Blockchain Analysis Firm Chainalysis Has A New Partnership Ahead Of FATF Regulatory Enforcement
Blockchain Analysis Firm Chainalysis Announces New Partnership Ahead Of Regulatory Enforcement From FATF
- The FATF is set to release new regulatory guidelines for crypto-based businesses
- In view of this, Chainalysis is partnering with exchange and cryptoasset lending platform Landingblock to assist the platform prepare for the new regulations from the FATF
Ahead of the upcoming regulatory enforcement from the Financial Action Task Force (FATF), Chainalysis has announced a new partnership with securities lending exchange for cryptoasset Lendingblock to prepare for the event.
Lendingblock is working with Chainalysis to fully implement the Anti-Money Laundering guidelines. The lending platform which is regulated by the Gibraltar Financial Services Commission, in a press release said it is ready to meet any stringent compliance requirements set by the FATF.
Its partnership with Chainalysis will enable it meet these requirements by granting it access to Chainlysis’ KYT (Know Your Transaction) which many cryptocurrency businesses including Binance are using. KYT will allow Lendingblock access data on incoming and outgoing transactions in real time for easy detection of questionable activities.
According to the CEO of Lendingblock, Steve Swain, “it’s important to create a secure and transparent lending exchange” in order to earn the trust of institutional clients as well as meet the requirements of regulatory bodies.
The co-founder and COO of Chainalysis Jonathan Levin added:
“We are beginning to see the cryptocurrency community preparing for an influx of enforcement actions and regulatory guidance over the coming months. Exchanges like Lendingblock are positioning themselves ahead of the curve by putting these procedures in place now to support clients globally.”
The FATF which is an inter-governmental body that sets global standards relating to AML and combating the financing of terrorism (CFT) had announced in 2018 that it will be releasing new regulatory guidelines for crypto-based businesses in the summer of 2019.
It is made up of 180 member countries and its new guidelines are expected to change the course of the fight against money laundering in the cryptocurrency space.