. Given the higher risk nature of the cryptocurrency industry, we operate with a risk-averse mentality in order to mitigate this reality for our business and our clients. As such, we are in a position to crack down on bad-actors and our goal is to do our part in the fight for crypto-normalisation by being industry front-runners in our compliance approach.

Careful digital asset transaction monitoring is a key component of ongoing AML/CTF compliance. Given our risk-averse model, we set high standards for our monitoring approach and aim to be one step ahead of financial crime at all times. It is important to us to ensure that our customers have a smooth transactional experience without inconvenience, while also balancing detecting suspicious activity and exceeding regulatory expectations.

The travel rule is a Financial Action Task Force (FATF) derived standard aimed at deterring money laundering and terrorist financing through the tracking of originator and beneficiary information for financial transfers. As of 1 September 2023, travel rule implementation has been mandatory for cryptoasset businesses in the UK for transfers involving cryptoassets. Our Infinite Wallet has implemented a process complementing the Travel Rule requirements.

The UK financial promotions regime, set live on 8 October 2023, sets out the means by which businesses may compliantly market cryptoasset services to retail customers, and the processes they must have in place to onboard new customers and manage their existing ones. The new regime is applicable to overseas firms marketing to UK customers, not just UK-based companies. As one of the first digital asset platforms to integrate the tech based requirements of the FCA’s new regime, we aim to stay ahead of the curve on Financial Promotions to ensure a smooth customer-facing process while also ensuring our tech framework is malleable enough to implement rapid change to align with regulations promptly.

Security is baked into our products and secure digital asset wallet. Our partnership with leading payment data security infrastructure providers helps us achieve the very best data security standards in our products – while still maximising flexibility and functionality.

We believe in exposing ourselves to proper scrutiny – don’t trust, verify. As part of that commitment, our infrastructure undergoes regular independent external audits by recognised experts in cyber security and risk mitigation.

For those wishing to find out more for themselves about the Zumo solution, all of our technical documentation is publicly hosted for consultation, and may be found by visiting developers page.