By Oliver Smith on Tuesday 26 October 2021
The partnership enables crypto compliance for a whole new audience.
Accepting payments via cryptocurrencies has been steadily growing in popularity over the last decade.
Now ComplyAdvantage is hoping to support companies in that sector by offering the ability to detect high-risk transactions and trace the source and destination of funds.
The new abilities are being powered via a partnership with crypto compliance firm Elliptic, whose Elliptic Navigator platform is being included for ComplyAdvantange customers.
"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 of ComplyAdvantage.
“Data is key to preventing financial crime and our hyperscale approach to risk management is enhanced through valuable partners like Elliptic.”
The added capabilities also mean ComplyAdvantage users can identify high-risk customers with suspicious activity early and generate Suspicious Activity Reports with audit trails.
On Elliptic’s side, its technology is said to monitor some 98 per cent of crypto transactions and is already being used by the likes of Coinbase, Revolut and Santander to assess risk exposure to crypto.
“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 of Elliptic.
“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.”
If crypto payments are ever to truly become mainstream, and accepted by financial regulators around the world, the vast compliance challenge of checking these transactions will have to be solved.
Hopefully, today’s move by ComplyAdvantage and Elliptic will be part of that solution.