Covid-19 Impact on Banks, And fixes. The Black Swan Opportunity

Download Now

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

IBS Journal: The iconic monthly FinTech magazine

May 2020 issue out now! Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

Lendingblock appoints Chainalysis as its AML Launch Partner

Steve Swain, CEO, Lendingblock

New-York-based blockchain analysis company, Chainalysis has announced that it will be partnering with Lendingblock, a securities lending platform to expand Global Compliance Footprint and for the implementation of Anti-Money Laundering Technology (AML Tech). The partnership will also provide the best practices in anticipation of global guidance from the Financial Action Task Force (FATF).

Lendingblock is committed to meeting the stringent and comprehensive compliance requirements set by its external regulator, the Gibraltar Financial Services Commission and by partnering with Chainalysis, the company would be augmenting existing in-house KYC standards and enforcing due diligence processes, thus protecting its institutional client base including hedge funds, trading houses, exchanges, and market makers, while also supporting the progression of regulatory frameworks.

This partnership comes as the FATF, the inter-government body that sets global standards relating to AML and CFT, is expected to issue guidance in the coming weeks for jurisdictions that fall under its oversight, which consists of over 180 countries, to start regulating their cryptocurrency markets.

Chainalysis KYT (Know Your Transaction) would be at the centre of this collaboration helping companies doing business with cryptocurrencies meet global regulatory requirements and reduce manual workflows through automated counterparty risk screening. Cryptocurrency businesses and financial institutions can filter their user bases and access real-time data, case management, and reporting features.

Jonathan Levin speaking about this partnership also highlighted that by collaborating now they would be in the forefront as the regulations kick into place so that business of their clientele is not hindered in any way.

“It is important to create a secure and transparent lending exchange that not only meets the needs of our regulator, but also one that our institutional clients trust,” said Steve Swain, CEO, Lendingblock. “Partnering with Chainalysis helps us ensure top-of-the-line compliance standards for our clients.”

Related IBS Intelligence Research

Related Posts