Logo Header Menu

Globitex and Bitfury Crystal partner to boost AML capabilities

Crypto fintech firm Globitex has announced a partnership with Anti Money Laundering (AML) compliance provider Bitfury Crystal Globitex and Bitfury Crystal partner to boost AML capabilities image

The partnership, which comes following the EU’s Fifth Anti Money Laundering Directive (5AMLD), will see Globitex gain advanced AML capabilities, as well security when it comes to Combatting the Financing of Terrorism (CFT).

This will involve enhancements in detections of stolen funds and suspicious behaviour for Globitex’s customers, which are predominantly made up of crypto companies and retail traders.

Additionally, new risk mitigation tools will be made available to customers for dealing with certain crypto coins, including analytics specific to this purpose, as well as improved security of customer data through encryption.

The rise and rise of cryptojacking

Terry Greer-King, VP EMEA at SonicWall, discusses the issue of cryptojacking, its rise, and how organisations can combat it. Read here

“5AMLD has brought cryptocurrencies under a governance the industry can trust,” said Uldis Teraudkalns, CEO of Globitex. “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.”

As well as providing analytics for monitoring risk, Bitfury Crystal will also supply risk scoring capabilities for various cryptocurrencies, including Bitcoin and Ethereum, which will be powered by machine learning.

“Bitfury Crystal is looking forward to working with Globitex to provide safe and secure AML measures for their institutional and retail clients,” said Marina Khaustova, CEO of Bitfury Crystal. “This collaboration shows where the digital asset space is heading as a result of further regulatory advances and strengthening industry transparency,”

This article is tagged with: AML, Compliance, cryptocurrency

Sign up for Information Age Newsletters

Latest news

divider
AI & Machine Learning
Humane AI requires a regulatory regime

Humane AI requires a regulatory regime

25 September 2020 / Artificial intelligence (AI) is set to upend nearly every industry. It’s a technology that will [...]

divider
Government & Public Sector
Digital access to UK government services scaled by Mitek and Digidentity

Digital access to UK government services scaled by Mitek and Digidentity

24 September 2020 / Access to UK government services over GOV.UK Verify, including Universal Credit and business and self-employed [...]

divider
Major Contracts
SSE Enterprise Telecoms unveils business connectivity extension scheme

SSE Enterprise Telecoms unveils business connectivity extension scheme

24 September 2020 / As part of its business network expansion programme, SSE Enterprise Telecoms is set to enable [...]

divider
Financial Services
Transforming customer banking experiences with AI and machine learning

Transforming customer banking experiences with AI and machine learning

23 September 2020 / AI and machine learning have been driving significant transformations across virtually all industries over the [...]

divider
Research
Over one in five UK employees received Covid-19 phishing emails

Over one in five UK employees received Covid-19 phishing emails

23 September 2020 / The study from Webroot, an OpenText company, surveyed 7,000 office workers worldwide, and with employees [...]

divider
Major Contracts
Microsoft Teams and ServiceNow extend partnership to embed workflows

Microsoft Teams and ServiceNow extend partnership to embed workflows

23 September 2020 / Announced at the recent Microsoft Ignite conference, the integration of new ServiceNow workflows into Microsoft [...]

divider
Emerging Technology & Innovation
Easing the pressures of new technologies on the Internet

Easing the pressures of new technologies on the Internet

23 September 2020 / It’s hard to fathom that the Internet was born only 50 years ago considering that, [...]

divider
People Moves
Hypergiant appoints Mohammed Farooq as global CTO and GM, products

Hypergiant appoints Mohammed Farooq as global CTO and GM, products

22 September 2020 / Bringing 25 years’ enterprise experience to Hypergiant, new global CTO and GM of products Farooq [...]

divider
CIO and CTO
Q&A: CTO of Sitecore discusses transition to tech and CTO challenges

Q&A: CTO of Sitecore discusses transition to tech and CTO challenges

22 September 2020 / The career of Tom De Ridder, CTO of customer experience management company Sitecore, has seen [...]

Do NOT follow this link or you will be banned from the site!

Pin It on Pinterest