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Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time

Fri, 23 Aug 2019, 06:14 am UTC

Crypto compliance startup Chainalysis has enhanced its Know Your Transaction (KTC) solution with a new real-time alert functionality.

Chainalysis KYT is a real-time anti-money laundering (AML) compliance solution for monitoring large volumes of cryptocurrency transactions to identify high-risk behavior. More than 100 financial institutions and cryptocurrency exchanges have reportedly signed up for Chainalysis KYT.

The company has now launched ‘Alerts’ in Chainalysis KYT, which will generate alerts whenever a transfer involves a risky counterparty and crosses a value threshold.

According to the official announcement, the alert feature has been built directly into the user interface and API. It has been designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk by enabling them to track, investigate, or take action on risky transfers.

With this feature, compliance teams would be able to focus on the most urgent activity and enforce compliance policies while better allocating resources.

Chainalysis said that the new alert functionality is available for all 15 cryptocurrencies supported by it, including Bitcoin, Ether, Bitcoin Cash, Litecoin, and top stablecoins and ERC-20 tokens such as Tether, Maker, and Dai. It plans to add support for additional cryptocurrencies soon.

There are different alert levels – Severe, High, Medium, and Low – which depends on various factors such as category, service, direct versus indirect exposure, direction of funds, and amount.

"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."

Based in New York, Chainalysis raised an additional $6 million to close its $36 million Series B round in April, with a strategic investment from Japan's largest financial institution, MUFG, and venture capital firm Sozo Ventures.

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