CoinDCX partners with Jocata to bolster compliance processes


Mumbai : Jocata, a leading B2B FinTech & RegTech platform provider for BFSI industry announced its partnership with CoinDCX, India’s leading and most valued crypto company, to further strengthen their Anti-Money Laundering (AML) compliance processes. In partnering with Jocata, CoinDCX has joined several large financial institutions in India and across various geographies who leverage Jocata’s Artificial Intelligence based insights to make faster & better decisions thus dramatically reducing false positives and correctly identifying false negatives.

Crypto has witnessed significant surge in popularity among Indian customers, with India emerging as the 4th biggest nation in adopting crypto, receiving $172 billion in crypto value from July 2021 to June 2022 according to the Chainalysis 2022 Geography of Cryptocurrency Report. This partnership will enable CoinDCX to further 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 for 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.

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 build a responsible and safe Crypto environment.”

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 the usage of 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 expertise and highly configurable, modular & flexible product architecture is aimed at bringing transparency to VDA transactions. Jocata’s premier AML Transaction Monitoring & Regulatory Reporting offering identifies suspicious activities at the customer level and offers key features such as rule builder, a comprehensive rule library of 300+ scenarios defined using global & industry leading standards, and case scoring mechanism. Additionally, Jocata provides support for all AML regulatory reports that reporting entities must submit to the regulatory authorities.


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