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Elliptic reveals Data Set for crypto AML

Monday 5 August 2019 10:55 CET | News

Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, geared toward identifying cryptocurrency transactions associated with money laundering (AML).

As per the company’s announcement, the product is designed to help users more efficiently identify illicit transactions and transactions associated with money laundering, sanctions violations or terrorist financing (CFT). It should also reduce compliance costs and eliminate criminal activity from cryptocurrencies.

Elliptic scientists have co-authored a paper, together with researchers from the MIT-IBM Watson AI Lab, dubbed ‘Anti-Money Laundering in Bitcoin: Experiments with Graph Convolutional Networks for Financial Forensics.’ It states that the company believes GCN’s power to capture the relational information in complex transaction networks could prove valuable for anti-money laundering.

In addition, in late June 2019, Financial Action Task Force’s announced that it is planning to strengthen control over cryptocurrency exchanges to preclude digital currencies from being used in money laundering and related crimes. Also, Coin Center urged Her Majesty’s Treasury not to over-broaden the scope of the UK’s AML/CFT regulations.


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Keywords: Elliptic, launch, data, cryptocurrency, digital assets, money laundering, AML, illicit transactions, violations, terrorist financing, CFT, exchanges, regulations
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