The cryptographic money payment company UTRUST announced in last Friday that it had obtained permission to join the Financial Services Standards Association (FSSA).
As a Swiss self-regulatory organization, FSSA was approved by FINMA, Switzerland’s main financial regulator.
The licence means that UTRUST will be able to operate as a “financial intermediary” under the Swiss anti-money laundering act.
As a result, UTRUST can be a provider of digital payment technology. UTRUST also said in the statement that joining FSSA would enable it to speed up the participation of merchants and customers in the verification process.
In order to comply with a series of compliance requirements FSSA, UTRUST will be audited on a regular basis.
More importantly, the company must also be very cautious about its customers joining the validation process.
UTRUST said it must meet anti-money laundering and KYC rules and regularly check its operations.