Globitex boosts AML capabilities with Bitfury Crystal amid 5AMLDFeb 26, 2020
Fintech serving crypto-related businesses joins forces with leading AML provider, Bitfury Crystal
Globitex, a high-growth fintech serving crypto businesses, has today announced a cooperation with Bitfury Group’s Crystal Blockchain, which provides boosted Anti Money Laundering compliance and security measures to its clients through the Bitfury Crystal™ platform.
The partnership with Bitfury Crystal, which comes in the wake of the EU’s Fifth Money Laundering Directive (5AMLD), will see Globitex providing regulatory-standard AML and CFT compliance to its clients. Globitex’s customers – crypto-related businesses and retail traders – will benefit from improved functionality that helps identify suspicious transactions, stolen funds and cryptocurrencies that have passed through mixers.
In addition, new tools create improved risk mitigation when dealing with particular coins, greater protection of client data and advanced analytics capabilities to better understand the risk profiles of different coins. The new functionality covers compliance for bitcoin and a variety of other digital currencies, with inbuilt encryption for secure storage of client data.
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.”
“Bitfury Crystal is looking forward to working with Globitex to provide safe and secure AML measures for their institutional and retail clients. This collaboration shows where the digital asset space is heading as a result of further regulatory advances and strengthening industry transparency,” said Marina Khaustova, CEO at Bitfury Crystal.
A leading blockchain analytics program backed by an expert team, the Bitfury Crystal platform enables configurable risk scoring capabilities based on a sophisticated machine-learned algorithm. Crystal analytics also offers risk scoring for bitcoin, and other mainstream cryptocurrencies including Ethereum (ERC20 and ERC721), Bitcoin Cash, Litecoin and Tether.