BASIS ID is taking a step further in its Anti-Money Laundering and Know Your Customer efforts. We are pleased to announce that we will be working with The Bitfury Group to continue refining our compliance and KYC services to our clients.
The Bitfury Group and BASIS ID today announced an agreement to integrate Bitfury’s Crystal blockchain analytics service into the BASIS ID tool, a leading customer identity verification service in Asia and Europe.
Bitfury, the world’s leading full-service blockchain technology company, and BASIS ID, the largest provider of “know your customer” and anti-money laundering services in Asia, will collaborate to enhance BASIS ID’s customer ID verification with Crystal, a tool developed by Bitfury to identify and analyze activity on the Bitcoin Blockchain. The integration of Crystal will enhance BASIS ID’s solution by incorporating data from the Bitcoin Blockchain, which BASIS ID currently lacks.
Once the integration is complete, Crystal will serve as another data provider for BASIS ID, providing access to extensive, previously untapped blockchain data.
“Crystal is a perfect supplement to BASIS ID’s KYC services because it enables institutions to access large amounts of data from the Bitcoin Blockchain, making it easier to carry out comprehensive KYC and anti-money laundering checks,” said Valery Vavilov, CEO of the Bitfury Group. “Integrating Crystal into BASIS ID’s already top-notch verification service will ensure that businesses have the most extensive KYC solution possible, making it easier to maintain their compliance standards.”
As transactions on the blockchain increase, it becomes more important to have an analytical tool like Crystal to monitor the turnover of assets. With this partnership, Bitfury and BASIS ID are taking the first step in developing a solution to use blockchain analytics to ensure that institutions maintain their compliance with regulations.
“With the help of the data verification technology by BASIS ID, Crystal is becoming a powerful tool aimed at monitoring the violation of national sanctions, money laundering and terrorist financing almost everywhere, including countries whose requirements simply cannot be followed by other KYC providers,” said Akim Arhipov, the executive director of BASIS ID. “But in fact, the danger of illegal actions is particularly high in these very countries. Using Crystal, institutions can prove the compliance of their activities with national norms and regulations, demonstrating transparent reporting on the sources of funds, which prevents legal cases against investors or project creators.”
About the Bitfury Group
The Bitfury Group is the world’s leading full-service Blockchain technology company and one of the largest private infrastructure providers in the Blockchain ecosystem. Bitfury develops and delivers both the software and the hardware solutions necessary for businesses, governments, organizations and individuals to securely move an asset across the Blockchain. Bitfury recently launched Exonum, a custom framework that helps individuals, businesses and governments securely and easily bring their ideas and solutions to life.
Crystal is the all-in-one Blockchain investigative tool. Designed for law enforcement and financial institutions, Crystal provides a comprehensive view of the public Blockchain ecosystem and uses advanced analytics and data scraping to map suspicious transactions and related entities. Whether it is tracking a bitcoin transaction to a real-world entity, determining relationships between known criminal actors, or surveying suspicious online behavior, Crystal can help move your investigation forward.