Amid growing regulatory scrutiny over the cryptocurrency sector, a regulated cryptocurrency institution offering instant crypto loans, daily earnings, and a crypto exchange, Nexo (NEXO), has joined the Association of Certified Sanctions Specialists (ACSS) in a bid to show commitment to regulatory compliance.
Specifically, this move aims to allow Nexo to use the ACSS’s massive network of databases, comprehensive training resources, and broad connections to boost its team’s competencies in regulatory compliance and standards, according to the information shared with Finbold on July 27.
Upon the end of the training that aims to expand their knowledge and experience in the United States Office of Foreign Assets Control (OFAC) and European Union (EU) standards, the Nexo team members will receive a ‘Certified Sanctions Specialist’ (CSS) qualification.
Focus on Compliance
Commenting on the development, Savina Boncheva, CAMS, Prof. PgDip (GRC), Head of Compliance at Nexo, said the firm’s mission was to “maintain the most stringent compliance standards amidst this rapidly transforming landscape” in line with its role as a “compliance pioneer in an emerging industry.”
“Teaming up with ACSS allows us to elevate our sanctions compliance to a degree endorsed by a renowned industry body whilst fostering opportunities for our compliance team’s growth. We are eager to continue to shape the industry standards alongside and in partnership with other key players,” she added.
Significantly, this development arrives on the heels of Nexo raising its data security through a Service and Organization Controls (SOC) 2 Type 2 audit carried out by A-LIGN, a cybersecurity and compliance firm that has helped over 2,500 global organizations lessen data security risks, including T-Mobile and Raymond James.
It is also worth noting that Nexo has grown its Compliance and InfoSec departments by more than three times in 2023 alone after standing out during the previous year for its robust security, as well as gaining regulatory approvals in various jurisdictions worldwide.