TRM Partners with FalconX to Streamline Crypto Compliance

TRM InsightsCompany News

June 23, 2020

FalconX selects TRM Transaction Monitoring to enhance its compliance with Anti-Money Laundering (AML) regulations.

SAN FRANCISCO - FalconX, a leading digital asset trading platform, has partnered with TRM to enable real-time Transaction Monitoring to prevent money laundering and achieve crypto compliance.

Utilizing TRM's Transaction Monitoring solution, FalconX can automatically analyze digital asset transactions and receive a real-time risk assessment. TRM’s software traces source and destinations of funds to assess evolving anti-money laundering (AML) and compliance risks including hacks and ransomware, sanctions, and transactions on illicit darknet markets. TRM boasts the most comprehensive coverage across the market - supporting over 2,000 digital assets. Using TRM Transaction Monitoring, FalconX has been able to scale to hundreds of clients and $7B in transaction volume without compromising its dedication to countering digital asset fraud and money laundering.

“We're pleased to work with FalconX and support their AML efforts. As the digital asset sector evolves, it's critical for financial institutions to deploy next-generation compliance infrastructure with reliable and trusted data. Leveraging TRM Transaction Monitoring, FalconX is able to acquire key licenses, grow their business, and operate with peace of mind." says TRM’s CEO, Esteban Castaño. 

Before selecting TRM, FalconX performed a thorough evaluation of blockchain analytics providers within the crypto industry. TRM ultimately earned FalconX's partnership due to TRM's data quality, customization, and modern user experience. In addition to its flagship Transaction Monitoring product, TRM supports FalconX with market intelligence that helps the trading platform acquire new clients and increase their trading volume with current customers.

Manually reviewing digital asset transactions would require as much as 10 full-time employees, yet still likely fall short of TRM’s solution due to the sheer volume of data. This manual approach is also less likely to stand up to regulatory scrutiny. By automating a company’s compliance needs, TRM enables a single person to review millions of dollars of transactions instantly.

Every cryptocurrency business must adhere to regulatory obligations, most notably anti-money laundering rules and economic sanctions laws. According to Raghu Yarlagadda, co-founder and CEO of FalconX, TRM’s support has been fundamental in enabling the company to grow their business with the confidence that they are remaining compliant.

Per Yarlagadda, “TRM enables us to build trust with our customers, and grow our business. It is comprehensive, easy-to-integrate, and battle-tested by industry leaders, giving us the peace of mind that compliance is covered. Our rapid growth is a testament to the strong compliance foundation that we’ve had since the beginning, thanks to TRM.”

About FalconX

FalconX is an industry-leading platform for digital asset trading. FalconX recently announced $17M in financing from investors including Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures. With this fresh capital, FalconX plans to introduce new products, expand FalconX’s trade execution suite, and scale infrastructure to support growing institutional demand for cryptocurrency. With this additional funding, the trading platform seeks to introduce new products and scale the platform’s infrastructure on its quest to bridge the gap between traditional finance and the digital-asset ecosystem.

Contact FalconX: media@falconx.io

About TRM

TRM enables financial institutions to achieve crypto compliance and safely expand their business in digital assets. TRM's industry-leading solutions for transaction monitoring, wallet screening, and blockchain forensics are trusted by compliance and investigative teams around the world. Backed by PayPal, Blockchain Capital, Initialized Capital, and Y Combinator, TRM's mission is to build safer financial system for billions of people.

Contact TRM: contact@trmlabs.com

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