Blockchain cybersecurity firm GK8 has partnered with Chainalysis, the blockchain analysis company, to provide integrated anti-money laundering and a secure custodial solution for financial institutions.
This includes terrorism financing, money laundering, scamming, along with other services.
Users of GK8’s custody platform will now have the option to integrate with Chainalysis Know Your Transaction (KYT), a compliance solution that offers real-time transaction monitoring of large volumes of cryptocurrency activity to identify high-risk transactions.
The integrated software solution will allow users to identify transactions sent to or received from high-risk addresses, without compromising the security and operability of legitimate blockchain transactions.
Compliance teams will receive alerts to focus on the most urgent transactions and fulfil regulatory obligations to report suspicious activity, according to GK8.
GK8 co-founder and CEO, Lior Lamesh, commented: “Money laundering is not just a huge issue for anyone in the blockchain ecosystem – it’s also a barrier that keeps traditional financial institutions from jumping on the crypto bandwagon.”
Lamesh continued: ”The integration of Chainalysis to our platform addresses this issue, providing banks with best-in-class technology to prevent money laundering attempts by criminals and terrorists alike. In the grand scheme of things, this partnership is a big step forward in legitimising digital currency, turning it into a mainstream investment channel.”
Jason Bonds, chief revenue officer at Chainalysis, added: “While large global institutions continue to adopt digital assets, building trusted, secure and flexible infrastructure for the cryptocurrency industry is critical for its growth.”
