Blockchain analysis company Chainalysis has announced the release of a new compliance solution for monitoring cryptocurrency transactions.
Chainalysis Know Your Transaction (KYT) is a real-time anti-money laundering (AML) solution aimed at supporting firms with suspicious cryptocurrency transaction alerts.
Available across 15 cryptocurrencies, Chainalysis KYT alerts are designed to assist crypto businesses and financial institutions by alleviating risks and enabling compliance teams to focus on more urgent matters.
“As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices,” said John Dempsey, VP Product, Chainalysis.
“Every minute counts when managing exposure to sanctioned entities, hacked funds, darknet markets, and other illicit activities, which is why Chainalysis is investing in fast, actionable alerts to help our customers mitigate risk across cryptocurrencies.”
The KYT alert solution sends direct notifications when a transfer involves a risky counterparty and crosses a value threshold.
Alert levels range from severe, high, medium and low, these are based on factors such as category, service, direct versus indirect exposure, direction of funds, and amount.
“As a New York Trust company we are required to monitor transactions on and off our platform,” said Michael Breu, Gemini’s Chief Compliance Officer.
“Tools like KYT alerts, which provide real time and ongoing blockchain analysis, coupled with Gemini’s own compliance policies, help us meet our regulatory obligations.”
Clients are able to customise risk parameters based on their own business policies to help allocate resources accordingly; alerts are built directly into the user interface and API.
