Globitex and Bitfury Crystal partner to boost AML capabilities

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.

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“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,”

Related Topics

AML
Compliance
cryptocurrency