BCB Group is about to deploy Napier’s anti-financial crime compliance solutions Transaction Screening and Transaction Monitoring as part of a partnership between both firms.
The anti-money laundering tools flag any suspicious activity as it happens and will support BCB Group’s ongoing commitment to leading the way with anti-money laundering compliance in the UK crypto market.
BCB Group is focused on institutional payment services, and so it provides business accounts and cryptocurrency and foreign exchange market liquidity for some of the world’s largest crypto-engaged financial institutions.
In July 2020, the firm launched one of the first real-time payments networks of its kind to allow free, real-time transactions across fiat and digital currencies. Bitstamp became the first exchange to enable transactions on the BCB Liquidity Interchange Network Consortium (BLINC).
BLINC is claimed to offer 24/7 immediate clearing, reduced operational and settlement risk, simplified inter-counterparty-settlement reconciliation, has no cut-off times, and addresses scalability issues inherent to blockchain networks.
In 2019, the cryptocurrency broker has gone live with DASL, a Corda-based digital asset shared ledger for financial institutions that mitigates the business risks involved when handling digital assets, including cryptocurrencies. BCB became the first to provide prime brokerage services for digital assets on Corda Network.
BCB Group is the first crypto-focused company to be regulated as an Authorised Payments Institution by the UK Financial Conduct Authority and provides an end-to-end suite of payment processing, cryptocurrency trading, foreign exchange and custody services.
The Group works with some of the leading blockchain companies, including cryptocurrency exchanges, market makers, brokers, investment managers, hedge funds and digital asset investment funds.
BCB Group has recently named Derek Rego as its new Chief Technology Officer after having raised $4.5 million in January 2021.
Oliver von Landsberg-Sadie, Founder and CEO at BCB Group, commented: “Since establishing BCB Group four years ago, we have always prided ourselves on our commitment to best practice and having the highest regulatory standards in the UK crypto market. Because of this, it was essential for us to adopt the very best anti-financial crime technology, and that’s where Napier comes in.
“An integral part of our onward anti-money laundering compliance strategy, Napier’s AI-enhanced solutions will allow us to focus on the fast evolution of digital asset innovation while remaining in full compliance with some of the most stringent regulations in force globally.”
Julian Dixon, Chief Executive Officer of Napier, said: “Our technology reduces the growing compliance burden on firms such as BCB Group. It can spot unusual transactions, reduce false positives and identify risk easily and quickly, relieving the pressure on internal teams. This is increasingly as important for operators in emerging financial services markets, such as crypto, as it is for traditional institutions. Our solution is agile and robust enough to provide advanced compliance support across the board, even as financial crime continues to evolve in its complexity.”
Napier’s roster of clients of its anti-financial crime compliance solutions includes tier-one banks, payment services, FX, crypto, and other financial services.
The regtech firm is present in the UK, North America, Australia, Singapore, and most recently in the Middle East with its UAE-base in Dubai.