19 October 2017
Find out more

Nets partners Chainalysis to help banks meet AML rules on virtual currencies

24 March 2017  |  9387 views  |  0 Bitcoin

Nordic payments processor Nets is enlisting the help of distributed ledger technology specialist Chainalysis to help it ensure virtual currency transactions comply with anti-money laundering rules.

The deal is designed to make it easier for Nordic banks to work with firms involved in Bitcoin and other virtual currencies while complying with strict AML rules.

"Several of our customers among the Nordic banks have been looking for an effective tool to assist them in complying with legislation. In fact, I believe many banks have held back on facilitating Bitcoin payments because they didn’t have the tool we are now able to offer them," says Kati Rintala, head, fraud and dispute services, Nets.

New York-based Chainalysis promises to tame the Wild West of virtual currencies by tracking digital identities on the blockchain. Its software detects suspicious activity in real time and provides investigation tools for law enforcement and others to tackle cybercrime.

Last year Europol signed on to use the firm's technology at its European Cybercrime Centre (EC3) through a collaboration and information sharing Memorandum of Understanding.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nets warns of card data breach

Nets warns of card data breach

26 October 2016  |  11307 views  |  0 comments | 8 tweets | 9 linkedin
Nets valued at $4.5 billion in IPO

Nets valued at $4.5 billion in IPO

23 September 2016  |  5941 views  |  0 comments | 7 tweets | 3 linkedin
Denmark's Nets partners Coinify to explore blockchain tech

Denmark's Nets partners Coinify to explore blockchain tech

25 May 2016  |  6298 views  |  0 comments | 8 tweets | 4 linkedin
Blockchain cybersecurity startup Chainalysis inks MoU with Europol

Blockchain cybersecurity startup Chainalysis inks MoU with Europol

19 February 2016  |  9218 views  |  0 comments | 16 tweets | 13 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.innotribe.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15688 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8859 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7960 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7081 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6212 views comments | 6 tweets | 3 linkedin

Featured job

circa £250K total package
London

Find your next job