CoinDCX, a crypto company, has partnered with Jocata to strengthen their AML processes
CoinDCX, India’s leading and most valued crypto company, has partnered with Jocata, a B2B FinTech & RegTech platform provider for the BFSI industry, to strengthen their Anti-Money Laundering (AML) processes and ensure regulatory compliance.
In partnering with Jocata, CoinDCX has joined several financial institutions in India and across various geographies that leverage its artificial intelligence (AI)-based insights to make faster and better decisions, reduce false positives, and correctly identify false negatives.
This partnership will enable CoinDCX to augment its AML framework to navigate through the developing regulatory landscape. CoinDCX will leverage Jocata’s RegTech product suite to monitor & report suspicious transactions to the Financial Intelligence Unit (FIU-IND).
As a pioneer in the VDA space, CoinDCX has been on a journey to make VDAs accessible to the masses, underpinned by innovation, compliance, and education. CoinDCX was the first exchange to publish proof of reserves and promptly responded to the Registered Reporting Entity requirement, demonstrating its unwavering commitment to compliance and regulatory clarity.
Rohan Bhandari, Head of Compliance at CoinDCX, said, “As the industry undergoes continuous evolution, our commitment remains steadfast in fostering trust, transparency, and prioritizing education for stakeholders to enhance the safety and compliance of VDAs and Web3. We will continue adhering to AML norms and complying with relevant legal requirements. CoinDCX also remains committed to closely collaborating with authorities to identify and mitigate potential risks associated with using VDAs in the future. Our ongoing efforts prioritize the security and compliance of our platform, enabling a safe and trustworthy environment for our valued users.”
Jocata is addressing the unique compliance needs of VDAs by investing in their FCC platform and making it Web3-ready. Their highly configurable, modular, and flexible product architecture aims to bring transparency to VDA transactions.
Shailesh Deshpande, Director of Growth at Jocata, said, “We have consistently worked with our partners to accelerate value creation in their business and provide them with world-class tools for FinTech & RegTech adoption. We are excited to collaborate with CoinDCX, one of the pioneers of the Crypto revolution, and assist them in building a responsible and safe Crypto environment.”
