Cryptocurrency Service Provider

The Overview

2nd Watch developed a process and application to keep a cryptocurrency service provider compliant with the US Bank Security Act.

The Goal

A cryptocurrency client needed a better way to track and report fraud internally and externally to compliance reviewers and government agencies. Their lack of infrastructure meant that the process of tracking reported fraud incidents was a highly manual, non-standardized, and often unreliable process resulting in poor recordkeeping and erroneous reporting.

2nd Watch, a leading provider for application development for financial compliance, worked with the client to develop a process and custom application that would address the workflow challenges and needs of the customer service agents who received the initial report, compliance reviewers, and the compliance administrators who summited the BSA reports OCC.

The Solution

2nd Watch’s application solutions consultants designed and developed a single application using Microsoft Power Apps to address the data and workflow issues by working closely with internal stakeholders.

We implemented custom front-end interfaces and role permissions to ensure that the application met each role’s various needs, such as draft management for customer service agents and “at-a-glance” view for compliance admin. We used Microsoft Power Automate to orchestrate automatic duplication and synchronization of data in addition to real-time notifications for critical incidents.

The Outcome

The solution brought consistency and reliability to a fragmented process at the client. Through our custom application and the implementation of standardized reporting methods, 2nd Watch streamlined the process of bookkeeping and reporting for fraudulent incidents. We significantly eased the complexity and reliability of yearly audits with the BSA for the client by ensuring accountability in reporting, automating communication, and centralizing relevant data.