US-Based Provident Bank To Integrate BitFury’s Blockchain Investigation Toolbr>
Blockchain infrastructure provider BitFury is collaborating with US-based Provident Bank to ensure that new clients at Provident Bank have a fully compliant anti-money laundering (AML) program in place.
The partnership will see Provident Bank utilize Bitfury’s blockchain analytics platform, called Crystal, to power prospective client onboarding processes and for transaction monitoring procedures. The goal is to provide more visibility into their activities on the public blockchain.
“Security, client data and AML compliance are top priorities for The Provident Bank,” said Dave Mansfield, CEO of The Provident Bank. “Early in the development of our digital asset initiative, we began vetting potential Regtech partners and found the expert-led Crystal blockchain platform to be the type of essential partner required to be the market leader in crypto deposits.”
The Crystal blockchain platform provides a comprehensive view of the bitcoin blockchain and uses advanced analytics and data scraping to map alleged suspicious transactions and related entities. It will allow users to detect and examine purported criminal activity that takes place on the bitcoin blockchain and avoid interacting with tokens that are associated with illegal transactions.
“The cryptocurrency and blockchain industries represent a growing sector that is increasingly important as companies adopt digital assets,” said Marina Khaustova, CEO of Crystal Blockchain. “We are honored to be partnering with the Provident Bank to extend banking services and compliance platforms to this industry through the use of our leading compliance and AML platform.”