Uppsala, a blockchain safety service supplier for crypto AML/CTF, transaction danger administration, regulatory compliance, and transaction monitoring, has introduced at the moment that it has signed a contract to produce digital asset AML options to KODA (Korea Digital Asset), a South Korean crypto trade.
By the contract with Uppsala Safety, KODA will obtain full entry to Uppsala Safety’s Menace Intelligence Database (TRDB), Crypto Evaluation Transaction Visualization (CATV), and Crypto Evaluation Danger Evaluation (CARA) instruments.
KODA is a digital asset custody service firm established by Kookmin Financial institution (KB), South Korea’s largest financial institution, based mostly on expertise offered by blockchain developer Haechi Labs and in affiliation with Hashed. The corporate gives a one-stop digital asset custody service specialised in companies and establishments and has signed Wemade as its first buyer.
By changing into an energetic person of Uppsala Safety’s Menace Intelligence knowledge hub (TRDB), KODA can strengthen its Anti-Cash 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 Darkish Net or hacking/monetary crimes.
As well as, Uppsala Safety’s CARA instrument, which makes use of Synthetic Intelligence (AI) and Machine Studying (ML) mechanisms to detect numerous on-chain transaction patterns based mostly on blacklisted pockets addresses habits, helps with associating a danger degree to pockets addresses that aren’t labeled but in Uppsala Safety’s Menace Intelligence knowledge hub (TRDB), in order that the danger of interacting with suspicious wallets could be mitigated and categorized upfront by grading them.
Uppsala Safety additionally defined that if digital asset transactions concerned in crimes comparable to fraud are found at a later time, pockets transaction flows could be tracked and monitored in real-time by the Digital Asset Monitoring Safety Answer (CATV) to additional strengthen Regulatory Compliance and forestall digital asset Cash Laundering.
In line with Uppsala Safety, the corporate is at present working full steam forward on growing a totally new modern digital asset Fraud Detection System (FDS) resolution that may block high-risk transactions upfront by pre-checking the danger of a lot of pockets addresses with only one click on.
“KODA’s AML and inside management safety system are already working on the degree of the prevailing monetary sector and trade’s necessities, however we count on to have the ability to deal with digital property above the Authorities’s regulatory requirements by moreover introducing Uppsala Safety’s Anti-Cash Laundering and Transaction Monitoring options. We’re additionally reviewing the introduction of a digital asset-specialized FDS resolution that Uppsala Safety will quickly launch.”
– Ko Younger-joo, Chief Data Safety Officer (CISO) at KODA
