According to Odaily, Moody's Financial Research and Rating Company has entered into a partnership with blockchain analytics firm Elliptic to bolster the risk screening capabilities for Virtual Asset Service Providers (VASPs). This collaboration aims to integrate both on-chain and off-chain data, including digital asset transaction histories, financial records, and regulatory databases, to provide a more comprehensive risk assessment for VASPs. The two companies plan to utilize this information to create an 'integrated risk engine' to help traditional financial services more effectively address anti-money laundering (AML) and compliance challenges.
Elliptic's Holistic technology will play a crucial role in this service by efficiently and scalably tracking the movement of illicit proceeds across blockchains. Elliptic has data on over 1,000 VASPs and employs real-time on-chain data and proprietary technology to screen digital asset transactions for illegal activities. The company states that Moody's off-chain data includes over 21 million risk profiles, 489 million entities, and 51,000 sanctioned entities. These data points are used to provide AML and Know Your Customer (KYC) solutions to clients.