Nordic payments processor Nets is enlisting the help of distributed ledger technology specialist Chainalysis to help it ensure virtual currency transactions comply with anti-money laundering rules.
The deal is designed to make it easier for Nordic banks to work with firms involved in Bitcoin and other virtual currencies while complying with strict AML rules.
"Several of our customers among the Nordic banks have been looking for an effective tool to assist them in complying with legislation. In fact, I believe many banks have held back on facilitating Bitcoin payments because they didn’t have the tool we are now able to offer them," says Kati Rintala, head, fraud and dispute services, Nets.
New York-based Chainalysis promises to tame the Wild West of virtual currencies by tracking digital identities on the blockchain. Its software detects suspicious activity in real time and provides investigation tools for law enforcement and others to tackle cybercrime.
Last year Europol signed on to use the firm's technology at its European Cybercrime Centre (EC3) through a collaboration and information sharing Memorandum of Understanding.