New Jersey-headquartered NICE Actimize, a subsidiary of Israel-based NICE Ltd, announced that CipherTrace, a provider of cryptocurrency intelligence and blockchain security, has joined the X-Sight Marketplace which is a financial crime and compliance ecosystem. The X-Sight Marketplace gateway connects financial services organisations with data, applications, tools and service providers in one place, to allow users to experience the value of choice while reducing integration timelines.
“As financial services organizations take a more active role within the virtual currency landscape, they are increasingly focused on understanding their client’s investment in these currencies as well as the velocity of the funds traveling in and out of the exchanges,” said Craig Costigan, CEO, NICE Actimize. “The addition of a strong cryptocurrency innovator like CipherTrace to the X-Sight Marketplace not only complements our robust anti-money laundering portfolio but also supports FSOs as they strengthen their strategies against cryptocurrency-related fraud and money laundering activities.”
The CipherTrace offering identifies cryptocurrency transactions going to digital wallets and crypto exchanges that are known to have significant illicit activity or poor client due diligence processes. Thus, it makes crypto exchanges and wallets to have greater visibility to criminal activity for which the transactions can be screened.
“Financial services organizations are looking for technology offerings that integrate with their existing compliance program as they address the challenges of cryptocurrency adoption, both to protect their reputations and their customer’s assets,” said David Jevans, Chief Executive Officer and Founder, CipherTrace. “This problem is much bigger than many financial institutions realize. Recent CipherTrace research found that a typical large bank processes as much as $2 billion a year in cryptocurrency-related transfers. We are pleased to partner with NICE Actimize and its X-Sight Marketplace ecosystem to strengthen the need in this area while fighting financial crime.”
NICE Actimize had been tapped by Taiwan-based Chailease to implement an end-to-end anti-money laundering compliance platform in December 2019. Chailease will adopt the supplier’s solutions and utilise advanced analytics and machine-learning technologies to increase efficiency and benefit its financial services customers.