Weld Money Partners with Compliance Leader Crystal
Weld Money has entered into a strategic partnership with Crystal Blockchain, a company that provides analysis and monitoring of cryptocurrency transactions on blockchain, and best-in-class solutions to combat money laundering and risk management for exchanges, banks and financial institutions.
According to the terms of cooperation, Crystal Blockchain conducts a full range of compliance procedures (AML) for Weld Money. As we are the company connected simultaneously with payments and the cryptocurrency area, compliance with the law and the purity of the funds passing through our service is of critical importance for both Weld Money and our customers.
How the Crystal tool pool ensures the security of Weld Money transactions
Crystal tracks transactions on the blockchain (up to 100,000), providing Weld Money with a clear understanding of the entire history of the movement of funds passing through the service.
Crystal assesses the risks and notifies Weld Money of suspicious activities, and transactions involving coins that have passed through mixers, thus filtering out all payments that can be in any way related to the financing of illegal activities: terrorism, drug and arms trafficking.
Crystal levels the risks for Weld Money clients and keeps the company’s reputation crystal clear. Crystal keeps tracking the changes in the regulations of all countries with which Weld Money works, informing the company about current legal trends.
What is compliance and why its role so important?
Compliance is a system of control and risk management. The name accurately reflects the essence of the phenomenon: compliance is designed to ensure that the company’s activities comply with the requirements of state bodies regulating them, as well as legal norms and all sorts of laws, rules, recommendations and standards.
Simply put, compliance is needed so that the company does not violate the laws and is protected from paying fines and other penalties. Compliance also prevents attackers from using company resources for illegal activities, such as money laundering and sponsoring terrorism.
Protecting companies from such accusations is very important in today’s world. The anonymity factor, an integral part of the crypto transactions design, can easily play a trick on a company if it lacks due diligence. To meet the minimum level of KYC (Know Your Customer) requirements, FinTech companies need to be clear about who they are doing business with.
In the financial services sector, compliance teams work to address key regulatory challenges to protect customers and ensure markets are fair, efficient and transparent. They also aim to reduce systemic risk and financial crime. These goals are ultimately designed to maintain consumer confidence in the existing financial system, because without trust, no one would shop online, trade on virtual exchanges, and submit loan applications via the Internet.
About Crystal:
Crystal is the world-leading all-in-one blockchain analytics tool for crypto AML compliance, providing blockchain analytics and crypto transaction monitoring for thousands of cryptocurrencies in real-time.
Crystal Blockchain works globally with customers in the digital asset industry, the banking, and FI sectors. Crystal helps streamline their Know Your Transaction (KYT) and Anti-Money Laundering (AML) procedures for meeting international compliance standards.
Available as a free demo version, SaaS, API, and for on-premise installation. Engineered by Bitfury.
