Govt to trial anti-money laundering platform in crypto investigations
The Gibraltar Government and regulatory technology business Coinfirm have joined forces to investigate money laundering in the blockchain space.
The agreement will see the Government trial a new anti-money laundering risk management platform for crypto and blockchain assets.
The Government said this is the first time this innovative technology is being used to support Gibraltar’s work in the international fight against money laundering.
The collaboration between the Government and Coinfirm will benefit regulatory and law enforcement agencies in the jurisdiction with the use of advanced blockchain-native anti-money laundering and countering terrorist financing analytics.
The Anti-Money Laundering Platform is able to monitor high-risk transactions and trace misappropriated funds through visualizers amongst other proprietary investigative tools.
The Government added the smart, data-led automatic analytics can overcome highly complex criminal enterprise schemes through deploying various methodologies including the destination and source of funds, fingerprints of activity, ownership analysis, e-discovery and clustering algorithms.
“As we continue to develop our VASP infrastructure, ensuring our regulatory bodies have the tools to combatfinancial crime in the crypto asset industry is of paramount importance,” Albert Isola, Minister for Digital and Financial Services said.
“We must be equipped to counter threats such as those posed by criminal actors. I am very gratefulto the team at Coinfirm for their supporting allowing us access to and use of their platform.”
Paweł Kuskowski, CEO and co-founder at Coinfirm added this work is crucial.
“Conducting investigations into criminals leveraging crypto assets is becoming crucial in financial crime cases as blockchain’s importance in the wider economy gains steam,” he said.
“With the AML Platform and Coinfirm’s ongoing support we will be able to more effectively challenge the various illicit schemes that malicious actors devise.”
Coinfirm specialises in blockchain Anti-Money Laundering and Combating the Financing of Terrorism services and fraud investigations.
It offers the industry’s largest blockchain coverage, supporting over 1,500 cryptocurrencies and protocols including Bitcoin and the ERC-20 standard.
Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions and governments.