Chainalysis: an alert for suspicious transactions
Blockchain

Chainalysis: an alert for suspicious transactions

By Alfredo de Candia - 23 Aug 2019

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Yesterday Chainalysis, a company that analyses blockchain data, announced a new alert service that sends notifications in case of suspicious transactions.

The tool is called Chainalysis Know Your Transaction (KYT) and is a real-time AML (Anti-Money Laundering) service for monitoring transactions of 15 different cryptocurrencies.

The Chainalysis service was created to mitigate the risk of possible breaches in the management systems of those who handle users’ funds, as stated by John Dempsey, VP Product of Chainalysis:

“As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices. 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.”

This tool also allows the customisation, through a user interface and its API, of the parameters to be kept under control so as to have a personalised plan according to one’s needs.

Michael Breu, CCO of Gemini, expressed his enthusiasm for the initiative.

“As a New York Trust company we are required to monitor transactions on and off our platform. 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.”

Chainalysis was recently the subject of a small scandal when a former employee published on Reddit sensitive information about the company.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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