8. Jul. 2021 - Press release
Bank Frick processes donations in the form of cryptocurrencies
Bank Frick now processes donations in the form of cryptocurrencies for the Swiss section of the human rights organisation Amnesty International (Amnesty Switzerland). Bank Frick has developed a set-up that enables the reliable, regulatory compliant and secure acceptance of crypto donations. This model is suitable for all NGOs to carefully check the origin of crypto donations.
“Cryptocurrencies have gained acceptance. By adding the option of crypto donations, we are appealing to people who already feel at home in the cryptocurrency market”, explains Marco Dolfini, Senior Partnership Manager at Amnesty Switzerland. During the initial phase, the cryptocurrencies Bitcoin Cash, Litecoin and Stellar will be accepted, verified and processed by Bank Frick on behalf of Amnesty Switzerland.
Only crypto donations from secure sources
“It is a top priority for Amnesty International as a human rights organisation to only accept donations that come from secure sources. We have the appropriate processes in place internally to verify this for traditional currencies, such as Swiss francs or euros. With crypto donations, the process is more complex”, says Dolfini. It’s not just a matter of making crypto wallets available on the website. “To guarantee that the donations are of secure origin, proven know-how and experience in the crypto sector are necessary. That’s why we turned to Bank Frick, which has developed a leading position in blockchain banking in recent years”, Dolfini continues.
“We can allocate and track payments in cryptocurrencies”, Head of Blockchain Banking, Nicolas Marxer, points out. “We apply the same strict legal standards to blockchain as we do to classic financial transactions, thereby ensuring the legitimacy and legality of crypto donations”, Marxer explains.
Donation process complies with the legal requirements
Anyone who donates must provide their name, address, date of birth, the sender’s wallet address and the origin of the funds before the donation process. The latter is a so-called source-of-funds check, in which the person is obliged to state where the funds come from. This process therefore complies with the legal requirements. To keep this commitment, Bank Frick employs business and compliance specialists with proven banking and crypto experience. In addition, Bank Frick has state-of-the-art analysis tools that can trace the path of a coin.
Bank Frick has developed a set-up that represents the ideal process for an NGO. Among other things, this set-up also provides for incoming donations in cryptocurrencies to be accepted very quickly and exchanged for Swiss francs within the framework of the legal requirements.