Chainalysis rolls out real-time alerts for suspicious crypto transactions

John Dempsey

John Dempsey, VP Product, Chainalysis

New York-based blockchain analysis company Chainalysis on Thursday unleashed first actionable real-time alert service for suspicious transactions.

The alerts service will be a part of Chainalysis’ Know Your Transaction (KYT), a real-time anti-money laundering (AML) compliance solution for monitoring cryptocurrency transactions. It is the first compliance alerts solution available across 15 cryptocurrencies, as claimed by the supplier.

Chainalysis KYT alerts are designed to help cryptocurrency businesses and financial institutions to alleviate regulatory and reputational risk by alarming them about suspicious activities, enforcing compliance policies while better allocating resources.

“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.

He further added, “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 is already offering real-time transaction monitoring for large volumes of cryptocurrency activity to identify high-risk behavior, however, now the alert service has been activated which will flag every transfer involving a risky counterparty or crosses a value threshold.

As told by Chainalysis, there will be four levels of alerts-severe, high, medium, and low, based on factors such as category, service, direct versus indirect exposure, the direction of funds, and amount.  These will be available for cryptocurrencies including Bitcoin, Ether, Bitcoin Cash, Litecoin, and top stablecoins and ERC-20 tokens such as Tether, Maker, and Dai, with additional cryptocurrencies to be added soon.

Additionally, customers are also expected to be provided an option to customize risk parameters according to their business policies for better allocation of resources.

Chainalysis is a blockchain analysis company that provides data and analysis to government agencies, exchanges, and financial institutions across 40 countries.

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