A Guide to Anti-Money Laundering for Crypto Firms
ComplyAdvantage Partners with Elliptic for Blockchain Analysis And Transaction Monitoring
These RegTech Innovators Now Offer A Comprehensive Cryptocurrency Payments Compliance Solution Designed For Fast Growing Crypto Businesses
New York, NY and London Oct. 26 2021 – 6am EST — ComplyAdvantage, a global data technology company transforming financial crime detection, and Elliptic, the global leader in cryptoasset risk management solutions, today announced a new blockchain analysis and transaction monitoring tool that will help crypto firms detect and avoid financial crime.
The industry-first solution is powered by Elliptic Navigator, a crypto anti-money laundering (AML) monitoring platform. It allows fast-growing crypto firms to undertake continual (AML) monitoring, fraud and sanctions strategies that will help the industry avoid customers and clients who present a risk of involvement in financial crime, including financing terror.
The partnership comes at a critical time for the industry, as the ability to monitor crypto transactions has become considerably more challenging with the introduction of new services such as NFTs (non fungible tokens), privacy wallets, and decentralized finance (DeFi) networks. In response, more regulations have been published by the FATF (Financial Action Task Force) and the European Commission to provide greater certainty for any crypto asset(s) that are not covered by existing financial services legislation.
By combining the two worlds of fiat and crypto risk assessment by integrating Elliptic’s blockchain analytics into the ComplyAdvantage platform, users will be able to consolidate their risk management processes, deep dive into blockchain transaction history and risk scoring, and reduce the time and cost spent on integrating compliance workflows between fiat and crypto.
New capabilities within the ComplyAdvantage platform include:
- Detect High-Risk Crypto Transactions – Speed up compliance checks, minimize manual intervention, and reduce costs with automated transaction risk scoring based on Elliptic’s blockchain analytics.
- Identify High-Risk Customers – Monitor your customers’ crypto activity across all of their crypto transactions. Detect suspicious activity early, using sophisticated analytics and risk indicators from Elliptic’s dataset.
- Trace Source and Destination Funds – Review where a transaction came from, or where it is being sent, by leveraging Elliptic Navigator’s blockchain tracing capabilities to determine the ultimate source or destination of funds.
- Simplify SARS Submissions – Maintain a full audit trail of crypto transactions and export complete, accurate records to submit Suspicious Activity Reports (SARs) with ease.
“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,” said Simone Maini, CEO, Elliptic. “Partnering with Comply Advantage enables us Our goal is to offer robust solutions that give deep insights into as wide a range of blockchain technologies as possible.”
Elliptic Navigator is powered by Elliptic’s comprehensive data engine that has collected, labelled, analyzed, and risk scored blockchain data since as early as 2013. With 98% of daily crypto transactions monitored, the world’s largest crypto businesses and financial institutions such as Coinbase, Revolut, and Santander rely on Elliptic to understand and act on risk exposure to crypto by applying the highest levels of regulatory compliance rigour.
Powered by ComplyData™, ComplyAdvantage’s hyperscale technology helps to detect transaction monitoring events while uncovering hidden risks throughout the customer lifecycle, helping Fintech’s like Paxos maintain the highest level of compliance oversight and integrity. This reduces dependence on manual review processes and legacy databases by up to 80% and improves how businesses like Paxos screen and monitor clients and transactions.
“By working with Elliptic we now offer a more comprehensive blockchain analysis transaction monitoring solution for our rapidly growing base of crypto customers,” said Charlie Delingpole, founder and CEO ComplyAdvantage. “Data is key to preventing financial crime and our hyperscale approach to risk management is enhanced through valuable partners like Elliptic.”
Already the preferred choice of some of the world’s largest banks, enterprises, and high-growth fintechs, ComplyAdvantage uses machine learning to help regulated organizations manage their risk obligations and prevent financial crime. ComplyAdvantage was recently named as one of the world’s most innovative companies by Fintech Global.
ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 700 enterprises in 69 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day.
ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Goldman Sachs, Ontario Teachers’, Index Ventures and Balderton Capital. Learn more at complyadvantage.com or follow us on Twitter or LinkedIn.
Elliptic is the global leader in cryptoasset risk management for crypto businesses and financial institutions worldwide. Recognized as a WEF Technology Pioneer and backed by investors including Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. To learn more, visit www.elliptic.co and follow us on LinkedIn and Twitter.
- Detect High-Risk Crypto Transactions - Speed up compliance checks, minimize manual intervention, and reduce costs with automated transaction risk scoring based on Elliptic’s blockchain analytics.
- Identify High-Risk Customers - Monitor your customers’ crypto activity across all of their crypto transactions. Detect suspicious activity early, using sophisticated analytics and risk indicators from Elliptic’s dataset.
- Trace Source and Destination Funds - Review where a transaction came from, or where it is being sent, by leveraging Elliptic Navigator’s blockchain tracing capabilities to determine the ultimate source or destination of funds.
- Simplify SARS Submissions - Maintain a full audit trail of crypto transactions and export complete, accurate records to submit Suspicious Activity Reports (SARs) with ease.