Anti Money Laundering Services For The Bitcoin Network

A London based Blockchain intelligence company, Elliptic proclaims that it will be rendering Anti Money Laundering services (AML) any time soon. To make it happen, the company has teamed up with a leading security firm, LexisNexis. Elliptic has been effectively working as a global standard for bitcoin and blockchain intelligence. The company has been providing valuable information to the banks regarding the illicit and felonious activities happening in the bitcoin network.

As odious as it sounds, large amounts of cryptocurrency resources (especially bitcoin) are being used in all sorts of illegal activities like drug trafficking, terrorism financing and pornography. But this alleged partnership between Elliptic and LexisNexis is going to help in legitimizing the use of bitcoin and cracking down cyber crimes.

Also read BRAVE Partners With Coinbase For Bitcoin Micropayments.

LexisNexis Risk Solutions

LexisNexis is a subsidiary of a multinational information and analytics group called RELX. LexisNexis provides all sorts of risk solutions including identity management, fraud detection, background checks and risk management services. The company was founded in 1977 and is headquartered in Ohio, United States. LexisNexis helps more than 50 US banks to avert cyber crimes though its AML regulations. It holds and manages a gigantic database of over 2.5 million global entities which further helps it in extenuating business risks by providing sensitive information to the banks.

Special Investigation Unit By LexisNexis

Lately, LexisNexis has formed a Special Investigation Unit (SIU) with a sole aim to help the government agencies in mitigating the identity management process. The company claims that the new SIU will help in keeping the communities safe by restricting the felonious use of money and other financial resources. And now that it has teamed up Elliptic, it is expected to foster the use of bitcoin thereby making it mainstream at some point of time.

Bitcoin AML Services

The alleged partnership between Elliptic and LexisNexis is expected to curb the illegal bitcoin transactions as well as the other exploits linked with it like drug trafficking, pornography and terrorism funding. Both the organizations have already started working on their mission to legitimize the use of bitcoin and other cryptocurrencies. LexisNexis that holds a massive database of over 2.5 million suspicious global entities has reportedly shared this database with Elliptic. Elliptic as already mentioned, is a blockchain intelligence company which offers a surveillance platform for monitoring bitcoin transactions.

By virtue of their bitcoin AML services, the two organizations aim to consolidate the Bitcoin Ecosystem by making the network more secure and immune to fraudulent activities.