Analysis company CipherTrace has just introduced Armada, a tool designed to track bank payments to high-risk virtual asset service providers (VASPs), CoinDesk reports.
Armada allows monitoring the movement of funds and account numbers as well as identifying suspicious transactions potentially related to money laundering.
The main feature of this new tool is that it focuses on the traditional financial infrastructure and not on crypto wallets.
John Jefferies, the company's chief financial analyst, has said Armada, which is primarily intended for banks, is being integrated into financial institutions' existing monitoring systems. The system uses machine learning technology, clustering algorithms as well as a database of high-risk entities from CipherTrace. Vice president of product management Catherine Woneis said:
"This enables Armada to catch money services businesses (MSB) that may be obscuring their true nature through different names or hidden accounts."
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