Crypto provider, BCB Group has deepened its fight against fraud with RegTech company and provider of advanced anti-financial crime compliance solutions, Napier.
As part of the collaboration, BCB Group will use Napier’s Transaction Screening and Transaction Monitoring tools to flag any suspicious activity as it happens, and to support its ongoing commitment to leading the way with anti-money laundering compliance in the UK crypto market.
Oliver von Landsberg-Sadie, Founder and CEO at BCB Group, said: “Since establishing BCB Group four years ago, we have always prided ourselves on our commitment to best practice and having the highest regulatory standards in the UK crypto market. Because of this, it was essential for us to adopt the very best anti-financial crime technology, and that’s where Napier comes in.
“An integral part of our onward anti-money laundering compliance strategy, Napier’s AI-enhanced solutions will allow us to focus on the fast evolution of digital asset innovation while remaining in full compliance with some of the most stringent regulations in force globally.”
BCB Group became the first crypto-focused company to be regulated as an Authorised Payments Institution by the UK Financial Conduct Authority, and provides an end-to-end suite of payment processing, cryptocurrency trading, foreign exchange and custody services.
Julian Dixon, CEO of Napier, added: “Our technology reduces the growing compliance burden on firms such as BCB Group. It can spot unusual transactions, reduce false positives and identify risk easily and quickly, relieving the pressure on internal teams. This is increasingly as important for operators in emerging financial services markets, such as crypto, as it is for traditional institutions. Our solution is agile and robust enough to provide advanced compliance support across the board, even as financial crime continues to evolve in its complexity.”