{"id":33572,"date":"2020-12-17T15:21:43","date_gmt":"2020-12-17T13:21:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=33572"},"modified":"2025-08-28T14:29:31","modified_gmt":"2025-08-28T11:29:31","slug":"crystal-blockchain-and-fico-to-help-banks-mitigate-risks-in-servicing-crypto-firms","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/crystal-blockchain-and-fico-to-help-banks-mitigate-risks-in-servicing-crypto-firms\/","title":{"rendered":"Crystal Blockchain and FICO to help banks mitigate risks in servicing crypto firms"},"content":{"rendered":"<p>FICO, the analytics company, and Crystal Blockchain, the service from Bitfury Group, announced a partnership to provide banks with monitoring and risk-management services related to the cryptocurrency business.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">Crystal Blockchain is proud to be partnering with FICO to bring a new standard to AML &#038; fraud detection with cryptocurrencies. Read more about the collaboration here: <a href=\"https:\/\/t.co\/Du1elAOwIc\">https:\/\/t.co\/Du1elAOwIc<\/a> <a href=\"https:\/\/t.co\/88w6nVgTiL\">pic.twitter.com\/88w6nVgTiL<\/a><\/p>\n<p>\u2014 Crystal Blockchain (@CrystalPlatform) <a href=\"https:\/\/twitter.com\/CrystalPlatform\/status\/1339216640702078976?ref_src=twsrc%5Etfw\">December 16, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>The companies say that the joint offering will help financial-service providers seeking to expand offerings in the crypto market.<\/p>\n<p>Banks have been hesitant to engage in crypto business due to the difficulty of tracing transactions on the blockchain and assessing risks from the perspective of anti-money-laundering and fraud prevention, according to the press release.<\/p>\n<p>The integration of FICO&#8217;s anti-financial-crime solution with Crystal&#8217;s Bitcoin analytics is designed to help banks assess the crypto-risk profile of their clients when onboarding, as well as monitor them across all active accounts.<\/p>\n<blockquote>\n<p>&#8220;With strict KYC and AML controls, banks will be able to expand their service offerings for the fast-growing virtual-asset market while managing the risks associated with cryptocurrencies,&#8221; the companies said in a statement.<\/p>\n<\/blockquote>\n<p>During onboarding, banks will collect information about potential clients, including their virtual assets and wallets. The FICO KYC solution will cross-reference the Crystal Blockchain analytics platform to obtain a risk score calculated from the client&#8217;s transaction history with both anonymous and deanonymized sources.<\/p>\n<p>Banks will also be able to apply blockchain analytics to existing clients for ongoing real-time monitoring.<\/p>\n<p>In 2018, Bitfury Group introduced the Crystal Blockchain service, designed to identify and investigate criminal activity on the Bitcoin blockchain.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FICO, the analytics company, and Crystal Blockchain, the service from Bitfury Group, announced a partnership to provide banks with monitoring and risk-management services related to the cryptocurrency business.<\/p>\n","protected":false},"author":1,"featured_media":33573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1292,1229,2024],"class_list":["post-33572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aml-kyc","tag-banks-and-fintech","tag-crystal"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=33572"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33572\/revisions"}],"predecessor-version":[{"id":33574,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33572\/revisions\/33574"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/33573"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=33572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=33572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=33572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}