Coinfirm, Ripple to identify crypto transactions passed through coin mixers

Tuesday 2 July 2019 13:36 CET | News

Coinfirm, with Ripple’s help, has planned to analyse crypto transactions to see if they passed through coin mixers and rate their risk level for AML compliance reasons.

The company will also attempt to identify if funds have originated from a theft or hack, with the risk level being evaluated on a low, medium, and high scale from 0 to 99 (99 being the highest risk for money laundering). However, Coinfirm will not associate personal identities with the public cryptocurrency addresses.

Coinfirm’s new method aims to satisfy regulators’ need to have systems that are supposed to detect money laundering and other financial crimes without forcing cryptocurrency users to actually reveal their identity.

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Keywords: Coinfirm, partnership, Ripple, cryptocurrency, transactions , coin mixers, identity, AML, compliance, risks, digital assets, money laundering, regulations, financial crimes
Countries: World