Cabital Adds Compliance Officer in Australia to Acquire Regulatory Approval
MELBOURNE, Australia – March 31, 2022 – Cabital, a leading digital assets institution, today announced the appointment of Luke Raven as Senior Money Laundering Reporting Officer, effective immediately.
Luke will oversee the compliance program for Cabital’s Australian entity as the firm prepares the appropriate documents to be approved to operate and serve customers in Australia. Luke will report directly to Justin Choo, Head of Compliance.
Luke’s key responsibility will be to ensure that the company conducts its business in accordance with all applicable Australian laws and regulations once Cabital’s registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) has been approved.
Luke has more than twelve years of experience in compliance with focus on Anti Money Laundering & Counter Terrorism Financing (AML/CTF), Sanctions Monitoring, Fraud Monitoring and Prevention and Customer Due Diligence. With experience for both – fintechs and Australian banks, Luke has implemented compliance frameworks which adhere to legislative standards, monitoring compliance with these programs and remediating shortfalls, ensuring continuous development and uplift consistent with industry best practice.
Luke is joining Cabital from Wise (formerly, TransferWise) where he served as the AML Compliance Officer, responsible for the Australian and New Zealand Wise businesses AML Compliance and Financial Crime Prevention framework. Prior to that, Luke worked for Westpac Bank as a Senior Manager in the Business Division AML & Financial Crime advisory team; Airwallex Pty Ltd. as the Compliance Manager and Senior Analyst and Square Inc. as Senior Compliance Associate. Luke started his career in various roles of the Financial Crime Centre of Excellence at the National Australia Bank.
Justin Choo, Head of Compliance for Cabital said, “I am delighted to welcome Luke as Cabital’s Senior Money Laundering Reporting Office for our Australian operations. I am confident that Luke will allow us to achieve Cabital’s strategic priorities in Australia and ensure that our compliance programme is modeled after leading global financial service providers.”
Luke Raven, "I am looking forward to leading our operations in Australia as we prepare to help people all over the country enter the fast-growing cryptocurrency space. This is an exciting time as Cabital continues to expand into new markets bringing its multi-asset platform worldwide - from Europe to Asia Pacific.”
Cabital is a trusted digital financial institution to buy, sell and earn cryptocurrency — generating up to 12% APY. The company’s purpose is to empower people to earn passive income safely and securely with their cryptocurrencies. Our main product is Cabital Earn, a cryptocurrency savings platform that enables customers to earn high yields on their digital assets. Customers can use GBP, CHF and EUR to buy and sell cryptocurrency at some of the most competitive rates in the market.
Cabital’s compliance programme is modeled after leading global financial service providers. We use SumSub’s biometric identity verification solution to manage the risk of identity fraud. To provide our customers with peace of mind, all customers’ crypto assets are held with Fireblocks, one of the world’s most trusted digital asset custody, transfer and settlement platforms. We have been using Chainalysis’ KYT and Reactor products since our formation to empower us to meet applicable regulatory requirements on Anti-Money Laundering (AML) in each of our markets with ease and agility.
Cabital has launched a business solution called Cabital Connect, a secure fiat on-ramp and off-ramp gateway for cryptocurrency platforms. When cryptocurrency companies integrate with Cabital Connect, their users will have a high-quality service option to purchase top-tier cryptocurrencies at some of the most competitive rates in the industry. Leading cryptocurrency exchanges such as Bybit have integrated Cabital’s fiat on-ramp gateway.
Cabital is registered in the Republic of Lithuania as a cryptocurrency exchange operator and a cryptocurrency exchange wallet operator. Cabital carries out its activities in accordance with Lithuanian regulations on AML/CTF, and is subject to the European Union’s General Data Protection Regulation. Cabital is audited yearly by an external auditor and places compliance and licensing at the core of its business.
Cabital was founded by Raymond Hsu in 2020. Prior to establishing Cabital, Raymond worked for over a decade, holding leadership positions in fintech companies such as Airwallex and global banks including Citibank. Cabital’s leadership team has extensive experience working in leading traditional financial institutions, including JPMorgan Chase & Co, Nomura Securities, UBS and AIA Group.
Investment community: Tina Chu, Tina.email@example.com
News media: Baron Laudermilk, Baron.Laudermilk@cabital.com