Financial institutions can now more effectively meet their AML obligations related to virtual currencies by identifying the hundreds of crypto exchanges and their related transactions that they may not know are flowing through their institution.



Toronto, ON – September 29, 2020 – We are pleased to announce that it we have partnered with CipherTrace to add cryptocurrency intelligence to our Alessa solution for more effective compliance to anti-money laundering and counter-terrorist financing (AML/CTF) regulations.


Alessa is an award-winning end-to-end AML compliance solution offering due diligence, sanctions and watch list screening, transaction monitoring, transaction screening, and automated regulatory reporting.


CipherTrace is a leader in cryptocurrency intelligence, with the most comprehensive tracing, risk scoring and threat detection—including more than 800 tokens and over 600 crypto exchanges and virtual assets businesses.


The addition of CipherTrace’s data to Alessa will allow financial institutions (FIs) to more effectively track the accounts associated with peer-to-peer crypto exchanges and smaller virtual currency kiosks and cross-references the contact information of small virtual asset service providers (VASPs) with customer records to flag suspicious activities.


“Many financial institutions rely on inadequate ad-hoc systems and procedures that fail to identify up to 70 percent of the crypto exchanges in the market and up to 90 percent of related transactions flowing through their institution,” says Andrew Simpson, Chief Operating Officer at Alessa.


“Alessa’s partnership with CipherTrace allows our clients to close the compliance gap, easily comply with regulations like those put forth by FinCEN and automate reporting of suspicious activities related to virtual currencies.”


“The addition of this intelligence to Alessa will enable financial institutions to take an effective approach to virtual currencies by first having a comprehensive list of over 600 cryptocurrency exchanges in the market and go beyond the top 100 exchanges available in open source lists,” says Dave Jevans, CEO of CipherTrace.


”This will give FIs the power to accurately determine if their institution is serving virtual asset businesses or if their customers are transacting in virtual asset-related payments, thereby effectively meeting their regulatory obligations from within a comprehensive end-to-end AML solution.”


The integration of CipherTrace’s offering to Alessa’s core capabilities is yet another indication of the commitment to provide the tools that financial institutions need to take a risk-based approach to their AML compliance program. Clients can choose which tools they need, depending on their customer, product and geographic risks.


To learn more about what Alessa can do for your organization, contact us today.


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