Bithumb Partners With Octa to Root Out Fraud in Digital Exchanges

Bithumb cooperates with Octa Solution…”We will develop industry standards and provide them to SMEs”

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CoinHubKorea
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Han Seong-hee (left), a director of business management department of Bithumb Korea, and Park Min-seong, CEO of Octa Solution, signed an agreement for joint development of AML and FDS solutions at Bithumb Korea’s headquarter on May 28th. (Source=Bithumb Korea)
Han Seong-hee (left), a director of business management department of Bithumb Korea, and Park Min-seong, CEO of Octa Solution, signed an agreement for joint development of AML and FDS solutions at Bithumb Korea’s headquarter on May 28th. (Source=Bithumb Korea)
Han Seong-hee (left), a director of business management department of Bithumb Korea, and Park Min-seong, CEO of Octa Solution, signed an agreement for joint development of AML and FDS solutions at Bithumb Korea’s headquarter on May 28th. (Source=Bithumb Korea)
Han Seong-hee (left), a director of business management department of Bithumb Korea, and Park Min-seong, CEO of Octa Solution, signed an agreement for joint development of AML and FDS solutions at Bithumb Korea’s headquarter on May 28th. (Source=Bithumb Korea)

Bithumb, a virtual asset exchange in Korea, develops anti-money laundering (AML) and fraud detection system (FDS) solutions optimized for virtual asset industry.

Bithumb announced on the 1st that it has signed a business agreement with Octa Solution, a financial compliance solution company, to jointly develop AML and DFS solutions specialized for virtual asset service providers. The two companies aim to build the solutions within the third quarter of this year.

Bithumb has diverse and extensive transaction data and systematic monitoring know-how through 6 years of exchange operation experience. In addition, it built AML center and established its own FDS to advance related system.

Octa Solution builds a solution based on ‘RegTech’ with data and know-how of Bithumb. RegTech is a compound word of regulation and technology, and it automates and streamlines tasks related to financial regulation compliance by using information technology. RegTech is being introduced to improve work efficiency and reduce costs, especially for financial companies that store various data compared to other industries. This solution implements △KYC △Watchlist Filtering (WLF) △Transaction Monitoring System (TMS) △FDS. Octa Solution supplies RegTech-based AML solutions to financial companies such as banks and insurance companies. It is also an advisor to the ‘Task Force (TF) of the legislative proposal for the Specific Financial Transaction Information Act’ in the Korea Blockchain Association.

The two companies plan to provide the solutions to SMEs who have difficulties in introducing the system when solution development is finished. An official of Bithumb said, “It is expected that FDS and AML system optimized for virtual asset service providers will create a sound and safe trading environment and protect customer’s assets.” “If a solution optimized for the industry is developed, it will be very helpful for SMEs that have insufficient operational experience and know-how,” he added.

(2020.06.01) 빗썸, 가상자산 특화 AML·FDS솔루션 개발…”3분기내 구축”
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