Crypto exchange CoinField joined forces with Chainalysis on 20th February 2020 in order to tackle money laundering through its crypto monitoring anti-money laundering compliance solutions.
This partnership will allow for the amalgamation of blockchain analyzer’s know your transaction (KYT) solution to prevent illegal activities like money laundering and others to the effect through constant crypto monitoring, media reported.
Talking about this new partnership, the chief revenue officer at Chainalysis stated that CoinField’s goal of making cryptocurrency more globally available helps Chainalysis in building credibility for Blockchain.
The know-your-transaction solution will allow for the better observance of volumes and high risk; it will also help in tracking transactions on multiple blockchains and will provide a graphical representation of the transactional flow.
Increasing demand for crypto monitoring
The growing need to comply with rules and regulations has increased the demand for blockchain analyzers and crypto monitoring. This step is a necessary one, especially after knowing that exchanges have become the primary route for hackers to liquidate their stolen funds.
Companies and cryptocurrencies are also adopting the same solutions by Chainalysis to strengthen their compliance needs.
The chief compliance officer at CoinField stated that AML technology helps greatly in meeting anti-money laundering demands and provides easy observance. He further explained that he feels content that a team of competent people is working to improve their products.
Featured Image by Luke Shesser