LONDON, United Kingdom – Leading blockchain RegTech firm Coinfirm is making Source of Funds (SoF) reports a service open to the crypto and TradFi industries, making converting crypto into fiat and accepting crypto payments easy, by providing consecutive transaction chain insights automatically.
Coinfirm’s SoF tracking starts from the client’s addresses and presents the source of funds received by a given address, proving the provenance of the funds and whether they were gained legally. Clients will be able to prove SoF to financial institutions (FIs), certified by Coinfirm.
SoF tracking lists the chain of consecutive transactions – with custom analytics parameters – from the client’s wallets to the first identified owners, e.g. exchanges, payment services, cryptocurrency mining activity etc. This forensic-grade service has been under development for several years. After rigorous testing and fine-tuning, it is now being rolled out – facilitating cashing out from crypto to fiat or accepting crypto as a custodial service.
“Forensic-grade investigation solutions are the perfect fit in the blockchain compliance ecosystem. As opposed to the traditional fiat system, compliance officers have real-time, accurate insight into the actual nature of funds, whether they originate from criminal activity.” – Pawel Aleksander, Coinfirm CIO
Coinfirm’s AML engine provides insights calibrated to the information level required by the client. It evaluates the given address queried against over 350 risk evaluation scenarios, including the address user’s behavioural patterns, relations to illicit activities, sanctioned entities or persons and more. The system is able to track millions of transfers in real-time, utilising the largest database, saving time costs and error chance.
Source of Funds is a powerful risk management tool leveraging asset tracking algorithms, providing clients with industry-leading levels of insight into counterparties’ SoF vis-a-vis compliance with regulations and requirements set forth by official bodies like the FATF and the Cryptoasset Taskforce.
SoF will be launched as a SaaS solution in October 2022, giving crypto and FI entities the possibility of integrating it into their own products and platforms, further streamlining the cash-out process for users.
Coinfirm supports over 920,000 tokens and 45 blockchains, making the firm the undisputed industry leader in terms of coverage for AML/CFT compliance, by providing total coverage.
