Hata partners with Elliptic to ramp up compliance and AML capabilities
MALAYSIA, November 15th 2023: Elliptic – the global leader in cryptoasset risk management – is partnering with the Malaysian exchange Hata to provide rigorous transaction monitoring and ensure full compliance with global anti-money laundering (AML) requirements.
Hata will have access to Elliptic’s real-time wallet and transaction screening tools, all of which are underpinned by the latter’s flagship cross-chain and cross-asset Holistic Screening technology. Using these industry-leading capabilities, Hata will be able to trace both wallet and transaction risks.
Further to that, the exchange will also be utilizing Elliptic’s configurable risk rules, giving Hata the flexibility to tailor them to its unique risk appetite and automatically detect suspicious activity.
These state-of-the-art tools will help Hata meet stringent regulatory rules and provide a safe platform for customers to access cryptocurrency easily.
Elliptic’s solutions offer an array of benefits. These include the coverage of more than 650 cryptoassets and over 100 billion data points that provide accurate, actionable insights that its customers can rely on to mitigate risk and be compliant. Elliptic is used by the largest financial institutions and exchanges globally, helping them not only to meet regulatory requirements, but to achieve unparalleled efficiency gains within compliance.
Commenting on the partnership, Hata CEO David Low said: “After an extensive search, we’ve decided to partner with Elliptic to assist us in conducting rigorous transaction monitoring on all of Hata’s on-chain transactions.
“As Elliptic is acknowledged as the leading authority in regulatory compliance within the cryptocurrency sector, our collaboration enables us to fulfill the high anti-money laundering (AML) compliance standards for digital assets. We look forward to leaning on Elliptic’s expertise in detecting and mitigating all risks in digital asset activities.”
James Smith – Elliptic’s Co-founder – added: “We are thrilled to be partnering with Hata, an exchange which aims to digital make cryptoasset investing easier for institutional investors, businesses and high-net-worth individuals in Malaysia.
“Elliptic is the pioneer of blockchain analytics, and our asset coverage and data quality mean that we are uniquely positioned to support Hata as the company scales its compliance solutions in an effective and efficient manner.”
Elliptic is the global leader in cryptoasset risk management for crypto businesses, governments and financial institutions worldwide.
Recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud and other financial crimes.
Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. To learn more, visit www.elliptic.co.
Hata bridges the gap between the traditional financial system and the new world of cryptocurrencies, where anyone can transact and access cryptocurrencies with fiat currencies such as the US dollar.
Licensed and supervised by the Securities Commission of Malaysia and Labuan Financial Services Authority, Hata’s vision is to enable safe & effortless access to cryptocurrency for all. The company is committed to achieving that by providing a reliable platform for all to access cryptocurrency easily, through its commitment to customers and compliance with regulations. To find out more, visit www.hata.io.