NICE Actimize has boosted its X-Sight Marketplace by adding CipherTrace, a cryptocurrency anti-money laundering solution.
The X-Sight Marketplace is a collection of data, applications, tools and service providers helping organizations combat financial crime and boost compliance.
CipherTrace identifies cryptocurrency transactions going through digital wallets and crypto exchanges which are known to have significant illicit activity or poor client due diligence processes. The technology helps improve transparency into these transaction types.
NICE Actimize CEO Craig Costigan said, “As financial services organizations take a more active role within the virtual currency landscape, they are increasingly focused on understanding their client’s investment in these currencies as well as the velocity of the funds traveling in and out of the exchanges.
“The addition of a strong cryptocurrency innovator like CipherTrace to the X-Sight Marketplace not only complements our robust anti-money laundering portfolio but also supports FSOs as they strengthen their strategies against cryptocurrency-related fraud and money laundering activities.”
Last year, digital identity startup Jumio joined NICE Actimize’s X-Sight Marketplace to provide businesses with access to verification and biometric authentication tools.
CipherTrace was picked by the Malta Financial Services Authority to help with cryptocurrency monitoring. The country’s regulator is using the technology to detect fraudulent transactions and automate audit risk management of virtual asset businesses.
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