In a new partnership, LexisNexis Risk Solutions, a global big-data technology and analytics firm, has integrated its anti-money laundering data into Elliptic’s Bitcoin transaction monitoring and compliance products. As a result, clients of Elliptic’s blockchain intelligence service can obtain more meaningful insights by automatically screening Bitcoin entities for links to sanctions, enforcement, politically exposed persons, adverse media and state-owned companies, as well as “exposing money launderers, human traffickers, terrorists and drug dealers who use Bitcoin to make dark web purchases.”
“The lack of financial transparency on Bitcoin entities continues to stymie the ubiquitous adoption of Bitcoin and other virtual currencies,” notes a joint press release . “That reality, though, is soon to be short-lived.”
Elliptic, a blockchain security and compliance company established in London in 2013, strives to be “ the global standard for blockchain intelligence ” by transferring the rigorous security and compliance standards of traditional finance to the world of digital currencies. “We identify illicit activity on the Bitcoin blockchain and provide actionable intelligence to financial institutions and law enforcement agencies.” In July, for example, Elliptic and the Internet Watch Foundation announced a partnership to monitor and report Bitcoin transactions related to child pornography.
LexisNexis Risk Solutions, part of RELX Group, combines cutting-edge technology, data and advanced analytics to provide information that helps customers across industries and government predict, assess and manage risk. It is used by one hundred of the top U.S. banks and the firm also works with eighty percent of U.S. federal agencies, assisting with regulatory compliance and mitigating business risk, such as identity fraud, money laundering, terrorist financing and tax evasion, International Business Times reports .
“This alliance demonstrates how data, technology and analytics can be used in innovative ways to foster financial transparency from China to Germany to the U.S.,” said Thomas C. Brown, senior vice […]
