Globitex is bolstering its AML process with new partnership

Cryptocurrency exchange Globitex is strengthening its anti-money laundering (AML) capabilities through a partnership with Bitfury Group’s Crystal Blockchain.

The Crystal Blockchain solution offers AML and security measures via a blockchain analytics platform. Its technology helps keep compliance with AML and counter-terrorism financing regulations, automate due diligence, secure sensitive data and boost protections across a business.

Through this partnership, Globitex will be better placed to identify suspicious transactions, stolen funds and cryptocurrencies which have travelled through mixers.

Furthermore, it will receive new tools which can improve risk mitigation when dealing with certain cryptocurrencies, better protect client data and access advanced analytics to understand risk profiles of currencies.

Uldis Teraudkalns, CEO at Globitex said “5AMLD has brought cryptocurrencies under a governance the industry can trust—crypto businesses are required to comply with anti-money laundering rules and perform Know Your Customer (KYC) checks.

“This new regulation gives legitimate businesses the opportunity to prove that they can operate successfully in a regulated environment and gain more trust. Like any other industry, this requires working with expert partners that understand the crypto sector and can guarantee compliance. This partnership with Bitfury Crystal demonstrates our commitment as a licensed, compliant provider to help our clients demonstrate their legitimacy and bring stability, reliability and trust.”

The fifth anti-money laundering (5AML) regulation was implemented in January 2020. Despite the regulation already in enforcement, some European countries have still yet to implement the regulation into its law.

Earlier this month, the European Commission released warnings to eight countries which have failed to put the new rules into place.

Electronic IDentification recently told FinTech Global 5AML and eIDAS could empower Europe to become the world’s first digital single market.

Copyright © 2020 FinTech Global

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