Elliptic and LexisNexis bring bank-grade AML to Bitcoin

Elliptic and LexisNexis bring bank-grade AML to Bitcoin

Blockchain intelligence outfit Elliptic is teaming up with LexisNexis Risk Solutions to bring what they claim is bank-grade risk management to Bitcoin.

Elliptic will integrate LexisNexis's anti-money laundering risk management data into its Bitcoin transaction monitoring and compliance products.

This, say the two, will help financial services firms and others sniff out transactions linked to heightened-risk individuals or entities that are on global sanctions watchlists.

Elliptic, which recently closed a $5 million Series A funding round led by Paladin Capital Group, already claims top US and European Bitcoin exchanges and payment processors as customers and says it is used to assess risk on more than $1 billion in Bitcoin transactions every month.

By partnering with LexisNexus, which is used by all 50 of the top US banks, the firm is hoping to win over more established Wall Street players looking to dip their toes into the cryptocurrency waters.

James Smith, CEO, Elliptic, says: "Together, LexisNexis Risk Solutions and Elliptic have demonstrated that bank-grade anti-money laundering standards can be applied effectively in Bitcoin transactions."

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