Elliptic and LexisNexis Risk Solutions Brings Bank-Grade Risk Management to Bitcoin

Blockchain intelligence firm Elliptic and LexisNexis Risk Solutions, a global data, technology and analytics firm, today announced a strategic alliance that integrates LexisNexis Risk Solutions extensiveanti-money laundering risk management data into Elliptic’s Bitcoin transaction monitoring and compliance products.

The two firms have built a proof-of-concept that leverages financial intelligence data from LexisNexis Risk Solutions and presents it alongside Elliptic’s proprietary risk scoring – providing financial services firms and other companies the ability for the first time to have bank-grade risk management on Bitcoin transactions.

While the underlying Bitcoin technology, blockchain, has gone mainstream, the financial services industry is still hesitant to embrace the full promise of Bitcoin and confidently provide banking relationships to Bitcoin companies. The lack of financial transparency on Bitcoin entities continues to stymie the ubiquitous adoption of Bitcoin and other virtual currencies.

That reality, though, is soon to be short-lived. LexisNexis Risk Solutions, the global big data, technology and analytics firm, has teamed with Elliptic, a blockchain intelligence company, to remove that roadblock by exposing money launderers, human traffickers, terrorists, and drug dealers who use Bitcoin to make dark web purchases.

The alliance, which was announced today, integrates LexisNexis Risk Solutions robust anti-money laundering data into Elliptic’s Bitcoin transaction monitoring and compliance products. As a result, Elliptic clients can obtain more meaningful insights than ever before by automatically screening Bitcoin entities for links to sanctions, enforcements, politically exposed persons, adverse media and state owned companies.

This alliance demonstrates how data, technology and analytics can be used in innovative ways to foster financial transparency, and ultimately, financial inclusion,” said Thomas C. Brown, SVP of U.S. Commercial Markets and Global Market Development at LexisNexis Risk Solutions. “More banks, fintech startups, payments companies and eCommerce businesses can further consider the usefulness of the permissionless blockchain because as of today they are able to deploy best-of-breed money laundering screening against Bitcoin. As a result, the virtual currency potential evolves to a new level —  from possible conduit for money laundering to trusted technology along the economic value chain.”

In coming together, LexisNexis Risk Solutions and Elliptic represent a new global standard in risk management and KYC compliance for Bitcoin.

  • LexisNexis Risk Solutions is the technology provider of choice for 100 of the top U.S. banks, helping them achieve regulatory compliance and mitigate business risk. The firm also works with 80 percent of federal agencies in the U.S.
  • Elliptic’s Bitcoin transaction monitoring products are used by the largest U.S. and European Bitcoin exchanges and payment processors, and have already enabled them to assess risk on more than $2 billion in Bitcoin transactions. The company also provides key evidence to law enforcement agencies in the U.S. and Europe for major investigations involving Bitcoin.

Elliptic CEO and co-founder, Dr. James Smith said, “Together, LexisNexis Risk Solutions and Elliptic have demonstrated that bank-grade anti-money laundering standards can be applied effectively in Bitcoin transactions. We are thrilled to be working with a firm so entrusted by the U.S. banking industry and this integration represents another big gain in efficiency and accuracy for Elliptic’s commercial and law enforcement clients.”

Author: Dylan Jones

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