The company’s cyber-security CipherTrace unveils a new traceability solution that enables banks to closely monitor the crypto-industry. This new tool thus provides an additional guarantee to the financial sector to comply with the standards of KYC.
A transparency tool
According to the latest research from CipherTrace, each year, large american banks process more than 2 billion dollars ‘ worth of the crypto-industry.
However, these institutions fail to detect all transactions in crypto-currencies suspicious and are thus unable to meet the standards KYC aimed at eradicating the phenomenon of money laundering and the financing of terrorism.
In order to strengthen the tracking solutions deployed by the banking sector, CipherTrace unveiled ” Armada “, a tool to analyze all transactions related to crypto-currencies.
“Armada allows thus to identify money services businesses (MSBS), that could conceal their true nature by different names, or hidden accounts,” said Catherine Woneis, vice-president of product management for Ciphertrace.
The company cybersurveillance has been able to expand its field of action, and announced, in October last, the follow-up of more than 700 crypto-currencies.
“Now, a vast majority of crypto-currencies (more precisely, 87% of the crypto-industry) will be subject to the radars of CipherTrace, the company specialized in cyber security “, stressed CipherTrace.
CipherTrace regularly provides its services to the regulatory authorities to report a maximum of suspicious transactions in crypto-currencies. The company contributes as well to clean up the crypto-industry and further increase the wide adoption of crypto-currencies.
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