TESOBE and Coinfirm Join Forces for Crypto Open Banking with Advanced AML Compliance

LONDON, 31 January 2022 – TESOBE, the company behind the Open Bank Project, are announcing a partnership with leading RegTech and blockchain analytics provider, Coinfirm, to create a safer blockchain economy by strengthening the bond of open banking practices and the crypto economy through advanced blockchain compliance solutions.

With the passing of the EU’s Payment Services Directive Two (PSD2), TradFi institutions have incorporated the rapidly growing FinTech ecosystem into their networks. As blockchain continues to incorporate a greater range of financial service offerings that complement and advance upon current market solutions, Coinfirm considers open banking to be a key crossroad point for multiple sectors to integrate for the increased efficiency of offerings to customers. 

“Blockchains have their own rules and approaches, which have made the digital asset world largely too risky for financial institutions until now. Through this partnership, we’ll provide banks with the necessary capabilities to comply with local AML regulations and enable their customers to be a part of this new reality.” – Simon Redfern, Founder of the Open Bank Project

Since 2010, the Open Bank Project has enabled financial institutions to leverage open APIs to comply with regulations and become digital leaders. This partnership addresses gaps in current AML programs by bringing the leading blockchain AML risk management capabilities to traditional finance.

“Open banking, strongly facilitated by firms such as TESOBE, is improving financial service offerings in a manner that gives customers a greater variety of products and enhances their capabilities whilst maintaining sustainable levels of consumer protection. RegTech solutions are a key enabler of ensuring further transparency and thus Coinfirm welcomes its newly inked partnership with TESOBE.” – Dr. Mircea Mihaescu, CEO of Coinfirm

By deploying Coinfirm’s advanced AML/CFT analytics to combat money laundering and the financing of terrorism, TESOBE’s obliged entities’ network can follow global crypto AML guidelines, the EU’s 6AMLD and other supernational and national regulations.

About TESOBE and the Open Bank Project

Led by Berlin-based software company TESOBE GmbH, the Open Bank Project is the leading open-source API solution for banks, ensuring secure and rapid enhancement of their digital offerings. The Open Bank Project assists banks in the deployment of Open Banking platforms by providing access to over 450 standardised APIs used by our vibrant global community of over 11,000 developers.

For more information, please visit https://www.openbankproject.com

About Coinfirm

Coinfirm’s AML Platform for crypto assets is powering the mass adoption of blockchain by monitoring and blacklisting funds from ransomware hacks, human trafficking, sanctions evasion and terrorist financing – amongst other crimes – by risk scoring entities, addresses and transactions.

Coinfirm’s risk management platform and services are used by governments, financial institutions, custodians, payment providers, investment funds and exchanges. The 5,600+ protocol-supporting AML Platform utilises 330+ proprietary risk algorithms to provide a seamless, scalable solution to stringent regulatory requirements for both CeFi and DeFi.

Founded in 2016, Coinfirm is headquartered in London, UK, with the company retaining offices in Canada, U.S., Poland, France and Japan. Over 250 entities have trusted the company to provide RegTech solutions to stay in compliance.

For more information visit https://www.coinfirm.com