NEW LOCATION

Olá Brazil Brazil NVMe-powered VPS Plans in Brazil Now Available.

Deploy Instantly
  • +357 2425 0808
  • Login
  • English

Home

Blog

Elliptic and LexisNexis to bring bank-gr...

Elliptic and LexisNexis to bring bank-grade AML to Bitcoin

Elliptic and LexisNexis to bring bank-grade AML to Bitcoin

NetShop ISP

NetShop ISP · Blog Author

Aug 05, 2016 · Archive

Blockchain intelligence firm Elliptic has partnered with London-based startup LexisNexis Risk Solutions to bring bank-grade risk management to Bitcoin.

Two companies teamed up not only to avoid nefarious uses of the digital currency but also to make virtual currency more attractive to those who might want to use it for legitimate transactions.

LexisNexis Risk Solutions helps banks to comply with AML regulation, using a database of 2.7 million global entities that could be involved in illicit transactions, such as those on global sanctions watchlists. It has shared its database with Elliptic, which constantly monitors bitcoin transactions. As a result clients will be alerted in case of the money movement from bitcoin addresses that have been identified as risky.

Thomas Brown, of LexisNexis Risk Solutions told Reuters: “This is a step toward making it (bitcoin) more mainstream and more acceptable.”

Bitcoin, as we all now, relies on complex algorithms that allow to anonymously and quickly move money without a need for a central authority to process transactions.
That has made it attractive to users who want to avoid capital or government controls. However, virtual currency has also attracted criminals making it popular on the dark side of the Internet.

Brown said: “Today, if you see bitcoins transacting, you almost assume they’re from someone who wants to be off the grid, or they’re proceeds from illicit transactions.”

Kevin Beardsley, Elliptic’s head of business development, was hopeful that this partnership will unlock a whole wave of companies being able to enter financial services with bitcoin.
“The single biggest thing keeping mainstream financial services out of the (bitcoin) ecosystem is the inability to do bank-grade anti-money laundering controls.”

Press Releases
79

Free VPS Trial

No Credit Card Required.

Recent Posts

Black Friday & Cyber Monday Offer – 30% Lifetime Discount on VPS Plans

Black Friday & Cyber Monday Offer – 30% Lifetime Discount on VPS Plans

02 December, 2024

How To Install Sendy on Ubuntu 22.04 Server

How To Install Sendy on Ubuntu 22.04 Server

27 November, 2024

How To Extract Certificates and Private Key from .PFX file

How To Extract Certificates and Private Key from .PFX file

19 November, 2024

NetShop ISP CEO Stefano Sordini to Moderate Key Panel on Forex AI Automation at Cyprus Fintech Summit 2024

NetShop ISP CEO Stefano Sordini to Moderate Key Panel on Forex AI Automation at Cyprus Fintech Summit 2024

15 November, 2024

Preparing for the Daylight Saving Time (DST) Change: Essential Updates for MetaTrader 4/5 Platforms

Preparing for the Daylight Saving Time (DST) Change: Essential Updates for MetaTrader 4/5 Platforms

25 October, 2024

#letushostyou

Award Winning Hosting Provider established in 2004.

120 Faneromenis Avenue, Imperial Tower, 2nd Floor, Larnaca 6031, Cyprus

Products

Bare Metal Servers

Customized Servers

Virtual / Cloud Servers

Forex VPS

Storage VPS

cPanel Web Hosting

Reseller Web Hosting

Colocation

Addons

Premium DNS

Email Hosting

Cloud Backup

DDoS Protection

Licenses

SSL Certificates

Domain Names

Premium SLAs

About Us

Data Center Locations

Looking Glass

Our Company

Contact Us

Careers in Cyprus

Become a Partner

Awards

Certifications

© 2024 S.S. NetShop Internet Services Ltd. All rights reserved.  Terms & Conditions  |  Privacy Policy
CY Reg. Number: HE 217340 | EU VAT Number: CY10217340J

Visa
Mastercard
PayPal
Bitcoin
Tether
Ethereum
Litecoin
Wise
Revolut
Wire Transfer