Bitcoin compliance firm Elliptic and LexisNexis bring bank-grade risk management to blockchain

Blockchain intelligence firm Elliptic and LexisNexis Risk Solutions have partnered to deliver “bank-grade risk management on bitcoin transactions“. The deal integrates LexisNexis anti-money laundering risk management data into Elliptic’s Bitcoin transaction monitoring and compliance products.

The two firms have built a proof-of-concept that leverages financial intelligence data from LexisNexis Risk Solutions and presents it alongside Elliptic’s proprietary risk scoring.

While the underlying Bitcoin technology, blockchain, has gone mainstream, the financial services industry is still hesitant to embrace the full promise of Bitcoin and confidently provide banking relationships to Bitcoin companies. The lack of financial transparency on Bitcoin entities continues to stymie the ubiquitous adoption of bitcoin and other virtual currencies.

That reality, though, is soon to be short-lived. LexisNexis Risk Solutions, the global big data, technology and analytics firm, has teamed with Elliptic, a blockchain intelligence company, to remove that roadblock by exposing money launderers, human traffickers, terrorists, and drug dealers who use bitcoin to make dark web purchases, said

Read more ... source: TheBitcoinNews

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