CoinDCX collaborates with Jocata over anti-money laundering processes

The partnership with Jocata will enable CoinDCX to further augment its AML framework to navigate through the developing regulatory landscape

Money laundering, scam, fraud

BS Web Team New Delhi

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CoinDCX, India's leading crypto company, has announced its partnership with Jocata, a leading B2B FinTech and RegTech platform provider for the BFSI industry, to further strengthen its anti-money laundering (AML) compliance processes.

According to an official press release, this partnership will help CoinDCX leverage Jocata's artificial intelligence-based insights to make faster decisions, thus correctly identifying false negatives. 

According to Chainalysis 2022 Geography of Cryptocurrency Report, India has emerged as the fourth biggest nation in adopting crypto, receiving $172 billion in crypto value from July 2021 to June 2022. 

This partnership with Jocata will enable CoinDCX to further augment its AML framework to navigate the developing regulatory landscape. CoinDCX will leverage Jocata's RegTech product suite to monitor suspicious transactions in the financial intelligence unit (FIU-IND).

Shailesh Deshpande, director of growth at Jocata, said that the company is excited to collaborate with CoinDCX and assist them in building a responsible and safe crypto environment.

Rohan Bhandari, head of compliance at CoinDCX, said that CoinDCX will continue adhering to AML norms and complying with relevant legal requirements. The company will continue to collaborate with authorities to mitigate potential risks associated with the usage of virtual digital assets (VDAs) in the future.

"Our ongoing efforts prioritise the security and compliance of our platform, enabling a safe and trustworthy environment for our valued users," said Bhandari.

The press release stated that Jocata's modular and flexible product architecture is aimed at bringing transparency to VDA transactions. Jocata's AML transaction monitoring and regulatory reporting offering identifies suspicious activities. Jocata also supports all AML regulatory reports that reporting entities must submit to regulatory authorities. 

First Published: Jul 17 2023 | 2:01 PM IST

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