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TRM Labs integrates with Hedera Hashgraph for a safer financial ecosystem

By Pavithra R

December 22, 2020

  • Trm Labs
  • USA
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TRM Labs integrates with Hedera Hashgraph for safer financial ecosystemHedera Hashgraph, a decentralized public network, and TRM Labs, preventing fraud and financial crime for digital currencies, has announced that TRM has integrated the Hedera public ledger, and customers can now leverage the integration to comply with Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulatory requirements. 

Hedera Hashgraph is a public distributed ledger for building decentralized applications and aims to resolve 4 fundamental issues preventing mainstream market adoption of the public blockchain and other decentralized ledger technology — security, stability, performance, and governance. HBAR is the native cryptocurrency of the Hedera public network. These cryptocurrencies are used to power decentralized applications, build peer-to-peer payment and micropayment business models, and protect the network from malicious actors.

The integration supports HBAR across all TRM solutions along with future assets issued on Hedera. Users can benefit from custom analytics and solutions that allow them to detect financial crime, monitor risk, and bolster AML/CFT compliance on Hedera.

“Governments require financial institutions to establish risk-based anti-money laundering programs. Fulfilling these requirements on public ledgers is extra challenging due to the evolving regulatory landscape, technologies, and threat actors. By integrating with Hedera, we offer organizations building on the Hedera network the ability to prevent cryptocurrency fraud and financial crime, enabling our shared goal of building a safer financial system for billions of people,” said Esteban Castaño, co-founder and CEO of TRM Labs.

TRM specializes in detecting and preventing fraud and financial crime on distributed ledgers. It works by analyzing digital asset transactions in real-time, detecting fraud and financial crime, and then generating risk scores for relevant addresses, transactions, and entities. This lets enterprises and FIs investigate, monitor, and report suspicious activity in real-time, simplifying customer due diligence and meeting regulatory requirements.

The TRM Hedera network integration will enable Hedera ecosystem members to access Hedera network data within TRM and leverage various TRM tools and technologies to comply with AML/CFT regulatory requirements, including:

  • TRM Transaction Monitoring: Real time risk scoring of cryptocurrency transactions for AML compliance
  • TRM Wallet Screening: Entity resolution and risk scoring for cryptocurrency wallets
  • TRM “Know-Your-VASP”: Comprehensive risk profiles of Virtual Asset Service Providers (VASPs) and digital asset businesses
  • TRM Forensics: Investigative tools to trace the source and destination of funds and link addresses to corresponding entities

“Hedera’s commitment to compliance was a key factor in our decision to join the Hedera Governing Council. As a member of the Hedera Legal and Regulatory Committee, it is encouraging to see TRM Labs adding the Hedera Network into its suite of compliance tools and an indication of the maturing of the ecosystem. Our prospective use cases rely on the ability to manage risk, and we are confident we will be able to do that on the Hedera Network,” said Richard MacNamara, Legal Director at Zain Group.

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