LexisNexis Risk Solutions, global big data, technology and analytics firm, has teamed up with Elliptic, a blockchain intelligence company, to work to exposing money launderers, human traffickers, terrorists, and drug dealers who use bitcoin to make illicit transactions. To achieve this Elliptic’s bitcoin transaction monitoring and compliance products are integrating LexisNexis Risk Solutions anti-money laundering data. As a result, Elliptic clients can obtain more information than before by automatically screening bitcoin entities for links to sanctions, enforcements, politically exposed persons, adverse media and state owned companies.
Despite blockchain technology becoming more popular, the financial services industry is still reluctant to embrace cryptocurrencies such as bitcoin and provide banking relationships to bitcoin companies. The lack of financial transparency on bitcoin entities continues to hinder its adoption and LexisNexis and Elliptic hope this new alliance will go some way to mitigating this.