Banco Topázio partners with Chainalysis for compliance & due diligence on cryptocurrency

Source: IBS Intelligence 2020-06-24

Chainalysis, the blockchain analysis company has announced that the company has partnered with Banco Topázio, a Brazilian Bank serving traditional and FinTech clients.

Under the terms of the collaboration, Banco Topázio will use Chainalysis Reactor, an investigations solution, to conduct enhanced due diligence on the cryptocurrency businesses it provides with banking services, including Bank as a Service API solutions, foreign exchange, and deposits and withdrawals. It connects cryptocurrency transactions to real world entities, enabling cryptocurrency businesses and law enforcement to combat criminal activity such as extortion, fraud, and money laundering on the blockchain.

“As one of the first financial institutions openly banking cryptocurrency businesses in Brazil, Banco Topázio is helping to lead the responsible growth of the cryptocurrency industry in Brazil. By working with us, Banco Topázio is setting the compliance standard ahead of the regulatory curve,” said Jason Bonds, Chief Revenue Officer, Chainalysis.

Even though the cryptocurrency regulation has not yet been finalised in Brazil, Banco Topázio is investing in compliance technology and establishing best practices ahead of the enforcement of FATF guidelines. Through Chainalysis Reactor, financial institutions like Banco Topázio,, cryptocurrency businesses and law enforcement can identify suspicious transactions and connect them to real-world entities.

Recently Ripple expanded its footprint in Brazil with the first bank customer, Banco Rendimento.

“We are constantly evolving our exchange processes, seeking technological excellence, a qualified team, and application of the best market practices. And the partnership with Chainalysis contributes a lot in this process, further strengthening the security and integrity of our operations with cryptocurrency,” said Lia Thomazzi Susin, Topázio Exchange Manager.

Founded in 2014, New York-based Chainalysis is a blockchain analysis company offering cryptocurrency investigation and compliance solutions to global law enforcement agencies, regulators, and businesses to fight illicit cryptocurrency activity.

Chainalysis

BancoTopázio

Banco Topázio partners with Chainalysis for compliance & due diligence on cryptocurrency

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