Automating Anti-Money Laundering Practices and Crypto Compliance
通过 LCX Team · September 21, 2020
We aim to deliver integrity to the cryptocurrency industry and financial markets alike. Our new compliance suite is an advanced crypto AML compliance solution for constant risk classification and an in-depth due diligence assessment.
Today, we are announcing our partnership with Pliance.
Pliance is a fast-growing fintech company based in Sweden. The team developed smart RegTech solutions which deliver comprehensive protection by combining sanctions lists, Politically Exposed Persons (PEP) and global watchlists into a single dataset. Now, in combination with our crypto compliance technology, the new system enables us to follow a risk-based approach to AML as recommended by the Financial Action Task Force (FATF), the 5th and forthcoming 6th Money Laundering Directive and the Token and TT Service Provider Act (TVTG) also known as the Liechtenstein Blockchain laws. The 5th Directive (AML5) particularly addressed cryptocurrencies, legislation for those who hold or store virtual currencies, provide exchange services of virtual and fiat currencies and custodian wallets.
This is another step to enhance our Anti-Money Laundering (AML) processes such as screening of Politically Exposed Persons (PEP), Combating the Financing of Terrorism (CFT) and sanction screening by integrating Pliance’s technology and API’s.
Our proprietary compliance suite enables automating crypto compliance processes to make sure that all blockchain transactions happening on LCX’s platform are safe, compliant and secure.
“We are delighted to partner with LCX, the fact that we will play a role in providing a secure environment for customers with our scalable automation of compliant AML processes makes me feel proud,” said Siam Choudhury, CEO at Pliance. “By automating its AML processes with Pliance, LCX shows the benefits of working with modern tools when building modern products.”