Chainalysis Launches Real-Time Alerts for Suspicious Transactions For 15 Cryptocurrencies

Backed by Accel, Benchmark, and other leading names in venture capital, blockchain analysis company Chainalysis is launching a new alert system for suspicious cryptocurrency transactions. Chainalysis Know Your Transaction (KYT), is a real-time anti-money laundering (AML) compliance solution for monitoring cryptocurrency transactions and it’s the first compliance alerts solution available across 15 cryptocurrencies.

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

Chainalysis KYT alerts are designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk by helping compliance teams focus on the most urgent activity and enforce compliance policies while better allocating resources.

“As a New York Trust company we are required to monitor transactions on and off our platform,” said Michael Breu, Gemini’s Chief Compliance Officer.  “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 KYT has always provided real-time transaction monitoring for large volumes of cryptocurrency activity to identify high-risk behaviour, and now alerts are generated whenever a transfer involves a risky counterparty and crosses a value threshold. Alert levels include Severe, High, Medium, and Low, and are based on factors such as category, service, direct versus indirect exposure, the direction of funds, and amount. Alerts are available for all 15 cryptocurrencies supported by Chainalysis, including Bitcoin, Ether, Bitcoin Cash, Litecoin, and top stablecoins and ERC-20 tokens such as Tether, Maker, and Dai, with additional cryptocurrencies coming soon.

With alerts functionality built directly into the user interface and API, cryptocurrency businesses and financial institutions can keep track of, investigate, or take action on risky transfers. Additionally, customers can customize risk parameters based on their own business policies to help allocate resources accordingly.

Chainalysis provides data and analysis to government agencies, exchanges, and financial institutions across 40 countries. Their investigation and compliance tools, education, and support create transparency across blockchains so customers can engage confidently with cryptocurrency. , Chainalysis builds trust in blockchains.