Analytical blockchain-focused Chainalysis has presented a new tool for tracking suspicious transactions.
According to the official announcement, it is the first compliance alerts solution available across 15 cryptocurrencies. The new tool called Chainalysis Know Your Transaction (KYT) was designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk.
John Dempsey, VP Product, Chainalysis, says as lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses "demonstrate compliance best practices."
"Every minute counts when managing exposure to sanctioned entities, hacked funds, darknet markets, and other illicit activities, which is why Chainalysis is investing in fast, actionable alerts to help our customers mitigate risk across cryptocurrencies," he added.