Chainalysis has recently launched the long-expected transaction alerts for suspicious exchanges of 15 cryptocurrencies.
The launch was announced last week on the company’s blog page. The post shared that clients now have access to alerts for suspicious crypto transactions in Chainalysis Know-Your-Transaction (KYT), which is the company’s real-time anti-money laundering solution. This is the first compliance alerts solution which is currently available for 15 crypto assets.
The initial goal of the release was to help crypto exchanges and crypto-friendly financial institutions drastically reduce the regulatory and reputational risks. Tools like KYT will help many companies to meet regulatory obligations and further move on with mass adoption.
Transaction alerts will be something incredibly important from this point on
The article states that Chainalysis’ KYT service has included real-time transaction monitoring ever since its release. The monitoring was put in place mostly for extra large volumes of cryptocurrencies and identify risky behavior. With the recent updates, the alerts now pop up if a transfer involves a counterparty that’s deemed at risky and/or crosses a value threshold.
There are four types of alerts: Severe, High, Medium and Low. These categories are formed based on a combination of the direct vs the indirect exposure, the ending destination of the funds, the category, the service and the amount.
It’s extremely important that now, after many regulators are turning their focus towards the crypto industry, that crypto companies demonstrate compliance. There is literally not a second to spend when it comes to managing the expose to sanction entities, hacked funds and dark web markets.
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