Globitex Partners With Crystal Blockchain to Address New AML Directive

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Globitex Partners With Crystal Blockchain to Address New AML Directive in Europe

February 27, 2020
GlobitexGlobitex, a fintech firm specialized in cryptocurrency markets, has partnered with Bitfury Group’s Crystal Blockchain for Anti Money Laundering compliance and security measures in the wake of the EU’s Fifth Money Laundering Directive (5AMLD).

The regulation requires Globitex to provide regulatory-standard AML and CFT compliance to its clients – crypto-related businesses and retail traders. Tools featured in the service also create improved risk mitigation when dealing with particular coins, greater protection of client data and advanced analytics capabilities to better understand the risk profiles of different coins.

Uldis Teraudkalns, CEO at Globitex said: “5AMLD has brought cryptocurrencies under a governance the industry can trust—crypto businesses are required to comply with anti-money laundering rules and perform Know Your Customer (KYC) checks. This new regulation gives legitimate businesses the opportunity to prove that they can operate successfully in a regulated environment and gain more trust. Like any other industry, this requires working with expert partners that understand the crypto sector and can guarantee compliance. This partnership with Bitfury Crystal demonstrates our commitment as a licensed, compliant provider to help our clients demonstrate their legitimacy and bring stability, reliability, and trust.”

Marina Khaustova, CEO at Bitfury Crystal, commented: “Bitfury Crystal is looking forward to working with Globitex to provide safe and secure AML measures for their institutional and retail clients. This collaboration shows where the digital asset space is heading as a result of further regulatory advances and strengthening industry transparency.”

The Bitfury Crystal platform enables configurable risk scoring
capabilities based on a sophisticated machine-learned algorithm.
Crystal analytics also offers risk scoring for bitcoin and other
mainstream cryptocurrencies including Ethereum (ERC20 and ERC721),
Bitcoin Cash, Litecoin and Tether.

The Fifth Money Laundering Directive (5AMLD) came into force on
January 10, 2020,8 and reinforces the European Union’s AML/CFT regime to
address a number of emergent and ongoing issues. The new legislation
defines cryptocurrency as “a digital representation of value that can
be digitally transferred, stored or traded and is accepted…as a medium
of exchange.”

Cryptocurrencies and cryptocurrency exchanges are considered “obliged
entities” and Financial Intelligence Units (FIU) are given the
authority to obtain the addresses and identities of owners of virtual
currency. Providers of cryptocurrency exchanges and wallets must now
be registered with the competent authorities in their domestic

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