Fireblocks Adds Crypto-Tracing Tool to Guard Against Money Laundering

Fireblocks Adds Crypto-Tracing Tool to Guard Against Money Laundering

(CoinDesk archives)

Digital asset storage and transaction firm Fireblocks will start tracking cryptocurrency transactions to help enterprise clients align with anti-money laundering (AML) best practices.

Announced Monday, the Fidelity-backed company is integrating with a tracing tool from crypto forensics firm Chainalysis to ensure crypto assets transferred to or from the platform are not in conflict with AML regulations.

Fireblock’s platform will leverage Chainalysis’ Know Your Transaction (KYT) product to monitor cryptos passing through its services in real time. KYT enables both institutional and retail clients to identify high-risk transactions by monitoring large volumes of crypto-related activity.

The system will “automatically log AML transaction reports to share with regulatory authorities,” Chainalysis said.

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