Wolters Kluwer Compliance Solutions and NYDIG, a provider of Bitcoin (BTC) platform solutions, have entered an agreement where Wolters Kluwer will act as an “exclusive” vendor to interested financial institutions seeking assistance in meeting their regulatory and compliance requirements while “exploring and implementing services for Bitcoin programs.”
Wolters Kluwer is well-positioned to offer regulatory compliance solutions that range from a deposit disclosure program to regulatory risk assessments for institutions looking to provide their clients access to Bitcoin services provided by NYDIG.
This collaboration “grants Wolters Kluwer rights as the exclusive provider of Bitcoin Deposit Disclosure Program-NYDIG Accounts of those financial institutions seeking deposit documents when their clients open a NYDIG account.”
The Bitcoin Deposit Disclosure Program provides compliant content that is necessary for U.S. banks and credit unions to “compliantly offer NYDIG’s bitcoin program.”
By leveraging the NYDIG platform with Wolters Kluwer compliant content, U.S. banks and credit unions “gain confidence to meet the growing mainstream interest in bitcoin to retain and grow their customer base and increase non-interest income opportunities,” the announcement noted.
Steve Meirink, EVP and GM for Wolters Kluwer Compliance Solutions, stated:
“We are excited to work with an innovative financial technology firm like NYDIG to help support their growth while operating in a safe, secure and compliant manner. With regulatory scrutiny and oversight anticipated well into the future, our robust team of legal and compliance experts will continue to monitor and update our compliance content. Financial institutions working with NYDIG will benefit from this collaboration, providing them the confidence to know that their disclosures are compliant and meet their regulatory obligations.”
Patrick Sells, CIO at NYDIG, remarked:
“This important relationship exemplifies why many financial institutions have chosen NYDIG as their digital assets partner. If you are a financial institution, the process of figuring out how to provide access to bitcoin is more than just an exercise in technology, but in compliance and regulations. Wolters Kluwer’s knowledge and experience in providing regulatory risk assessments and deposit disclosures to U.S. financial institutions—and its understanding of important U.S. regulatory issues relating to digital assets—is instrumental for the industry.”
Wolters Kluwer Compliance Solutions is an established provider of risk management and regulatory compliance solutions to U.S. banks and credit unions, insurers and securities firms.
The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, assists financial institutions with effectively managing risk and regulatory compliance requirements, and “gain the insights needed to focus on better serving their customers and growing their business.”
Wolters Kluwer’s GRC division offers a range of solutions to help financial institutions “manage regulatory and risk obligations.”
Wolters Kluwer Compliance Solutions’ iLien Motor Vehicle “provides for the processing and management of motor vehicle titles and liens, helping solve the most unique and complicated challenges in title perfection.”
Its OneSumX® for Regulatory Change Management tracks regulatory changes and “organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution.”
Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is an international specialist in “the provision of integrated regulatory compliance and reporting solutions.” The division’s legal solutions businesses “are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.”
As previously reported, NYDIG offers Bitcoin tech and financial services solutions to banks, insurers, corporations, and institutions. The firm and its products “meet the industry’s highest regulatory, audit, and governance standards.”