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Digital securities exchange Archax picks Scila for AML and surveillance tech

Source: Archax

Archax, the first and only UK Financial Conduct Authority (FCA) regulated digital securities exchange, broker and custodian, has selected Scila Surveillance and Scila AML for monitoring of its markets, provided by the Stockholm-based leading independent surveillance, risk & anti-money laundering technology provider Scila AB.

Archax was also the first firm to be listed on the FCA’s Cryptoasset Register and will use Scila for its cryptocurrency market.

Scila provides Archax with a powerful and flexible real-time market surveillance and anti-money laundering tool which is deployed at customer sites in more than 20 countries, including exchanges, regulators and market participants. Scila has a strong focus on digital assets and cryptocurrencies and currently provides technology to some of the largest cryptocurrency exchanges and traders globally.

The Scila solution includes a broad selection of alert rules and reports, a powerful search and replay functionality as well as trading analytics tools. The solution utilises advanced machine learning capabilities, based on both unsupervised and supervised learning.

“Digital assets and cryptocurrencies have become an integrated part of the financial system and capital markets. Whilst on a global level, cryptocurrencies and digital assets are largely unregulated, we think it is important that these asset classes become regulated in a similar way as traditional securities. We are excited to work with Archax on this project”, says Lars-Ivar Sellberg, Executive Chairman and Co-Founder at Scila.

"Regulatory convergence between the digital and the traditional worlds has been uncompromising in its progression and Archax believes that this will be a trend that continues to manifest. We see Scila as being perfectly aligned with Archax’s vision for the future of compliance in the digital asset industry. Through this partnership, Archax will not only remain compliant with various financial regulators with which it interacts but will also lead the ecosystem with new and progressive regulatory controls for both transaction reporting and market surveillance. By doing this, Archax will facilitate its customers a level of oversight and security in digital asset interaction that has previously been unseen”, adds Graham Rodford, CEO and Co-Founder at Archax. 

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