Sep 12, 2020 17:57 UTC
Sep 12, 2020 at 17:57 UTC
AnChain.AI & Bluehelix Partner for Compliance Answers
Blockchain company AnChain.AI & decentralized finance & technology provider Bluehelix plans to unveil solutions addressing compliance within blockchain networks.
Rendering to reports, the two companies will roll out its Blockchain Ecosystem Intelligence, or BEI, risk engine solution. BEI is built on an API & will deliver comprehensive real-time, preventive blockchain intelligence. AnChain.AI held BEI looks over 100 million crypto address & smart contracts & sifts through this using a machine learning model. It will find the best compliance edifice to meet anti-money laundering (AML) when determining the source & destination of the funds. Bluehelix’s cloud platform transports these results to its over 270 exchange clients.
Both companies note that BEI can turn out to be a one-stop source to address AML compliance needs for exchanges, particularly as regulators in many countries have begun to take a broader interest in cryptocurrencies. Lately, the intergovernmental Financial Action Task Force (FATF) unconfined a report on virtual asset providers’ compliance. It instituted that crypto exchanges faced many challenges in meeting AML rules, principally when professional money launderers turn to crypto. FATF will be conducting an additional review in the next year.