Brokerage Archax picks Scila for surveillance and AML

Archax has selected Scila Surveillance and Scila AML to help it bolsters its market surveillance and anti-money laundering capabilities.

Scila will provide the digital securities exchange platform with a real-time market surveillance and anti-money laundering tool, which is currently used in over 20 countries. Its platform includes alert rules, reports, search and replay functionality and trading analytics tools.

Speaking on the partnership, Archax co-founder and CEO said it would not only help it remain compliant but be prepared for future changes in regulation.

Scila executive chairman and co-founder Lars-Ivar Sellberg said, “Digital assets and cryptocurrencies have become an integrated part of the financial system and capital markets.

“Whilst on a global level, cryptocurrencies and digital assets are largely unregulated, we think it is important that these asset classes become regulated in a similar way as traditional securities. We are excited to work with Archax on this project.”

Archax claims it is the first and only digital securities exchange, broker and custodian to be regulated by the UK’s Financial Conduct Authority.

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