Globitex has strengthened its AML capabilities, announcing a new partnership with Bitfury Group’s Crystal Blockchain, providing boosted Anti Money Laundering compliance and security measures to clients through the Bitfury CrystalTM platform.
The growing fintech serves crypto businesses and has united with Bitfury Crystal following the EU’s Fifth Money Laundering Directive (5AMLD). It sees Globitex providing regulatory-standard AML and CFT compliance to its clients.
Globitex’s customers, crypto-related businesses and retail traders, will benefit from improved functionality that helps identify suspicious transactions, stolen funds and cryptocurrencies that have passed through mixers.
Speaking to PaymentExpert, Uldis Teraudkalns, CEO at Globitex emphasised that the firm ensures that companies operating in the space can continue to do so, through its services.
He added: “What we are talking about in this partnership is blockchain intelligence, firstly it’s about trust and secondly it’s about verification, we ask our clients questions about their business or their transactions, they make declarations and statements and then it’s up to us to verify this information.
“In terms of blockchain, however this is not so easy to do, companies like Bitfury Crystal assists us in getting verifiable information about the addresses our clients are transacting with.”
He continued: “5AMLD has brought cryptocurrencies under a governance the industry can trust—crypto businesses are required to comply with anti-money laundering rules and perform Know Your Customer (KYC) checks. This new regulation gives legitimate businesses the opportunity to prove that they can operate successfully in a regulated environment and gain more trust.
“Like any other industry, this requires working with expert partners that understand the crypto sector and can guarantee compliance. This partnership with Bitfury Crystal demonstrates our commitment as a licensed, compliant provider to help our clients demonstrate their legitimacy and bring stability, reliability and trust.”
In addition, new tools create improved risk mitigation when dealing with particular coins, greater protection of client data and advanced analytics capabilities to better understand the risk profiles of different coins. The new functionality covers compliance for bitcoin and a variety of other digital currencies, with inbuilt encryption for secure storage of client data.
Marina Khaustova, CEO at Bitfury Crystal added: “Bitfury Crystal is looking forward to working with Globitex to provide safe and secure AML measures for their institutional and retail clients. This collaboration shows where the digital asset space is heading as a result of further regulatory advances and strengthening industry transparency.”
Expert Analysis: The collaboration between these two companies is well positioned to continue its engaging crypto offering, whilst continuing to adapt and remain within the evolving regulations.