Newly launched CipherTrace Armada is meant for financial institutions looking to remove the regulatory blind spots prevalent in the crypto compliance. The monitoring solution will aid large banks and financial institutions achieve compliance with a greater degree of transparency.
CipherTrace Unveils Compliance Tool for #Banks Involved in #Crypto https://t.co/FFBiBacbaN Ciphertrace’s recent research revealed that US banks unknowingly process $2 billion in crypto transactions that go undetected #moneylaundering
— Ciphertrace, a Mastercard company (@ciphertrace) April 28, 2020
CipherTrace is well known for its crypto tracking and compliance solutions. The company felt the need to launch Armada after similar products from competitors have flooded the industry. However, CipherTrace Armada isn’t your regular tracking and compliance solution. The KYC and AML centric product rely heavily on the off-chain data to help financial institutions track suspicious crypto transactions.
CipherTrace Armada helps banks meet stringent compliance standards
CipherTrace Armada is ready to integrate with the present physical and software monitoring infrastructure of the banks. Extensive monitoring of transactions originating from inefficient KYC sources or unregistered financial services companies.
The official statement mentions that CipherTrace Armada offers critical insights regarding the hazardous compliance-related blind spots to help an organization achieve effective due diligence. Whether unreliable KYC or VASPs, it delivers comprehensive coverage.
CipherTrace promotes transparency in the crypto realm
John Jefferies of CipherTrace mentions how the firm intends to deliver highly reliable information to its clients in their pursuit to monitor transactions. Precise data attribution offering the perfect blending real-world information with appropriate crypto addresses allows CipherTrace Armada to connect entities with banking information and billing descriptions. This crucial transaction matching is the defining characteristic feature of the Armada that differentiates it from its competitors.
Due monitoring of the high-risk digital asset payments along with locating counterparty dangers related to the crypto transactions is the key to Armada’s success. The extensive database of CipherTrace covering more than 500 businesses helps uncover suspicious virtual asset transactions.
Risky entities that pose a significant danger to the market include dark markets, ransomware, illegal transactions, HYIP scams, mixers, and more. Additionally, CipherTrace Armada is a suitable tool to weed out the illicit activities occurring in authoritarian administrations, dictatorships, and tyrannical governments. It can help global financial organizations comply with regulations and, at the same time, stay safe from suspicious transactions.
