UAE RETL (Remitex Technologies) an AJMS Group Entity, a RegTech firm headquartered in DIFC, offering AML / CFT compliance, partners with CoinFirm a crypto AML analytics provider. The partnership will work to enhance RETL’s DIGI comply tool by integrating CoinFirms crypto AML platform.
The partnership comes at a time when the crypto asset class experiencing wider acceptance by the traditional financial system as well as mass popularity in retail, the possibility of the end-users being caught unaware of inherent risks of crypto assets, has increased.
The enhanced version of DIGI Comply will be an indispensable tool for any crypto entity as the reports will provide an in-depth risk score for coins, wallets and transactions – alerting users of potential ML/TF risks based on hundreds of indicators.
Abhishek Jajoo, Founder of UAE based RETL, stated, “We are excited to partner with Coinfirm to enhance our award-winning, DIGI Comply Solution by including Crypto AML Risk and Compliance. Together, we have introduced a first-of-its-kind solution catering to increased crypto compliance requirements in the marketplace. We are proud to launch the first crypto screening infrastructure in the Middle East, i.e., the DIGI Comply suite of products, which will provide a complete financial compliance solution.
Mr Mircea Mihaescu, CEO of Coinfirm, welcomed the firm’s first partner in the Middle East in the following words, “We are looking forward to working with RETL and their ecosystem to ensure that they are adequately safeguarded when exposed to new technology and payment methods. As blockchain and crypto gain greater adoption, by partnering with RETL, we are forging a bridge in the MENA region, which encapsulates all possible threats and provides a one-stop solution for AML compliance for TradiFi and crypto businesses.”
More and more entities are starting to offer crypto compliance solutions in the UAE and MENA region. KARM Legal signed as well a partnership with Crypto compliance to offer the same services.