AnChain.AI, a blockchain company, has partnered with Bluehelix, the decentralized finance and technology provider, to launch solutions addressing compliance within blockchain networks.
It has been reported that the two companies will roll out its Blockchain Ecosystem Intelligence, or BEI, risk engine solution. BEI is based on an API and will offer comprehensive real-time, preventive blockchain intelligence.
However, AnChain.AI said BEI looks over 100 million crypto address and smart contracts and sifts through this using a machine learning model. It will find the best compliance structure to meet anti-money laundering (AML) when determining the source and destination of the funds.
Bluehelix’s cloud platform delivers these results to its over 270 exchange clients.
We're proud to partner with @HBTCNews , creating streamlined global #crypto compliance tools. Through Bluehelix Cloud, we're delivering our BEI™ Preventive Risk Engine and API to 270+ exchanges and 14 mil users worldwide #blockchain #Bitcoin #Ethereum https://t.co/wXzCciiPnA pic.twitter.com/N1JLircZ0v — AnChain.AI (@AnChainAI) September 10, 2020
As per the report, both companies note that BEI can become a one-stop source to address AML compliance needs for exchanges, especially as regulators in many countries have begun to take a broader interest in cryptocurrencies.
Likewise, recently, the intergovernmental Financial Action Task Force (FATF) released a report on virtual asset providers’ compliance.
Thus, it found that crypto exchanges faced many challenges in meeting AML rules, particularly when professional money launderers turn to crypto.
Source: Cointelegraph | Image: OTRA Nation