​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cryptocurrency Intelligence to Boost Your KYC-AML Program

In today’s financial crime landscape, Financial Institutions must be aware of their exposure to crypto-related risks, and if their customers are transacting with counterparties that are converting fiat funds to or from cryptocurrencies.

To manage these risks and stay ahead, FIs need full visibility into customer activities and relationships through strong Know-Your-Customer (KYC) and AML controls. When it comes to virtual assets, these controls are even more important.

Critical Visibility for Virtual Assets

CipherTrace Armada provides critical visibility into these high-risk blind spots so KYC processes can detect and uncover virtual asset service providers (VASPs) before onboarding them, and reveal the ones that may already be in your system.

Armada provides supplemental intelligence to identify transactions to and from VASPs to help FIs quantify issues to best address crypto-related BSA/AML risks.

It can be difficult to know whether the flow of funds into your customers’ accounts is related to cryptocurrencies. This is a real challenge for banks, as bad actors often work with less reputable VASPs. Many VASPs operate without legal registration, and often don’t have proper KYC-AML controls in place.

CipherTrace Armada and NICE Actimize

Together with NICE Actimize, CipherTrace Armada offers the most comprehensive data feeds on the greatest number of VASPs. This means your team has access to the most complete view of all risks associated with transactional payment flows to and from crypto-entities.

Only CipherTrace and NICE Actimize maps transactions to account numbers and names that belong to VASPs. Bad actors purposely obscure the true nature of these accounts and activities.

With the most accurate attribution coverage, CipherTrace Armada ties real-world entities, such as VASPs, criminals, dark markets, high-risk cryptocurrency exchanges, investment scams, money laundering services, and ransomware-associated entities, to crypto-addresses. This translates into a more accurate, comprehensive risk assessment of the VASPs’ anti-money laundering controls, which boosts the FI’s crypto-related AML controls.


Digital Currencies: Understanding Expectations

Learn more about how to handle the risk associated with digital currencies.


CipherTrace Geographic Risk Report: VASP KYC

Download this report to learn about the importance of strong KYC processes.


CipherTrace Armada™

Learn about managing cryptocurrency in your KYC-AML program.