Blockchain News

CoolBitX Finds Solution For Financial Action Task Force

CoolBitx Was launched in 2014 to create a wallet that was not only secure, but also very portable and user-friendly. According to its official website, it was built on the same technology that Smart Displayer had perfected.

Now, in a major move the FinTech company is trying to evolve and find a solution for the countries which are still not able to compel with the Financial Action Task Force’s “travel rule”.

The blockchain security company announced it would be partnering with cryptocurrency forensics firm Elliptic to address anti-money laundering (AML) regulations for virtual asset service providers (VASPs) in accordance with the Financial Action Task Force (FATF) travel rule, according to a statement shared with Cointelegraph.

“As the Financial Action Task Force continues to push its cryptocurrency guidance across the globe, compliance and preventing criminal activity can feel extremely daunting for VASPs,” said Michael Ou, CEO of CoolBitX. “With the full range of tools from Sygna and Elliptic, we are thrilled to provide clients with the ability to protect themselves from violating any AML/CFT laws and regulations, allow them to assist regulators to combat illicit money laundering activities, and stay compliant with changing regulations.”

Back in June 2019, the FATF introduced strict guidelines for cryptocurrency firms, which was specially made to stop misuse of the virtual assets with AML, KYC and VFT measures. The requirement have been set under the rule of travel.

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