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Vandana Malik
Jul 21, 2020
by Vandana Malik

CoolBitx Partners With Elliptic to Address AML Regulations

CoolBitx
CoolBitx, the blockchain security firm has recently announced that it is partnering with Elliptic, a crypto forensic firm. This announcement from the firm came in on July 21 and the major purpose of this partnership will be to address the anti-money laundering (AML) regulations. This is coming out due to the recent travel rules by the Financial Action Task Force (FATF). In order to comply with the AML guidelines by FATF, virtual asset service providers (VASPs) Sygna Bridge and transaction and wallet screening tools by Elliptic.

CoolBitx aiming to protect clients from violating laws

Michael Ou, CEO of CoolBitX has said that preventing all sorts of criminal activities might get quite difficult for different VASPs. Now the company is aiming to protect its clients from violating the laws and regulations formed by FATF. This will be done with the help of a wide variety of tools from both Elliptic and Sygna. It will also help the regulators to combat different illicit money laundering activities on various crypto platforms. Back in June 2019, FATF published a complete set of guidelines for all the crypto-related firms. These guidelines were meant to prevent any kind of criminal activity related to virtual assets and AML. It has also introduced “travel rule” which included Know Your Customer (KYC), and Combating the Financing of Terrorism (CFT) measures.

Countries working to adapt FATF requirements 

It has been more than a year since FATF has announced the complete guidelines and new regulations. Not only CoolBitx, but other companies from various countries are also trying their best to adapt all the requirements given by FATF. According to Michael Ou, both South Korea and Singapore have a proper regulatory framework that can comply with FATF’s travel rule. Both countries have also given deadlines to all the virtual asset service providers to meet the guidelines given by FATF.

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    CoolBitx Partners With Elliptic to Address AML Regulations
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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