Analytics tools provider FICO has teamed up with Crystal Blockchain to help financial institutions combat money laundering involving cryptocurrencies.

Crystal Blockchain is an arm of the Bitfury Group that specialises in analysing digital currencies. As part of the agreement, at the end of each day, Crystal Blockchain will launch queries against its database of transactions that FICO will then share with organisations using its software to generate a risk score for transactions that might require additional verification. The aim of this process is to help financial institutions to identify suspicious activity involving cryptos that many of them now accept as a form of legitimate species.

The Crystal Blockchain platform can detect how many addresses are controlled by a particular user regardless of the entity involved. RTInsights reports that the company employs proprietary clustering techniques to identify a list of addresses generated by the same private key. Crystal Blockchain can track more than 20 types of entities, including exchanges, miners, gambling services, and darknet marketplaces to identify which users are associated with entity wallets.

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FICO partners with Crystal Blockchain to combat cryptocurrency ML - The Paypers