Uppsala, a blockchain safety service supplier for crypto AML/CTF, transaction danger administration, regulatory compliance, and transaction monitoring, has introduced at this time that it has signed a contract to provide digital asset AML options to KODA (Korea Digital Asset), a South Korean crypto exchange.
Through the contract with Uppsala Security, KODA will obtain full entry to Uppsala Security’s Threat Intelligence Database (TRDB), Crypto Analysis Transaction Visualization (CATV), and Crypto Analysis Risk Assessment (CARA) instruments.
KODA is a digital asset custody service firm established by Kookmin Bank (KB), South Korea’s largest financial institution, primarily based on know-how offered by blockchain developer Haechi Labs and in affiliation with Hashed. The firm gives a one-stop digital asset custody service specialised in firms and establishments and has signed Wemade as its first buyer.
By turning into an lively consumer of Uppsala Security’s Threat Intelligence knowledge hub (TRDB), KODA can strengthen its Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) fund monitoring features by checking and reviewing upfront whether or not the pockets addresses of the deposited funds are blacklisted wallets associated to the Dark Web or hacking/monetary crimes.
In addition, Uppsala Security’s CARA software, which makes use of Artificial Intelligence (AI) and Machine Learning (ML) mechanisms to detect numerous on-chain transaction patterns primarily based on blacklisted pockets addresses habits, helps with associating a danger degree to pockets addresses that aren’t labeled but in Uppsala Security’s Threat Intelligence knowledge hub (TRDB), in order that the chance of interacting with suspicious wallets may be mitigated and categorized upfront by grading them.
Uppsala Security additionally defined that if digital asset transactions concerned in crimes corresponding to fraud are found at a later time, pockets transaction flows may be tracked and monitored in real-time by means of the Virtual Asset Tracking Security Solution (CATV) to additional strengthen Regulatory Compliance and stop digital asset Money Laundering.
According to Uppsala Security, the corporate is presently working full steam forward on growing a very new modern digital asset Fraud Detection System (FDS) answer that may block high-risk transactions upfront by pre-checking the chance of numerous pockets addresses with only one click on.
“KODA’s AML and internal control security system are already operating at the level of the existing financial sector and industry’s requirements, but we expect to be able to handle digital assets above the Government’s regulatory standards by additionally introducing Uppsala Security’s Anti-Money Laundering and Transaction Tracking solutions. We are also reviewing the introduction of a digital asset-specialized FDS solution that Uppsala Security will soon launch.”
– Ko Young-joo, Chief Information Security Officer (CISO) at KODA