About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Elliptic Introduces AML Solution for XRP

Subscribe to our newsletter

Crypto compliance specialist Elliptic has a mission: to prevent, detect and pursue criminal activity in cryptocurrencies. In such a rapidly developing sector and with opacity around regulation across jurisdictions, transparency and accountability are vital in tracking crypto transactions – and it is an area in which RegTech is fast spreading its wings.

The firm provides anti-money laundering (AML) compliance software and forensic and investigative services to cryptocurrency exchanges, major financial institutions, and government agencies in order to analyse transactions and detect criminal activity. This week, it launched a new solution in the form of transaction monitoring support for XRP, the currency of the Ripple payment network and the third largest cryptocurrency by market value after bitcoin and ether.

“We began researching XRP more than a year ago and have already identified several hundred XRP accounts linked to illicit activity ranging from thefts to scams and the sale of stolen credit cards,” says Dr Tom Robinson, Chief Scientist and Co-founder at Elliptic.

The Elliptic platform has already identified over $400 million of illicit activity across XRP transactions – although this represents less than 0.2% of total XRP transactions, suggesting that the vast majority of activity is legitimate.

XRP is the latest asset to be added to the firm’s crypto-asset risk management suite, which uses blockchain insights and analytics to alert clients to high-risk transactions, and which already supports bitcoin, ether, litecoin, and tether.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Best practices for regulatory reporting

Date: 16 July 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Regulatory reporting is a repetitive, time consuming and expensive business. At its best it requires robust data governance, automated data collection and reporting, standardised reporting formats, a centralised reporting system and a means to monitor and review regulatory change....

BLOG

Fenergo Adds Client Lifecycle Solution to AWS Marketplace

Fenergo, a provider of digital solutions for Know Your Customer (KYC), transaction monitoring and Client Lifecycle Management (CLM) has made its software-as-a-service (SaaS) CLM solution available on Amazon Web Services (AWS) Marketplace. AWS customers can streamline the procurement and purchase of Fenergo’s CLM directly within an AWS Marketplace account and unlock any AWS incentives, discounts,...

EVENT

TradingTech Summit London

Now in its 13th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...