The Bitfury Group a full-service blockchain technology company, has announced a collaboration with Massachusetts, U.S.-based The Provident Bank to use its Crystal blockchain analytics platform for new digital asset compliance, including anti-money laundering services.
As part of a new venture to bank digital asset companies, The Provident Bank will use Bitfury’s Crystal blockchain analytics platform to power prospective client onboarding processes and for transaction monitoring procedures.
The partnership will help ensure that new clients at The Provident Bank have fully compliant AML procedures by integrating Crystal’s advanced transaction monitoring solution to provide more visibility into their activities on the public blockchain.
“Security, client data and AML compliance are top priorities for The Provident Bank. Early in the development of our digital asset initiative, we began vetting potential Regtech partners and found the expert-led Crystal Blockchain platform to be the type of essential partner required to be the market leader in crypto deposits.”
– Dave Mansfield, CEO of The Provident Bank
Equipped with the information and analytics the software provides, The Provident Bank seeks to gain a better understanding of client activity and subsequently, how to best address client needs.
“The cryptocurrency and blockchain industries represent a growing sector that is increasingly important as companies adopt digital assets. We are honored to be partnering with the Provident Bank to extend banking services and compliance platforms to this industry through the use of our leading compliance and AML platform.”
– Marina Khaustova, CEO of Crystal Blockchain
As part of the expansion, the bank is implementing a comprehensive and robust vetting process, leveraging fintech and sophisticated technology partners. The Provident Bank requires that digital asset clients have a strong AML and BSA compliance program, abiding by the current regulatory environment. Once reviewed and approved, customers will be provided with a dedicated Relationship Manager and remote access to the bank’s customer service center.
