IBS Journal July – August 2015
AxiomSL sets out stall for ECB’s AnaCredit regulations
found in Spain and Germany. As is always the case, the main challenge, says AxiomSL’s EMEA business develop- ment manager, David Attenborough, is likely to be around the gaps in firms’ data across the enterprise. The need for a strategic approach
to reporting, so that firms do not have to select a solution for each new set of regulations, is well understood, he feels.
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‘Those without a strategic platform yet are creaking.’ There is often a huge asso- ciated manual process, which is expen- sive and frowned on by the regulators. At present, Attenborough is not
aware of other parts of the world look- ing towards an AnaCredit-type reg- ister, with much of the focus instead on stress reporting. The ECB is plan- ning to implement AnaCredit in three
stages: at the end of 2017, firms will have to report on credit granted to legal entities; in mid-2019, informa- tion will be collected on a consoli- dated basis on significant institutions under ECB banking supervision; and in mid-2020, firms will need to report anonymised information on mortgage loans to households and credit grant- ed to sole proprietors.
New service seeks to counter bitcoin money laundering
A service to counter money laundering within the bitcoin cryptocurrency domain is scheduled for release next month. It stems from a specialist company called Elliptic which, until now, has been focused on what it claims is the world’s first fully insured cryptocurrency cold storage vault. The anti-money laundering (AML) ser-
vice is in the form of a web interface and API through which users will be able to gain real-time risk assessments of any bit- coin addresses. One of Elliptic’s co-found- ers, Tom Robinson, explains that, while ‘one of the biggest bitcoin myths is that it is anonymous’, the problem is assigning iden- tities to the individual addresses. This is what the Elliptic service is intended to do, using mapping of the full transaction his- tory of the bitcoin blockchain. The latter is the technology that underpins bitcoin. ‘There is a huge amount of information on the blockchain that can be mined,’ says Robinson. However, until now the ability of institutions to fulfill their AML obligations has been one of the main issues holding back bitcoin adoption, he feels. Elliptic’s work identifies more than 750 of the largest entities and their transaction history. If the address check throws up illicit marketplac- es and money laundering services, then the customers of the Elliptic service will be
8
Tom Robinson, Elliptic
provided with the identity. Standard enti- ties that are not deemed to be a risk will be described purely by their primary business to protect privacy. Robinson emphasises the need for a balance between AML and privacy, with the intention not to incrimi- nate or pry where there is not an issue. The level of assessed risk will be pro-
vided to the customer, which will then be able to decide whether or not to transact.
© IBS Intelligence 2015
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The first customers of the service are like- ly to be bitcoin companies, says Robinson, such as exchanges, as they are struggling to attract banking relationships and want to show that they are compliant. He expects more established financial institutions, such as hedge funds, to subsequently sign up as well. Initial beta clients have been lined up ahead of the July launch, he adds. He is not aware of any other such service to date.
ibs news
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