Chainalysis Sets AML Compliance System For Stablecoins

Announcements, FinTech, Innovation, Investing, Regulation | January 26, 2019 By:

Chainalysis has started Know Your Transaction (KYT) for stablecoins, a real-time anti-money laundering (AML) compliance solution for monitoring stablecoins across every transaction through its full lifecycle, including issuance and redemption.

The Chainalysis KYT is believed to be the first solution of its kind to be applied to stablecoins.

“Chainalysis exists to build trust in cryptocurrencies among institutions and users,” said Jonathan Levin, COO, Chainalysis. “The repeated knock against cryptocurrency is its volatility, and trust in stablecoins could lead the way to increased commercial use. Chainalysis KYT for stablecoins further supports this vision by raising the bar for accountability and providing compliance teams with the technology they need to meet AML requirements.”

Chainalysis KYT enables businesses to monitor large volumes of cryptocurrency activity and identify high-risk transactions on a continuous basis.

Stablecoin issuers can integrate with Chainalysis KYT via an API to immediately begin monitoring. They can also leverage the user interface to understand the risk profile of each stablecoin holder with the latest data and filter them by level of risk exposure to identify those that require the most immediate attention.

Chainalysis KYT is now available select for ERC-20 stablecoins, and will become available for additional tokens in the coming months.