Spectrami has partnered with CipherTrace to offer the company’s cryptocurrency intelligence solutions for anti-money laundering, financial investigations, and virtual asset risk mitigations for banks and other financial institutions throughout the Middle East, North Africa and Turkey. The partnership with CipherTrace will allow the company to expand its product portfolio to include blockchain analysis, cryptocurrency investigation, and AML tools such as CipherTrace Armada and CipherTrace Inspector.
CipherTrace Armada delivers deep insights into a bank’s money laundering risks from virtual asset service providers (VASPs). Armada supports banks and financial institutions in achieving AML compliance by providing critical visibility into risky cryptocurrency blind spots so know your customer (KYC) processes can detect and perform due diligence on virtual asset service providers (VASPs). The CipherTrace Inspector financial investigations solution can be used to further identify risky attributes of crypto addresses and wallets.
Commenting on the partnership, the CEO for Spectrami, Anand Choudha said, “With the growth in digital transactions and the increased use of cryptocurrency, there is also an increase in fraud. This is where CipherTrace helps banks, exchange houses, digital payment platforms and other financial companies to protect their customer’s transactions and also provide visibility and security so that they are free from the risks.”
CipherTrace CEO Dave Jevans remarked, “As cryptocurrencies become increasingly accessible, more bad actors are using bitcoin and other virtual assets to launder money, commit fraud, and deploy in ransomware and phishing attacks. It is paramount for banks and other financial institutions to gain visibility into their payment networks to ensure they are complying with all AML and CTF regulations. We are pleased to be able to support Spectrami, one of the most highly-reputed cybersecurity providers in the Middle East region, with the tools their clients need to identify suspicious transactions and achieve compliance.”