The agreement between Delio and Uppsala Security is considered to be a game-changing agreement in the field of blockchain technology. More significantly, this is going to provide new tools and technologies that can be effectively used to combat the menace of money laundering processes in the industry. Just so you know, Delio is a well-known name in the domain of cryptocurrency finance, while Uppsala Security is doing some amazing work in the segment of blockchain security.
The competence of the Uppsala Security lies in its advanced technology, which preemptively recognizes money laundering attempts and offers an integrated solution to stop any such practice in the virtual address space. The company’s solution is in accordance with the norms and regulations laid out by the Financial Action Task Force (FATF).
Finer Details
The important processes involved in the identification of money laundering are verification of the customer identity, conducting the risk assessment process, extracting the data and information related to any suspicious transaction, and reporting dubious transactions.
Under this agreement, both companies will jointly conceive and establish an anti-money laundering system that will conform to the various regulatory and statutory standards laid out by the FATF. Obviously, at the heart of this agreement, it is the exchange of the data between these organizations that will help to make the system foolproof against any illegal activity related to the money laundering process. The activities related to marketing and public relations will also be jointly carried out by these companies. The solution jointly offered by these organizations will also help in furthering the loan and saving services of Delio’s cryptocurrency.
It is also important to learn that Delio has launched Delio Cloud service, which enables the partnering organization to offer a whole host of services related to virtual assets such as crypto exchange, crypto wallet, etc. The partner company does not require a separate membership with the Delio as they can log in with the help of their IDs and use the partner company’s option to get all services in one place.
Conclusion
The agreement is definitely a right step in the right direction. It will help organizations to stay clear of the money laundering processes, which is significant in the case of virtual assets. It will be interesting to witness how this association will pan out in the future and how effective it will prove against the menace of money laundering.