Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

Blockchain

Q&A: Paxful CCO on ramping up compliance after BSA failures

Published

on

q&a:-paxful-cco-on-ramping-up-compliance-after-bsa-failures

Manfred Bekeris, the Chief Compliance Officer at Paxful, recently discussed with Compliance Week the company’s renewed focus on compliance. This shift comes in the wake of the former Chief Operating Officer and co-founder, Artur Schaback, pleading guilty to violating the Bank Secrecy Act (BSA). Since taking on the role of CCO in June, Bekeris has been instrumental in driving these changes as Paxful aims to redefine how money moves globally.

Background and Immediate Actions

Paxful, which temporarily halted operations in 2023, is now under new leadership. Following Schaback’s guilty plea, the company issued a statement underscoring its commitment to enhance compliance measures, specifically in areas such as Know Your Customer (KYC), monitoring, reporting, and sanctions screening. Bekeris, with 14 years of experience in compliance, including roles at Western Union, Crypto.com, OKX, and BVNK, is tasked with developing a robust compliance program tailored to Paxful’s unique position in the crypto landscape.

The Challenges and Opportunities in Crypto Compliance

Advertisement

Bekeris highlights that while operating outside traditional financial frameworks allows for rapid innovation, it also requires the development of custom solutions. The lack of established frameworks in crypto necessitates building compliance programs from the ground up, ensuring they are both scalable and in line with global regulatory standards. He also points out the advantages of blockchain’s transparency, which offers unparalleled opportunities for tracing and monitoring transactions.

Learning from Past Mistakes and Setting New Standards

The regulatory action against Paxful’s former co-founder has reinforced the company’s commitment to compliance. Bekeris explains that the company has undertaken a comprehensive review of its policies and procedures, strengthening controls and governance mechanisms. Paxful’s new compliance framework focuses on proactive regulatory engagement and preventing a repeat of past issues, aiming to build trust with users and regulators.

Goals and Challenges in the Next 12 Months

In the coming year, Paxful’s goals include enhancing KYC processes, improving customer and transaction monitoring, and ensuring compliance practices meet or exceed regulatory requirements across all jurisdictions. Bekeris also emphasizes the importance of employee training to keep staff updated on the latest compliance standards.

Advertisement

However, implementing these enhanced processes comes with challenges. The company faced resistance from users in various jurisdictions who were not accustomed to stringent KYC requirements. Paxful also had to retrofit its compliance systems to accommodate a large, diverse user base, adding operational strain and the need for extensive customer education.

Scaling Compliance Operations

To address these challenges, Paxful initially utilized managed services to handle compliance needs. Bekeris is now focused on transitioning responsibilities to in-house teams, fostering a more integrated compliance function. The company is actively recruiting globally, seeking professionals with both compliance and crypto industry experience to navigate the unique challenges of the sector.

Paxful’s commitment to enhancing its compliance posture is evident through its strategic initiatives and the expertise of its leadership. With Bekeris at the helm, the company is poised to navigate the complex regulatory landscape of the crypto industry.

Source: complianceweek.com

Advertisement

The post Q&A: Paxful CCO on ramping up compliance after BSA failures appeared first on HIPTHER Alerts.

Continue Reading
Advertisement

Blockchain

Mainframe Market Valuation is Skyrocketing to Reach US$ 7,241.13 Million by 2033 | Astute Analytica

Published

on

mainframe-market-valuation-is-skyrocketing-to-reach-us$-7,241.13-million-by-2033-|-astute-analytica
Continue Reading

Blockchain

Bitget Partners with Fiat24 to Advance PayFi Solutions for Crypto

Published

on

bitget-partners-with-fiat24-to-advance-payfi-solutions-for-crypto

Bitget Partners with Fiat24 to Advance PayFi Solutions for Crypto

Continue Reading

Blockchain

LCT Secures VARA In-Principle Approval, Defining Its Role in Dubai’s Crypto Landscape

Published

on

lct-secures-vara-in-principle-approval,-defining-its-role-in-dubai’s-crypto-landscape
Continue Reading
Advertisement
 title=
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE