Moody’s and Elliptic Collaborate to Enhance Risk Screening Capabilities for Virtual Asset Service Providers

Moody’s financial research and ratings company has partnered with blockchain analytics company Elliptic to strengthen its risk screening capabilities for virtual asset service providers (VASPs). The partnership will integrate on-chain and off-chain data, including digital asset transaction history, financial records, and regulatory databases to provide a more comprehensive VASP risk assessment. The two parties plan to use this information to create an “integrated risk engine” to help traditional financial services more effectively address anti-money laundering and compliance challenges. Elliptic’s Holistic technology will play a key role in the service, tracking the flow of criminal proceeds across blockchains in an efficient and scalable manner. Elliptic has profiles on more than 1,000 VASPs and uses real-time on-chain data and proprietary technology to screen digital asset transactions for illegal activities. The company said that Moody’s off-chain data includes more than 21 million risk profiles, 489 million entities, and 51,000 sanctioned entities. The company uses this data to provide AML and KYC solutions to its customers. (Cointelegraph)