FICO and Crystal Blockchain of Bitfury Group Announce Partnership To Deliver Real-Time Cryptocurrency Risk Management
Banks have been hesitant to engage in crypto business due to the complexity of tracing transactions and measuring risk on the blockchain in order to combat money laundering activities. Combining FICO's industry-leading financial crime solutions with Crystal's blockchain analysis, the joint offering will help banks assess the risk of their clients' crypto business at the onboarding stage, as well as monitor that risk on all active accounts. This unique combination will enable banks to fully understand and actively manage the risk-exposure from customers – individuals and corporations alike - that engage in virtual currency transactions. With rigorous KYC and AML controls in place, banks can expand their service portfolio into the fast growing market of virtual assets, while managing crypto-related risks.
"Cryptocurrency services are an under-utilized market for many large banks, due to the crypto-related risks and lack of transactional intelligence available," said Dr.
The partnership will feature an integration between FICO's anti-financial crime solutions and
Banks will also be able to apply the blockchain analysis to existing clients for ongoing monitoring in real-time. For instance, if the Crystal risk score changes due to nefarious crypto transactions or activities on the darknet, the bank will be alerted and can immediately start investigations. In FICO's Alert and Case Manager (ACM), further details from Crystal's blockchain analysis will be visualized in an interactive and powerful UI to support investigators' decisions.
"At Crystal, we are committed to providing security and transparency in the cryptocurrency markets through top-class blockchain transaction analytics for AML and CFT. We provide high-quality risk-scoring mechanisms via predictive analytics and data science, along with entity monitoring to understand the provenance of funds," said Marina Khaustova, CEO of Crystal Blockchain. "The crypto industry is relatively young and as the tech develops it has unique compliance requirements. So when it comes to anti-fraud operations it's vital to combine the best practice of more mature financial industries with the knowledge amassed by crypto market experts. We look forward to working with FICO in our shared mission to make the global financial markets – be it real or virtual – more secure and trusted for banks, financial institutions, and their clients, by improving fraud identification and suspicious activity tracking on the blockchain."
To learn more about the FICO Financial Crimes Solutions, visit https://www.fico.com/en/latest-thinking/product-sheet/fico-anti-money-laundering-solutions.
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FICO Media: Jim Black, Porter Novelli for FICO, +1 416-629-6415, firstname.lastname@example.org; Crystal Blockchain Media: Oleh Rozvadovskyy, email@example.com