Moody’s, Elliptic join forces for enhanced VASP risk screening
Derek Andersen3 hours agoMoody’s, Elliptic join forces for enhanced VASP risk screeningThe companies will combine their strengths to provide enhanced virtual asset service providers screening ability.336 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe Moody’s financial research and ratings firm has teamed up with blockchain analytics and compliance specialists Elliptic to provide more insightful screening of virtual asset service providers (VASPs). According to the companies, the collaboration will leverage offchain and onchain data in a single interface.
The new service will take input such as digital asset transaction histories, financial records and regulatory databases to create a “comprehensive overview” of VASPs.TradFi needs better VASP screening
Elliptic has profiles of over 1,000 VASPs and uses real-time onchain data and proprietary technology to screen digital asset transactions for exposure to illicit activities. Moody’s offchain data includes over 21 million risk profiles, 489 million entities and 51,000 sanctioned entities, it claims. It uses the data to produce Anti-Money Laundering (AML) and Know Your Customer solutions for its clients.
The firms’ combined information will be used to create an “integrated risk engine,” the firms said in a joint statement. They pointed to an increasing need for such services in traditional finance:“Traditional financial services acting as new entry and exit points for digital assets need to adapt to the more complicated task of crafting effective AML and compliance frameworks inclusive of both asset classes.”
The service will be underpinned by Elliptic’s Holistic technology for “tracking the proceeds of crime as it moves between assets and blockchains in an efficient and scalable way.”
Related: ‘New frontier’ of crypto laundering involves cross-chain bridges and DEXs — EllipticA wealth of knowledge to offer
Elliptic provides support to 43 blockchains, as well as exchanges and other members of the crypto ecosystem. It also researches individual hacks and releases reports on crypto crime trends.Source: Elliptic
Moody’s has also produced several reports on the impact of digital currency on traditional and Web3 finance. In particular, Moody’s has looked at stablecoins, coming out with a stablecoin reserve rating system in January 2023. In November, Moody’s Analytics debuted a service that uses artificial intelligence to predict probable depeggings 24 hours in advance.
Magazine: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT: Asia Express# Elliptic# Digital Asset# RegulationAdd reaction