Regulated Digital Asset Focused SEBA Bank Completes Independent Audits

SEBA Bank AG, a bank that is regulated and licensed by the Swiss Financial Market Supervisory Authority (FINMA), has completed two independent audits in relation to existing processes and controls. SEBA Bank is a digital asset focused firm that offers an “institutional-grade solution for digital custody.”

According to SEBA, the audits concluded with the following two ISAE 3402 reports:

  • ISAE 3402 Type 1: The primary objective of the suitability assessment is confirming to SEBA and its clients that SEBA´s key management and transaction controls are designed effectively and implemented
  • ISAE 3402 Type 2: The report confirms the operating effectiveness of controls in relation with digital custody services.

SEBA explains that the ISAE Certificate is an international assurance standard for documenting that a service organization has adequate internal controls; it includes controls for business, operational and IT processes, and information security.

A yearly ISAE 3402 report is expected to be produced and audited, and the controls are then applied to SEBA Bank’s internal processes.

SEBA Bank was founded in April 2018 and is headquartered in Zug, Switzerland. Its Swiss banking and securities dealer license is the first time FINMA has granted a license to a financial services provider with its main focus on digital assets and crypto.

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