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AVRA Inc (OTCBB:AVRN) a development stage firm in the business of product innovation and establishment of consumer and merchant commerce in the leading global Bitcoin-based digital currencies segment announced that it appointed SightSpan, Inc. a provider firm of risk management and security applications, to take care of the development of its compliance policy and associated activities. Mr. John Walsh, the CEO of SightSpan will serve as the Company’s Consulting Compliance Head.

The tasks

SightSpan will work in association with Avra’s management team, in formulating Anti-Money Laundering and OFAC policies, risk management, compliance training plans, and risk management measures of the Company. It will further cover executing several associated strategies and plans aimed at creating and positioning AVRA as a trusted brand firm in the developing industry.

The management view

Steve Shepherd, the CEO said that speaking on behalf of the team at Avra, the management is pleased as SightSpan joined the company. Their extensive experience in the segment of compliance will serve as a high value asset. The company believes that SightSpan brings an effective team able to function nimbly in the emerging market, and with Walsh at the helm, the management is confident that Avra can achieve a prominent position in the industry. He has proposed an efficient, managed and well-considered approach to risk while ensuring airtight and ongoing compliance.

The market

Expressing his views on the recent association, Mr. Walsh said that for the industry to adopt digital assets, it is important to have high bank-grade security, well-planned risk management tools and globally accepted compliance offerings. All these are essential requirements for digital currencies and linked assets so as to create trust and develop as a common financial tool. The company is pleased to be a part of the Avra team at initial phases in order to guide and support its compliance risk management strategy.

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