Know-Your-Transaction Analysis Will Help Law Enforcement
Financial regulations are usually a way for the government to combat money laundering and terrorism funding in their jurisdiction. Thanks to the transparent nature of blockchain technology, Know-Your-Transaction protocols will become a lot easier to implement. Anti-money laundering (AML) and countering the financing of terrorism regulations are two....
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Chainalysis offers a service that provides financial institutions with the means to obtain regulatory compliance through real-time analysis of the blockchain. Based in Switzerland and headed by ex-Kraken COO Michael Grønager and former Mycelium engineer Jan Møller, the company provides an API for sophisticated in-depth real-time blockchain transaction analysis. Chainalysis customers - including regulatory entities, law enforcement and financial service providers - are empowered with unique insight on all transactions recorded in the Bitcoin blockchain and tools to determine the origin of....
Sandia National Laboratories is working on a blockchain analysis tool that allows law enforcement agencies to track and crack down on illegal Bitcoin transactions. Bitcoin has always been pseudonymous at best. By design, the transparent nature of blockchain enables anyone to access transaction details using block explorers. However, tracking the entire transaction history of any Bitcoin token is a cumbersome task at the moment. A tool currently under development at the Sandia National Laboratories may make it easier to track Bitcoin transactions. Once completed, the tool is expected to....
The U.S. Securities and Exchange Commission (SEC) has brought 97 cryptocurrency enforcement actions so far. Furthermore, the securities regulator has imposed approximately $2.35 billion in total monetary penalties against digital asset market participants. 97 Crypto Enforcement Actions Cornerstone Research published a report titled “SEC Cryptocurrency Enforcement: 2021 Update” last week. The report analyzes SEC enforcement activities from July 2013 to December 2021, the company detailed, elaborating: Since the first action in July 2013, the SEC has brought a total of 97....
The CEO of Chainalysis expects law enforcement agencies armed with the company's technology to catch up with those responsible for ransomware attacks soon. The reign of terror unleashed by Bitcoin ransomware may soon come to an end. According to the blockchain analysis company Chainalysis, law enforcement agencies are gearing up to combat cyber crimes of this nature. Ransomware attacks have seen a drastic rise in the recent days. Cybercriminals, who were initially targeting individual users for small ransoms have graduated to bigger targets. Some of the recent targets include big....
This is a guest post by Joe Ciccolo, DCC Member and CEO of BitAML. Background. The Ripple Labs settlement agreement, the first civil enforcement action brought against a digital currency exchange, demonstrates the perils of piecemeal AML compliance and delayed implementation. Last week, Ripple Labs, the popular payment system, currency exchange and remittance network, reached a settlement with FinCEN and the US DOJ in which it acknowledged AML compliance violations and agreed to fines in excess of $1.1 million. And that's just the beginning. (More on the true financial and operational cost....