Blockchain Intelligence Group, ATB Financial Announce Risk Assessment Pilot For Crypto Mining Client Activity

Announcements, Blockchain | May 2, 2018 By:

Blockchain Intelligence Group (BIG) is collaborating with Canada’s ATB Financial to explore and identify opportunities around risk assessment and compliance related to crypto mining client activity.

BIG’s blockchain agnostic search and analytics engine, QLUE, allows RegTech, law enforcement and government agencies to trace, track and monitor cryptocurrency transactions at a forensic level. Its commercial product, BitRank Verified, offers a “risk score” for bitcoin wallets, allowing banks, exchanges and e-commerce sites to meet traditional regulatory/compliance requirements.

ATB Financial is a financial institution and Crown corporation owned by the Canadian province of Alberta. ATB operates in Alberta only, providing financial services to nearly 700,000 Albertians and Alberta-based businesses. Established in 1938, ATB is a network of 175 branches, 142 agencies, a customer care center, three entrepreneur centers, along with mobile and online banking.

Under the pilot project, ATB will utilize BIG’s comprehensive suite of security and forensics tools to evaluate the operations of crypto-mining companies and assess the risk management and compliance obligations. The goal is to understand how ATB can support crypto-mining businesses in terms of providing banking services.

The pilot project will include on-site training and orientation by BIG’s professional support team, application of BIG’s BitRank Verified and QLUE products to mining operations, a gap analysis against expected risk management and compliance practices, and the development of go-forward recommendations and plan.

BIG CEO Lance Morginn said this pilot project will enable them to put their tools to work on a unique case study that’s squarely focused on managing financial risk and compliance.

“The project also aligns perfectly with BIG’s goals of bringing trust to this new era of money while creating a clearer path to mainstream acceptance and usage of cryptocurrencies,” said Morginn.

“As the world increasingly embraces cryptocurrencies, our commitment is to enable progressive financial institutions to provide the very best services for their clients,” said BIG President Shone Anstey. “This pilot project is designed to explore and identify the best tools and security measures available to make that possible. That’s why we’re looking forward to working with ATB’s team on the project scope outlined to date while also assessing opportunities for possible future engagement.”