Blockchain analytics business Chainalysis has launched alarms for questionable transactions across 15 important crypto currencies. In a post published on the firm’s blog on Aug. 22, the firm said its Know Your Transaction (KYT) program works in realtime to provide compliance with Anti-Money Laundering measures — and promised that this may be actually the first remedy to offer support with such a wide selection of crypto assets.
Compliance risk mitigation
The application is supposed to help trades as well as other financial institutions mitigate reputational threats and their regulatory. Michael Breu, chief compliance officer at crypto market Gemini, said:
“AS A NEW YORK TRUST COMPANY WE MUST TRACK TRADES ON / AWAY FROM OUR PLATFORM. […] TOOLS SUCH AS KYT ALERTS, THAT OFFER REAL TIME AND CONTINUING BLOCKCHAIN ANALYSIS, COUPLED WITH GEMINI’S OWN COMPLIANCE POLICIES, HELP US MEET OUR REGULATORY DUTIES “
According to the guide, the provider’s KYT agency has always included transaction tracking for large quantities of activity that was cryptocurrency to determine high-risk behavior. However alarms are generated every time a transport involves a counter party and crosses a value brink.
Significant assets affirmed
Alarms are categorized as high, moderate, low or severe based on direct versus indirect vulnerability, service, category, management of capital, and amount. The assets that are supported include Bitcoin (BTC), Ether (ETH), Bit coin Cash (BCH), Litecoin (LTC), top stablecoins along with ERC-20 tokens like Tether (USDT), Maker (MKR) and DAI. Chainalysis product Vice-president John Dempsey said:
“As law makers and regulators focus their attention on the business, it is far more critical than ever that cryptocurrency companies demonstrate compliance recommendations. […] Every minute counts when managing vulnerability to sanctioned things, hacked funds, darknet markets, along with other illegal actions, which explains why Chainalysis is purchasing fast, actionable alarms to help our customers mitigate risk across crypto currencies.”
As Cointelegraph reported in first of July, Chainalysis claims that 64% of ransom-ware attack cash out plans involve the laundering of capital via cryptocurrency exchanges.