Institutional crypto adoption requires robust analytics for money laundering
Large financial institutions are getting involved in digital assets by investing capital, time and effort into on-chain analytics solutions. Institutions have begun to take crypto seriously and have entered the space in numerous ways. As noted in a previous analysis, this has resulted in banks and fintechs looking at custody products and services for their clients. However, as custodians of clients’ assets, banks must also ensure they are clean assets and stay compliant.This is where on-chain analytics solutions have a huge role to play in understanding patterns in transactions to identify....
Related News
Entrepreneur Brad Mills said that decentralized finance rebuilt everything wrong with Wall Street on a blockchain. While decentralized finance (DeFi) is expected to be an upgrade to traditional finance mechanisms, some believe that denying users access to decentralized exchanges based on their wallets is a backward move. In a tweet, entrepreneur Brad Mills criticized DeFi for denying users access to decentralized exchanges (DEXs) due to various factors such as location and wallet content. Because of this, Mills described the future of Web3 as a “surveillance panopticon” and said that it....
Major crypto exchange Binance replied to a report published by media outlet Reuters. The controversial report claims Binance has been key to allegedly support illicit activity around the world, failed to provide assistance to authorities to prevent money laundering cases, and failed at imposing a robust Know Your Customer (KYC) policy. Related Reading | U.S. Links […]
Criminals often presume that blockchain transactions are anonymous, but it is possible to untangle and uncover fund flows using analytics tools. How does anti-money laundering compliance software work for crypto businesses?Given how many transactions are made on blockchains every day at high speed, automation is key.Manual monitoring is impractical because of these dizzying volumes. Analytics services such as Crystal work to automate this monitoring process with 24/7 updates, so crypto businesses (as well as banks and financial institutions whose clients deal in crypto) can be alerted....
Regulators have not always keen on blockchain technology, but lately they have started to seeing its potential benefits. A Hong Kong regulator has indicated how the blockchain can help financial institutions to overcome money laundering. The essential traits of blockchain technology make it a robust solution to fight money laundering. Not only is a....
Coinfirm said it would be able to provide the same AML/CFT analytics for assets minted on Cardano, a number which may grow as the project prepares to expand to smart contracts. The nonprofit organization behind Cardano has partnered with blockchain analytics provider Coinfirm to ensure ADA is in compliance with the Financial Action Task Force’s guidelines.In an Aug. 24 announcement, the Cardano Foundation said it would be using Coinfirm’s services to provide Anti-Money Laundering, or AML, and Combating the Financing of Terrorism, or CFT, analytics for Cardano’s native cryptocurrency ADA.....