CEO Michael Ou says Elliptic’s wallet screening tools with CoolBitX’s Sygna Bridge could help firms comply with the FATF travel rule.
FinTech company CoolBitX may have a solution for countries that have not yet complied with the Financial Action Task Force’s “travel rule”.
According to a statement from CoolBitX shared with Cointelegraph on July 21, the blockchain security company announced it would be partnering with cryptocurrency forensics firm Elliptic to address anti-money laundering (AML) regulations for virtual asset service providers (VASPs) in accordance with the Financial Action Task Force (FATF) travel rule.
VASPs will have access to both Sygna Bridge — the solution proffered by CoolBitX — and Elliptic’s crypto transaction and wallet screening tools to comply with the travel rule’s AML guidelines.
“As the Financial Action Task Force continues to push its cryptocurrency guidance across the globe, compliance and preventing criminal activity can feel extremely daunting for VASPs,” said Michael Ou, CEO of CoolBitX.