.QredoNetwork has joined the ranks of compliance solutions aiming to bring crypto transactions into the FATF Travel Rule era. IanAllison123 reports
Read more:The Qredo approach is also useful in the way that it plugs into a range of blockchain analytics tools that many firms will already be familiar with, said Ben Whitby, the firm’s head of compliance. This includes the likes of Chainalysis, Elliptic, TRM Labs, ComplyAdvantage, Coinfirm, VASPNet and Crystal Blockchain.
Whitby said most of the crypto firms Qredo spoke with had spent a good deal of time and money training up staff to use blockchain analytics tools of one sort or another and it made sense to combine trade and compliance work flows with APIs, something that’s particularly useful should the regulator want to probe a given transaction.
“In the event of an investigation from an enforcement agency you can demonstrate completely that a transaction had the right checks undertaken; a sanctions check, the sending of metadata, and feedback from the beneficiary and so on,” Whitby said in an interview. “It’s all there, instead of having to pull logs and a lot of painful cross-referencing and reconciliation.”
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