Gibraltar Regulatory Agencies Trial AML Platform for Crypto Asset Investigations

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Gibraltar 29.04.2021 – HM Government of Gibraltar has entered into an agreement with Coinfirm Ltd., a leading RegTech firm, to trial a new AML risk management platform for crypto and blockchain assets.

The collaboration between HM Government of Gibraltar 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. This is the first time this innovative technology is being used to support Gibraltar’s work in the international fight against money laundering.

The AML Platform is able to monitor high-risk transactions and trace misappropriated funds through visualizers amongst other proprietary investigative tools. 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.

Albert Isola, Minister for Digital and Financial Services commented, “As we continue to develop our VASP infrastructure, ensuring our regulatory bodies have the tools to combat financial crime in the crypto asset industry is of paramount importance. We must be equipped to counter threats such as those posed by criminal actors. I am very grateful to the team at Coinfirm for their support in allowing us access to and use of their platform.”

“Conducting investigations into criminals leveraging crypto assets is becoming crucial in financial crime cases as blockchain’s importance in the wider economy gains steam. 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.” – Paweł Kuskowski, CEO and co-founder at Coinfirm.

For further information on this press release, please contact Paul Astengo via paul.astengo@financecentre.gov.gi.

About Coinfirm

Coinfirm is the world leader in blockchain analytics and regulatory technology (‘RegTech’) solutions, creating the foundation for the safe and mass adoption of blockchain and cryptocurrencies. Coinfirm specializes in blockchain AML/CFT (‘Anti-Money laundering’ / ‘Combatting 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. In addition to the AML Platform, the company’s services also include Trudatum and Nodes-as-a-Service. Coinfirm is the first firm to offer an AML compliance solution to DeFi in the form of the AMLT Oracle. For more information please visit: https://www.coinfirm.com/

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