Products & Services

Three practices.
Each with a defined entry.

We do not consult on everything. Every Black Sea engagement starts with a fixed-price diagnostic before a full mandate is scoped. No hourly billing. No undefined scope. No surprises.

§01Entry point

The diagnostic comes first.

Every Black Sea engagement starts here. A two-week assessment of your compliance posture against the applicable regulatory framework. You receive a prioritised gap report, a remediation timeline, and a clear view of what a full mandate would involve.

Compliance Gap Assessment
Two weeks. Fixed price. No obligation beyond the diagnostic.
We assess your current compliance posture against the applicable regulatory framework — AFSA, ARIP, MiCA, VARA, ADGM FSRA, or a cross-border combination. You receive a written gap report with a prioritised action list and an honest assessment of whether a full engagement makes sense. Most clients find the diagnostic itself resolves a significant portion of their uncertainty.
2 weeksDelivery
FixedPrice
WrittenReport
0Further obligation
Start here
From €3,500
§01.1Engagement ladder
Diagnostic
Compliance Gap Assessment
Two-week diagnostic. Prioritised gap report and remediation timeline. Honest view of whether a full mandate makes sense. This is where every engagement starts.
1 – 2 calls
Entry point
Scoped
Scoped Advisory Mandate
Defined deliverable with a fixed price and timeline. AML/KYC framework design, licensing support, fund structure advisory, compliance architecture. Typically follows a diagnostic or a direct referral.
4 – 10 weeks
From diagnostic
Program
End-to-End Program
Fund formation from regulator to closing. Multi-jurisdiction compliance build. Fractional CCO through first regulatory cycle. Defined milestones, fixed-price tranches.
3 – 6 months
Expand or referral
Retained
Multi-Jurisdiction Retained Advisory
Multiple structures across multiple jurisdictions. Long-term retained relationship. Partner counsel integrated for regulated legal opinion. These engagements grow from existing relationships, not cold approaches.
6 – 18 months
Existing relationship
EU · Defense Capital

Fund formation for emerging managers

Structuring vehicles for first- and second-time fund managers raising into European defense and dual-use opportunities. End-to-end from regulator engagement through LP closing. We have run regulated structures from the inside — the advice reflects that.

The European defense capital market is shifting faster than most managers expected. Institutional LPs that avoided defense are reconsidering. First- and second-time managers are structuring vehicles in environments where the regulatory requirements are not well-documented. This is where Black Sea operates.

We do not just structure the vehicle. We manage the regulator relationship, document the compliance architecture, and stay engaged through the first LP closing. The fractional CCO mandate means you have ongoing compliance oversight without the cost of a full-time hire.

Structure design
  • SICAV and AIF structure design
  • Jurisdiction selection advisory
  • Investment mandate structuring
  • Fee and carry structure documentation
  • Side pocket and co-investment frameworks
Regulatory & compliance
  • Regulator submission and response
  • Approved manager documentation
  • AIFMD compliance architecture
  • ATAD and DORA readiness
  • Ongoing AIFMD reporting support
LP-readiness
  • Fractional CCO mandate
  • LP onboarding compliance documentation
  • KYC/AML framework for investor onboarding
  • Placement agent coordination
  • Investor reporting framework setup
3 – 6 monthsTypical duration
Fixed priceScoped upfront
Retainer availableOngoing CCO mandate
Start with a diagnostic
Frontier Markets

Cross-border regulatory positioning

Licensing and compliance advisory for crypto and fintech operators navigating frameworks that most advisors avoid. We operate in jurisdictions where the regulatory framework is forming in real time, the counterparty risk is real, and the margin for error is small.

In frontier markets, the regulatory relationship is often half the sale. When a regulator in AIFC or Lagos knows a firm and trusts it, the compliance conversation is different. Black Sea builds those relationships, not just the documents.

Frontier mandates are structured with milestone-based payments tied to deliverables. Retainer upfront, milestones paid on completion. We do not invoice for work not delivered.

Licensing & registration
  • AFSA AIFC gap analysis and submission
  • Nigeria ARIP readiness assessment
  • UAE VARA and ADGM FSRA licensing
  • Georgia NBG VASP registration
  • Uzbekistan NAPP digital asset advisory
AML/CFT framework
  • Multi-jurisdiction AML framework design
  • Transaction monitoring architecture
  • KYB/KYC process design for digital onboarding
  • Sanctions and PEP screening setup
  • MLRO function design and documentation
Counterparty & risk
  • UBO and beneficial ownership mapping
  • Sanctions screening and risk assessment
  • Counterparty due diligence
  • Regulator correspondence management
  • Supervisory response support
4 – 16 weeksTypical duration
Milestone paymentsTied to deliverables
Fixed priceScoped upfront
Start with a diagnostic
Regulatory Advisory

Compliance architecture and assurance

For operators who already hold licences and need EU-grade compliance infrastructure. AML and KYC framework design, MiCA and DORA readiness, counterparty due diligence, and ongoing advisory retainer.

Having a licence and having a compliant operation are not the same thing. Regulators know this. The first routine supervisory visit after authorisation reveals the gap between the two. Black Sea builds the compliance architecture that survives that visit.

The fractional CCO retainer is designed for operators who need ongoing compliance oversight without a full-time hire. It covers regulator correspondence, periodic framework review, and supervisory response support on a monthly basis.

Framework design
  • AML/KYC framework design and documentation
  • MiCA compliance readiness assessment
  • DORA operational resilience review
  • Governance and control framework
  • Policy and procedure documentation
Due diligence
  • Counterparty due diligence
  • UBO beneficial ownership verification
  • Enhanced due diligence for PEPs
  • Institutional investor onboarding review
  • Exchange and custodian onboarding support
Ongoing advisory
  • Fractional CCO mandate
  • Regulator response and correspondence
  • Supervisory visit preparation
  • Periodic framework review and update
  • Staff compliance training support
2 – 12 weeksProject duration
Fixed priceScoped upfront
Monthly retainerOngoing CCO option
Start with a diagnostic

Not sure which practice applies?
That's what the call is for.

Most engagements start with a 30-minute conversation. We tell you honestly which practice area applies, whether the diagnostic makes sense, and what a realistic engagement looks like.

Request a call