Crypto exchange Binance partners with Elliptic to enhance AML compliance programme
Binance chief compliance officer Samuel Lim that the partnership will help the exchange enhance its anti-money laundering (AML) compliance programme and security systems as it expands into new jurisdictions.
“Both the breadth and depth of Elliptic’s capabilities and experience speak for themselves. We are pleased to be working with them to combat money laundering together and further promote the freedom of money,” Lim said.
Founded in 2013, Elliptic helps identify illicit activities and provides actionable intelligence to cryptocurrency companies, financial institutions, and government agencies. It claims to have assessed risks for transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud and other financial crimes.
“It’s a privilege to partner with Binance to provide them with access to our advanced transaction monitoring system,” said James Smith, co-founder and CEO of Elliptic.
Binance partnered with Chainalysis in October for real-time transaction monitoring of cryptocurrencies and has also teamed up with Refinitiv for KYC automation. In March 2019, it partnered with IdentityMind, a risk management and RegTech compliance platform, to improve existing data protection and compliance measures for Binance’s global operations.
More recently, it partnered with CipherTrace to raise its compliance standards in line with global cryptocurrency regulations and developing frameworks.
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