According to a recent press release, “With cryptocurrency-related compliance issues on the rise, and an increase in enforcement actions anticipated, the need for financial institutions to adopt solid AML programs addressing this market segment is expected to escalate this year. With this activity at the forefront, NICE Actimize, a NICE business (Nasdaq: NICE) and leader in Autonomous Financial Crime Management, today announced that CipherTrace, a leading provider of cryptocurrency intelligence and blockchain security, has joined the X-Sight Marketplace, the industry’s first financial crime and compliance ecosystem. The X-Sight Marketplace gateway connects financial services organizations with data, applications, tools and service providers, all in one place, to allow users to experience the value of choice while reducing integration timelines.”

The release continues, “The CipherTrace offering identifies cryptocurrency transactions going to digital wallets and crypto exchanges that are known to have significant illicit activity or poor client due diligence processes. Utilizing the CipherTrace offering, crypto exchanges and wallets will have greater visibility to criminal activity for which the transactions can be screened, and appropriate actions taken. ‘As financial services organizations take a more active role within the virtual currency landscape, they are increasingly focused on understanding their client’s investment in these currencies as well as the velocity of the funds traveling in and out of the exchanges,’ said Craig Costigan, CEO, NICE Actimize. ‘The addition of a strong cryptocurrency innovator like CipherTrace to the X-Sight Marketplace not only complements our robust anti-money laundering portfolio but also supports FSOs as they strengthen their strategies against cryptocurrency-related fraud and money laundering activities’.”

Read more at Business Wire.

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