Circle is determined to be a pioneer in the promotion of transparent policies for fintechs and is actively working to avoid dishonest practices on its platform.
According to a press release published on February 27, Circle contracted the services of Nice Actimize a— financial crime and compliance solutions provider— to monitor the financial operations carried out on its platform in order to detect and counteract potentially illicit situations.
Nice Actimize will use its Cloud Markets Surveillance (CMS) service to detect practices that have negatively affected crypto trading activities over time. Initially, they will focus on insider trading schemes, pump and dumps, wash trading and layering.
In this way, trading through Circle’s platforms —an activity which totaled more than 24 billion dollars in 2018— will have an additional layer of security, without compromising the privacy of users.
Robert Bench, Head Regulatory Counsel and Chief Compliance Officer at Circle pointed out that the firm chose Nice Actimize’s services because of its ability to adapt to the company’s standards and current legal regulations:
“Circle has adopted a strong position on policy and crypto-related regulatory issues that focuses on the safety of our customers and investors. Adapting innovative technology solutions, such as the financial markets compliance solutions from NICE Actimize, to meeting the potential needs of regulators and protecting our assets brings this commitment full circle…
There are a number of markets surveillance vendors that address traditional asset classes, but we needed a partner that could adapt their traditional market expertise to the unique elements of the crypto market. NICE Actimize was chosen as the partner which could offer that adaptability.”
For his part, Craig Costigan. CEO of NICE Actimize, pointed out that the firm is confident in meeting Circle’s expectations. He was enthusiastic about the possibility of contributing to the development of a better platform, with safe and cost-effective solutions in the event of a problem:
“As we lead the digital financial services industry with breakthroughs in artificial intelligence and advanced analytics, NICE Actimize will continue to innovate on behalf of the newest financial product categories, including cryptocurrencies, digital wallets, and more …
We recognize that Circle is a category leader committed to the highest standards of customer safeguards and are excited to be one of the industry’s first financial crime solutions providers to tackle the exciting new cryptocurrency category with secure and cost-effective protections.”
Nice Actimize will provide Circle with its traditional solutions; however, one of the most emblematic features will be the implementation of ActOne, an “AI-enabled financial crime investigation management platform.”
The specific date of implementation of these technologies has not been disclosed, but it is very likely that the upgrades on the Circle platform will start soon, including maybe Circle-owned crypto exchange Poloniex.