Crypto Exchange CoinField To Use Chainalysis’ AML Compliance Solution

Crypto Exchange CoinField To Use Chainalysis’ AML Compliance Solution

February 21, 2020

Blockchain analysis company Chainalysis has been selected by CoinField to provide the cryptocurrency exchange with an Anti-Money Laundering (AML) compliance solution.

Founded in 2014, Chainalysis offers crypto investigation and compliance solutions to global law enforcement agencies, regulators, and businesses as they work together to fight illicit cryptocurrency activity. Its crypto transaction monitoring tool, Chainalysis KYT, is designed to automate the assessment of money laundering risk, thereby helping cryptocurrency businesses and financial institutions to meet regulatory requirements. The tool is being used by more than 100 crypto businesses and financial institutions in 36 countries.

CoinField is a regulated European based fiat-to-crypto exchange supervised by the Financial Intelligence Unit (FIU). The platform supports the top six fiat currencies and a large number of cryptocurrencies in 193 countries.

According to Chainalysis, CoinField will use the Chainalysis KYT software to detect and prevent money laundering and illicit activity in real-time across multiple cryptocurrencies, including bitcoin, Bitcoin Cash, Litecoin, Ether, and many others. CoinField will also use Chainalysis Reactor to conduct further investigations into suspicious activity.

“CoinField’s mission to make cryptocurrency more accessible globally complements our mission to build trust in blockchains,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “We both believe compliance is critical to the mainstream adoption of cryptocurrency, and we look forward to partnering with CoinField to promote the safe use of cryptocurrencies globally.”

“Chainalysis KYT enables us to monitor large volumes of cryptocurrency activity and identify high-risk transactions continuously,” said Roberto Valdes, Chief Compliance Officer (AML), CoinField. “Chainalysis’s compliance technology excels at meeting anti-money laundering requirements while also ensuring future best practices. It will provide safe and easy monitoring while demonstrating our commitment to compliance. At the same time, I feel safe that a group of experts is working to improve their products for the benefit of their clients.”

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