CipherTrace, a blockchain-focused intelligence company, has revealed its new regulatory compliance solution for cryptocurrency exchanges, banks and OTC trading desks called "CipherTrace Traveler." The new product, compatible with the TRISA standards ("Travel Rule Information Sharing Alliance"), will allow trading platforms to automatically check external digital wallets, making it possible to safely share personally identifying information only with verified sources.
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According to a press release, the technology scans addresses associated with incoming cryptocurrency transactions and automatically decipher the originating trading platform, verify that the exchange is part of the TRISA directory, and share the confidential information necessary for Travel Rule compliance. CipherTrace CEO, Dave Jevans, says the new technology is the first major milestone in the "progressive development of commercial Travel Rule solutions building upon TRISA’s open-source foundation."
In November last year, CipherTrace filed two patent applications to register its transaction-tracking technology on the Monero network. The solution reportedly includes tools to analyze the flow of transactions in financial investigations, assess risks based on statistical and probabilistic methods, identify groups of addresses potentially belonging to the same owner as well as display and track XMRs used for illegal purposes or obtained from illegal sources.
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