Nov 19, 2018
Recognized as a global leader in RegTech for blockchain, Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that solves compliance and transaction risk issues in blockchain and cryptocurrencies. The blockchain agnostic platform is currently used by anyone ranging from major financial institutions to exchanges. In addition, Coinfirm develops dedicated blockchain solutions such as the data provenance platform Trudatum that was recently integrated by the largest bank in CE.
Imagine if one bank, in one country, laundered almost ten times more than that country’s GDP. Imagine if that money came from non-residents in Russia, Ukraine, Azerbaijan, Moldova and other ex-Soviet states. It’d be one of the largest money-laundering scandals in history.
This is exactly what happened in September. Danske Bank, headquartered in Copenhagen and with over 5m customers, moved money from customers in the above countries through its Estonian branch – a staggering €200 billion between 2007 and 2015. Estonia’s GDP in 2016 was $23.14 billion, or around €20.15 billion.