Elliptic signs deal with LexisNexis for bank-grade bitcoin anti-money laundering service
Bitcoin surveillance startup Elliptic Enterprises Ltd. has signed a deal with LexisNexis Risk Solutions to bring the latter’s anti-money laundering risk management data into its bitcoin transaction monitoring and compliance products.
With the combination of the data both companies are hoping that the service will deliver bank-grade Anti-Money Laundering (AML) regulations to bitcoin transactions allowing banks to comfortably do business with bitcoin exchanges and other companies that deal in the digital currency while still being compliant with legal regulations in relation to money laundering.
Elliptic already works with law enforcement agencies and bitcoin companies and exchanges in tracking bitcoin transactions to reduce the risk of theft, extortion, and money laundering, but until this time hasn’t offered a service that complies with money laundering regulations imposed on banks; LexisNexis services 100 of the top United States banks as well as 80 percent of United States federal agencies, meaning they are well placed to not only know what they are doing, but also in terms of being able to pitch the combined product to those who may need it.
This post was published at Silicon Angle by Duncan Riley /Aug 4, 2016.