Company News

How Our Cryptocurrency Transaction Monitoring Evolved in 2018

We consistently hear from customers that they need to be able to comply with anti-money laundering (AML) regulations. In April of 2018, we launched our latest transaction monitoring product developed specifically for compliance teams, Chainalysis KYT (Know Your Transaction).

At the time of launch, Chainalysis KYT was composed primarily of an API for screening cryptocurrency transactions in real time. Specifically, this allows organizations to understand the riskiness of the counterparties involved in transactions going through their service. The risk scores from Chainalysis could then be incorporated into existing compliance workflows.

The offering became so popular that we’ve been hard at work ever since, making improvements. Our goal is to design a compliance solution that:

  1. Automates the process of screening cryptocurrency transactions
  2. Simplifies how compliance professionals prioritize ongoing monitoring of user profiles
  3. Integrates with overarching compliance workflows

To that end, in September of 2018 we introduced additional capabilities. These included case management, filtering & sorting of user profiles based on certain variables, and the ability for compliance teams to look back at previous decisions and the data associated with those decisions (like an audit log or “snapshot” view).

Now at year’s end, we’ve continued to improve our products to meet our customers’ expectations. We’ve dedicated our latest efforts to three areas:

  • Customizable risk levels per category or specific service
  • Organization-wide visibility (via a dashboard)
  • Direct access to our customer success teams via in-app chat support