Partnering with CipherTrace automates cryptocurrency compliance through a deep integration with our NetReveal solution. The resulting data will allow financial institutions to more effectively screen and facilitate investigations into suspicious activities and enhanced due diligence.
MENLO PARK, Calif. (PRWEB) July 13, 2021
CipherTrace is partnering with BAE Systems Applied Intelligence, a proven regulatory compliance and transaction monitoring solution, to integrate CipherTrace’s market-leading cryptocurrency intelligence software and transaction risk rating with BAE System’s NetReveal transaction monitoring solution. The combination offers financial institutions additional protection from cryptocurrency laundering risks and crypto-related threats, while providing detailed information that can be used to achieve regulatory compliance.
“With this partnership, our joint customers have the ability to reduce sanction violation exposure and money laundering risk with real-time screening of potentially risky financial transactions involving cryptocurrency. The goal is to minimize the growing risk of fraud and money laundering,” said Peter Fisher, Product Director, BAE Systems Applied Intelligence. “Partnering with CipherTrace automates cryptocurrency compliance through a deep integration with our NetReveal solution. The resulting data will allow financial institutions to more effectively screen and facilitate investigations into suspicious activities and enhanced due diligence.”
The BAE Systems and CipherTrace alliance provides accurate, defensible cryptocurrency intelligence to prevent cybercrime and ransomware attacks. CipherTrace’s capabilities, services and reputation for supplying real-time reliable data on suspicious financial activities has been lauded by analysts, customers and press. According to a CipherTrace’s 2020 Cryptocurrency Crime and Anti-Money Laundering Report, crypto criminals stole $1.9bn in 2020. With the use of cryptocurrencies accelerating during the COVID-19 pandemic, it’s reasonable to expect the incidence of crypto-related crimes to also increase.
“Identifying risky crypto transactions using blockchain analytics services and flagging cross border payments to offshore VASPs are now a business imperative,” notes Dave Jevans, CipherTrace CEO. “CipherTrace’s technology allows financial institutions and cryptocurrency exchanges to detect unauthorized money movements and helps to prevent potential sanction violations.”
For media inquiries, please contact Kili Wall at (310) 260-7901 or Kili(at)MelrosePR(dot)com
CipherTrace, the leading cryptocurrency intelligence company, bridges virtual currencies and financial services together with fraud protection, anti-money laundering, and financial investigation solutions. CipherTrace derives superior cryptocurrency intelligence from analyzing massive amounts of validated blockchain transaction attribution. CipherTrace founders are dedicated to protecting consumer privacy and growing the blockchain economy, while defending against illicit finance. Deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies form the foundation for CipherTrace’s commercial offerings. For more information, visit CipherTrace.com, subscribe to the CipherTrace Newsletters, and follow us on Twitter @CipherTrace.
About BAE Systems Applied Intelligence
At BAE Systems Applied Intelligence, we help nations, governments and businesses around the world defend themselves against cybercrime, reduce their risk in the connected world, comply with regulation, and transform their operations. For further information about BAE Systems Applied Intelligence, please visit http://www.baesystems.com/financialservices