Elliptic and LexisNexis to Bring Bank-Grade AML and KYC to Bitcoin Firms

Elliptic revealed that the largest dark web marketplaces now facilitate more than $250 million in annual sales via Bitcoin.

A new collaboration is set to enhance blockchain transparency in order to promote the further adoption of Bitcoin by mainstream financial institutions. LexisNexis Risk Solutions, an analytics provider for 100 of the top American banks and 80% of U.S. federal agencies, has teamed with blockchain intelligence company Elliptic for exposing criminals who use Bitcoin on the dark web.

The alliance, which was announced today, integrates LexisNexis Risk Solutions’ anti-money laundering data into Elliptic’s Bitcoin transaction monitoring and compliance products. As a result, Elliptic clients can obtain more insights than before by screening Bitcoin entities for links to sanctions, enforcements, politically exposed persons, adverse media and state owned companies.

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Dr. James Smith, Elliptic, CEO
Dr. James Smith, Elliptic, CEO

“For the first time, Bitcoin companies can leverage bank-grade risk management practices to identify Bitcoin entities that appear on sanction and watch lists from around the world,” said Dr. James Smith, Elliptic CEO and co-founder. “Having this enriched data set built natively into Elliptic’s products takes Bitcoin AML and KYC controls to the next level.”

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Elliptic will use LexisNexis platform and database to identify whether Bitcoin transactions are linked to identities that are related to fraud, anti-money laundering, corruption or terrorist financing.

Tracking the Dark Web

Elliptic also revealed today that the largest dark marketplaces facilitate more than $250 million in annual sales. “The leading Bitcoin companies globally are already using Elliptic products to assess risk on more than $1 billion in Bitcoin transactions each month. By integrating LexisNexis Risk Solutions’ robust watchlist data, we are making it safe for a new wave of financial institutions to handle Bitcoin and bank Bitcoin companies.” said Dr. Smith.

“This alliance demonstrates how data, technology and analytics can be used in innovative ways to foster financial transparency from China to Germany to the U.S.,” said Thomas C. Brown, SVP of U.S. Commercial Markets and Global Market Development at LexisNexis Risk Solutions. “More banks, Fintech startups, payments companies and eCommerce businesses can further consider the usefulness of the permissionless blockchain because as of today they are able to deploy best-of-breed money laundering screening against Bitcoin. As a result, the virtual currency potential evolves to a new level — from possible conduit for money laundering to trusted technology along the economic value chain.”

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