The partnership will feature an integration between FICO’s anti-financial crime solutions and Bitfury Group’s Crystal analysis.
FICO, a global analytics leader, and Crystal Blockchain of Bitfury Group (“Crystal”), a leading digital currency analytics company, have announced a partnership to provide cryptocurrency risk management and monitoring services.
At the onboarding stage, banks will gather a potential client’s information including their virtual assets and wallets. FICO’s KYC solution will cross reference against the Crystal Blockchain analytics platform to obtain Crystal’s risk score, which is calculated based on the client’s transaction history with anonymous and deanonymized sources and links, and the bank specific risk model. Traditional KYC risk factors and the Crystal risk score become part of the initial risk assessment and may inform further due diligence.
Banks have been hesitant to engage in crypto business due to the complexity of tracing transactions and measuring risk on the blockchain in order to combat money laundering activities. Combining FICO’s industry-leading financial crime solutions with Crystal’s blockchain analysis, the joint offering will help banks assess the risk of their clients’ crypto business at the onboarding stage, as well as monitor that risk on all active accounts. This unique combination will enable banks to fully understand and actively manage the risk-exposure from customers – individuals and corporations alike – that engage in virtual currency transactions. With rigorous KYC and AML controls in place, banks can expand their service portfolio into the fast growing market of virtual assets, while managing crypto-related risks.
To learn more about the FICO Financial Crimes Solutions, visit https://www.fico.com/en/latest-thinking/product-sheet/fico-anti-money-laundering-solutions.
About Crystal Blockchain
Crystal Blockchain of Bitfury Group is the all-in-one analytics and monitoring tool for crypto AML compliance for VASPs. The Crystal Blockchain team of world-class blockchain analysts, award-winning mathematicians and professional software developers, are united by the idea of leveraging blockchain technology to build a better, safer future, by designing best-in-class blockchain solutions for virtual asset service providers and regulatory agencies. Crystal’s anti-money-laundering tools enable crypto businesses and financial institutions to operate in a safe and secure environment and allows compliance officers to do their job more efficiently. Crystal was developed by the Bitfury Group’s software team and is distributed worldwide by Crystal Blockchain BV, headquartered in Amsterdam. Learn more at https://crystalblockchain.com.
Source: FICO Press Release