Clustering algorithms are used to identify blockchain addresses belonging to the same owner by analytical means. Good clustering algorithms can identify hundreds of thousands of suspect’s blockchain addresses just based on one address confirmed as belonging to the suspect. This includes the determination of suspects’ addresses on different blockchain networks. In most cases clustering analysis gives the level
Combatting the Financing of Terrorism or ‘CFT’ are a set of procedures deployed by obliged entities to ensure that the financial system and intermediaries are not used to facilitate the funding of terrorist acts and groups. Terrorist groups need funding to recruit and support members, plan operations and have a logistics hub. By having proper
Counterparty risk is the risk that an entity that is a party to a financial transaction is associated with illicit activity. Bitcoin and cryptocurrency money launderers for example would be benefactors or intermediaries with a high Counterparty Risk Score or ‘C-score’. The criteria that counterparty risk is measured against with proper due diligence is comprehensive.
What is crypto asset tracking Crypto asset tracking means the identification and evidencing the destination or source of crypto assets through the application of forensic accounting methods. Defrauded cryptocurrency funds are typically passed through complex layering/mixing schemes to conceal the trail of funds. Each asset tracking exercise starts with the provision of transfers to be
Is a website service, or an entity, engaged as a business in the exchange of virtual currency for real currency, funds, or other forms of virtual currency and also precious metals, and vice versa, for a fee (commission). Exchangers generally accept a wide range of payments, including cash, wire payments, credit cards, and other virtual
A ‘fork’ is a change to the software of a digital currency that creates two separate versions of the blockchain with a shared history. When this happens, a new digital currency – the forked version – is created. A fork can occur in any consensus crypto-technology platform, e.g. Ethereum, Litecoin or Monero. Related Article The
A custodian is a financial services provider, typically a large bank or financial institution, that holds or ‘has custody’ of assets. Custodians hold customers’ securities for safekeeping to prevent them from being stolen or lost. The custodian may hold stocks or other assets in electronic or physical form. Owing to the hundreds of millions, billions
Customer Due Diligence or ‘CDD’ is a process to assess all of the risks associated with a client or relationship, including KYC, and that requires that the overall client conduct, and transactions are assessed to determine if this is unusual and reportable. CDD requires that obliged entities assess the risks before entering into a relationship,
What is DarkSide? DarkSide, a Ransomware-as-a-Service model, first appeared in August 2020. The DarkSide group was previously heavily present on hacking forums and used to regularly update ‘customers’ with news of the ransomware (before the Colonial Pipeline attack). To hit as many victims at the same time, the gang had created a programme for affiliates.
Decentralized exchanges or DEXes are a subset of decentralized finance protocols that enable users to trade in cryptocurrencies and tokens without a central organizing body. Whilst centralized exchanges rely on their compliance departments and Money Laundering Reporting Officer (MLRO) to counter fraud, deploy AML/KYC/CFT checks and maintain proper risk management procedures – DEXs rely on
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