In a recent article on its official blog, the blockchain analysis company Chainalysis announced the launch of alerts for cryptocurrency transactions that are suspicious.
According to Chainalysis, alerts – in categories such as serious, high, medium and low – are found in Chainalysis Know Your Transaction (KYT), the real-time solution of this corporation that aims to ensure compliance with the standards against money laundering.
This is the first compliance alert solution available for 15 crypto assets, as a tool to help digital currency exchanges as well as other financial institutions reduce their regulatory and reputational risks.
In this regard, Michael Breu, director of compliance with the cryptoexchange Gemini, said: “As a fiduciary company in New York, we are required to monitor transactions on and off our platform. Tools such as KYT alerts, which they provide a real-time and continuous blockchain analysis, together with Gemini’s own compliance policies, they help us meet our regulatory obligations.”
The company has always maintained monitoring of cryptocurrency trade in real time and in large volumes to identify high-risk behaviors. The alerts that are generated now allow them to detect when a transfer involves a risk counterpart and crosses a range of value.
The security measure applies to the main crypto assets, such as bitcoin, ether, litecoin, bitcoin cash, as well as to the main stablecoins and ERC-20 tokens such as Tether (USDT), Maker (MKR) and DAI.
The vice president of Chainalysis products, John Dempsey, declared on the alerts: “[…] Every minute counts when managing exposure to sanctioned entities, hacked or pirated funds, dark network markets and other illegal activities, by what Chainalysis is investing in fast and actionable alerts to help our customers mitigate risk with cryptocurrencies.”