ComplyAdvantage, Elliptic partner for blockchain analysis and transaction monitoring

The 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 the financing of terrorism. 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 decentralised 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 assets 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, the official press release concludes.