This “industry-first” solution allows crypto firms to undertake continual AML monitoring, fraud and sanctions strategies, which will help avoid customers and clients that present a risk of involvement in financial crime.
Digital assets are continuing to rise in popularity. NFTs, privacy wallets and decentralised finance networks are just some of the popular new tools, but these all make it harder to monitor transactions, leaving high potential for financial crime to slip by.
ComplyAdvantage and Elliptic believe combining fiat and crypto risk assessment, users will be able to consolidate processes, and have better blockchain transaction history and risk scoring capabilities/
Elliptic CEO Simone Maini said, “Empowering businesses with bank-grade payments risk solutions that integrate fiat and crypto capabilities is a critical step towards shaping a future of finance that includes virtual assets in a secure and trusted way.
“Our partnership with ComplyAdvantage is an exciting opportunity to develop robust solutions that provide businesses with deep insight into a broad range of cryptoassets.”
Some of the new solution’s capabilities include high-risk crypto transaction detection, high-risk customer discovery, source and destination tracing for funds, SARS submission streamlining and more.
The new platform is powered by Elliptic Navigator, a crypto anti-money laundering monitoring platform.
ComplyAdvantage founder and CEO Charlie Delingpole said, “By working with Elliptic we now offer a more comprehensive blockchain analysis transaction monitoring solution for our rapidly growing base of crypto customers.
“Data is key to preventing financial crime and our hyperscale approach to risk management is enhanced through valuable partners like Elliptic.”
ComplyAdvantage was recently listed in the inaugural AIFinTech100 list, which highlights the leading companies in the sector.
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