The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Elliptic Introduces AML Solution for XRP

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.

Related content

WEBINAR

Recorded Webinar: Best practices for regulatory reporting

Regulatory reporting has been a cost and resource burden for financial institutions for many years, with the race to compliance in a highly regulated market often leading to multiple, singular regulatory reporting solutions. Legacy systems add to the challenges of making reporting changes in line with adapted and new regulations. This webinar will address these...

BLOG

Mirato Raises $9 Million to Fund AI-Based Supplier Risk Platform

In another indicator of the market’s acceptance of AI, Tel Aviv-based Mirato has raised $9 million to support the development and commercialization of its third-party risk management (TPRM) platform. With regulators intensifying their scrutiny of financial institutions’ relationships with external suppliers – with regulations like GDPR addressing privacy concerns, for instance – Mirato’s offering helps...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that brings together an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...