ComplyAdvantage, a global data technology company transforming financial crime detection, and Elliptic, the global leader in crypto asset risk management solutions, launched an innovative blockchain analysis and transaction monitoring tool to help crypto firms detect and prevent financial crime.
Anti-money laundering platform Elliptic Navigator powers the solution. It enables fast-growing companies in the sector to adopt monitoring, fraud and sanctions strategies to help avoid high-risk clients, including those who may be involved in terrorism financing.
Overcoming crime prevention challenges
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Crime prevention has become more challenging than ever with the introduction of DeFi networks, NFTs, and privacy wallets. In response, the FATF and the EC have issued more regulations to secure crypto assets that existing financial services legislation does not cover.
Consolidation of risk management
Users can consolidate risk management and reduce the time and cost spent on integrating compliance workflows between fiat and crypto by integrating Elliptic’s blockchain analytics into the ComplyAdvantage platform. New capabilities include identifying high-risk customers, tracing funds, and detecting high-risk transactions.
Users can reduce manual intervention, speed up compliance checks, and reduce costs with automated transaction risk scoring based on Elliptic’s blockchain analytics.
Trace source and destination funds
It becomes possible to establish the exact source or destination of a transaction by leveraging Elliptic Navigator’s blockchain tracing capabilities. Users can maintain a full audit trail of crypto transactions and provide full, accurate records to submit Suspicious Activity Reports (SARs) with ease.
Simone Maini, CEO of Elliptic, said:
Empowering crypto businesses with bank-grade payments risk solutions is critical to helping them join the mainstream of financial services in a way that is trusted and secure. Our partnership with ComplyAdvantage is an exciting opportunity to develop robust solutions that provide businesses with deep insight into a broad range of blockchain technologies.
Charlie Delingpole, founder and CEO of ComplyAdvantage, added:
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.
Comply is already the preferred choice of some of the world’s largest banks, enterprises, and high-growth fintechs. It uses machine learning to help regulated organisations manage their risk obligations and prevent financial crime.
67% of retail CFD accounts lose money