FICO, the analytics company, and Crystal Blockchain, the service from Bitfury Group, announced a partnership to provide banks with monitoring and risk-management services related to the cryptocurrency business.
Crystal Blockchain is proud to be partnering with FICO to bring a new standard to AML & fraud detection with cryptocurrencies. Read more about the collaboration here: https://t.co/Du1elAOwIc pic.twitter.com/88w6nVgTiL
— Crystal Blockchain (@CrystalPlatform) December 16, 2020
The companies say that the joint offering will help financial-service providers seeking to expand offerings in the crypto market.
Banks have been hesitant to engage in crypto business due to the difficulty of tracing transactions on the blockchain and assessing risks from the perspective of anti-money-laundering and fraud prevention, according to the press release.
The integration of FICO’s anti-financial-crime solution with Crystal’s Bitcoin analytics is designed to help banks assess the crypto-risk profile of their clients when onboarding, as well as monitor them across all active accounts.
“With strict KYC and AML controls, banks will be able to expand their service offerings for the fast-growing virtual-asset market while managing the risks associated with cryptocurrencies,” the companies said in a statement.
During onboarding, banks will collect information about potential clients, including their virtual assets and wallets. The FICO KYC solution will cross-reference the Crystal Blockchain analytics platform to obtain a risk score calculated from the client’s transaction history with both anonymous and deanonymized sources.
Banks will also be able to apply blockchain analytics to existing clients for ongoing real-time monitoring.
In 2018, Bitfury Group introduced the Crystal Blockchain service, designed to identify and investigate criminal activity on the Bitcoin blockchain.
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