Eterbase has taken a quality-driven approach and is touted as the bank-grade cryptocurrency exchange and wallet with a focus on functionality, security and regulatory compliance. With the European Union’s 5th Anti Money Laundering Directive (AMLD5) coming into enforcement as well as the upcoming FATF requirements, Eterbase has joined other leading exchanges in recently integrating Coinfirm’s AML Platform and analytics solutions.
What is the main impact of AMLD5?
What’s called 5th AMLD or AMLD5 is an EU directive for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The new pan-European AML regulations will impact the cryptocurrency market heavily as Cryptocurrencies will face more stringent controls, with exchanges among other things being required to strictly implement effective AML solutions register with the relevant authorities in their jurisdictions, conduct customer due diligence, and prepare suspicious activity reports where these are deemed necessary.
Best tools for AML compliance — Coinfirm’s AML & Analytics Platform
These stricter requirements, although necessary to fight back against the impact of financial crime and progress the overall adoption of cryptocurrencies, can add significantly to the day-to-day challenges faced by obliged entities, especially given that many compliance teams already experience time and resource constraints. Founded in 2016, Coinfirm provides an array of solutions that automate and streamline AML and analytics for cryptocurrencies, allowing not just for entities such as Eterbase to fulfill their requirements but do more effectively and efficiently than ever before. Whether AML Risk Reports with 270 risk checks and data points ranging from financial crime to counterparty identity, Real-Time Cryptocurrency Monitoring, tracking and investigation of funds, or customization of risk and analytics data, the Coinfirm Platform provides a full suite for exchanges.
As a part of Eterbase integrating the Coinfirm Platform they will also join their AMLT Network and make Coinfirm’s AMLT token available to Eterbase users. Launched in 2018, Coinfirm’s AMLT Network is the first industry solution that allows entities in the market to share data on cryptocurrency addresses and be rewarded for it. The Network mainly focuses on fighting scams and hacks but also created a data solution for the decentralized economy that is used by anyone ranging from data players such as CoinGecko or other exchanges such as Coindeal.
Coinfirm is a global leader in AML & Analytics for blockchains and cryptocurrencies. With the largest blockchain coverage with over 1300+ cryptocurrencies supported including BTC, ETH, XRP, ERC20 tokens, Hyperledger, and LTC among others. The Coinfirm AML Platform is used by market leaders globally ranging from crypto exchanges and protocols to major financial institutions. To get the latest company updates follow us on Twitter, Linkedin and like our Facebook page. For more information, visit https://www.coinfirm.com/
In order for our community to get more familiar with AMLD5 as well as with Coinfirm, we decided to organize an AMA on Monday, January 13th at 14:00CET on our telegram group: https://t.me/EterbaseExchange
AMLT trading will start on Friday 10/1/2020 at 17:00 CET.
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