Per the Financial Action Task Force (FATF), the laundering of illicit funds is perhaps the most critical threat to financial infrastructure today, compromising an estimated 2-5% of global GDP and up to two-trillion USD annually. Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) compliance and the tracing of laundered funds, however, is increasingly more difficult, as criminals utilize ever more advanced obfuscation tools to cover their tracks. Cryptocurrency has become a critical link in the money-laundering chain, adding a new dimension of complexity to the investigation of financial crime.
AnChain.AI is combining the behavior-based machine learning of its BEI: Blockchain Ecosystem Intelligence™ with Splunk’s world-leading data infrastructure, enabling financial institutions, law enforcement agencies, and regulators to trace the flow of criminally implicated funds, investigate suspicious transaction activity, and track down suspects.
“The AnChain.AI team is proud to partner with Splunk, one of the world’s top cybersecurity companies, enhancing blockchain security, risk management, and compliance strategies through the prestigious Splunk ecosystem.” said Victor Fang, Ph.D., Co-founder and CEO.
AnChain.AI's Blockchain Ecosystem Intelligence (BEI) is empowering the fight against financial crime, tracking down scammers exploiting coronavirus-driven panic through pandemic-essential product listings. Even as the scammers receive payments in various denominations and move to launder them through traditional bank wires, cryptocurrency conversions, mixers, and other obfuscation tactics, the AnChain.AI team is able to follow their transaction trail, identify associated wallets, and even pinpoint their geolocations.