On 2nd January 2021, Alaco Analytics was referenced in crypto industry magazine The Block discussing the FCA’s regulatory regime for virtual asset service providers (VASPs). The article, which quoted Alaco Analytics’ CEO Henry Burrows in discussion with The Block, discussed the steps taken by crypto companies to strengthen AML processes ahead of FCA registration, and how Alaco Analytics has been a part of that process.

You can read the full article here, with some of the key extracts below:

Alaco developed a due diligence tool called EDDie specifically to help virtual asset services providers meet their obligations under the Fifth Anti-Money Laundering Directive, which was first introduced in the EU in July 2018. The directive is supposed to be transposed into the national law member states by January 10, 2020. EDDie has been a hit with crypto ATM operators. Using the tool, crypto ATM firms can run sanctions checks, political exposure checks and law enforcement checks, as well as checks on the source of incoming funds. In order to carry out this due diligence, EDDie needs to be fed by customer information collected by the machines themselves.

“All of these businesses have been, since early 2020, taking steps to try and ensure that they have the most robust anti-money laundering measures in place,” Burrows said.  “And that’s from a standing start, so it does take some time to go out there and find the vendors and the services that you need.”

“To carry out customer AML checks, EDDie runs searches using KYC information collected by the vendor at the point of registration. EDDie’s Know-Your-Address feature allows vendors to run automated checks on the source, destination and probity of a customer’s bitcoin funds by screening their bitcoin address on the platform,” said Burrows.

 

If you’d like to know more about EDDie, or any the services that Alaco Analytics provides, please get in touch with us at analytics@alaco.com

Leave a Reply

Searching