AMLCop now flags Ethereum wallets associated with phishing, scams, and hacks
New York, NY, Aug. 28, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — GlobexUS Holdings, Corp. (Globex), the blockchain software solutions company, today announced the launch of a new Ethereum wallet forensics feature which it has added to AMLCop, its proprietary AML software solution. The new feature allows AMLCop to continually screen Ethereum wallets against a database of wallet addresses directly or indirectly involved in phishing, hacks, or scams. AMLCop offers ERC-20 issuers and all companies accepting the Ether cryptocurrency an enhanced AML compliance solution to protect against money laundering and other illicit transactions.
AMLCop verifies user details against a proprietary database of global sanctions, Politically Exposed Persons (PEPs), and watchlists. The quickly growing dataset will now include Ethereum addresses associated with hacking or phishing updated daily from sites such as Etherscan, GitHub, and CryptoScamDB, which combined amounts to more than 12,000 wallets to date. Individual wallets are categorized as green for no match, yellow for wallets which have indirectly interacted with a bad wallet, and red for a wallet that has directly been involved in scam or phishing scandal. Notably, AMLCop scans wallets during the onboarding process and throughout the entire lifecycle of the digital securities.
“With regulatory pressure in the U.S. and a new global standard for AML presented by the FATF, compliance can no longer take a backseat,” says Globex CEO Brian Collins. “We are thrilled to provide our clients with new and relevant search criteria to enhance AML efforts and protect market participants from bad actors.”
“Through AMLCop’s hosted web portal, companies can run unlimited checks, and re-checks, against the database, manage flagged individuals, and maintain timestamped reports of all AML verifications on the Ethereum public blockchain,” says Globex President Mark Elenowitz. “Adding Ethereum wallet monitoring continues our vision of providing the blockchain and financial community with a true one-stop solution for blockchain compliance.”
AMLCop is partnered with the National Investment Banking Association (NIBA) offering its AML solution to NIBA members and broker-dealers. This announcement expands the product’s reach to all companies and issuers working with ERC-20 Ethereum digital securities who wish to enhance due diligence and AML efforts. AMLCop integrates with KYCware, Globex’s user onboarding app for a comprehensive know your customer and anti-money laundering compliance solution. To schedule a demo, please visit amlcop.com.
Globex offers a suite of integrated blockchain software applications for compliant issuance through secondary trading of digital securities. Truly a compliance-first business, our solutions combine Wall Street and Silicon Valley to power the next generation of exchanges and securities offerings in the U.S. and globally.
Current product solutions include asset tokenization through Tokenetics (tokenetics.com); a white-label KYC smartphone app to onboard and verify investors through KYCware (kycware.com); anti-money laundering screening against a database of global sanctions, watchlists, & PEPs through AMLCop (amlcop.com); transfer agent custody tools through (custodyware.com), and an advanced retail trading app for compliant secondary trading on affiliated digital securities marketplaces through Open Order Book (openorderbook.com). All software applications can be utilized independently or integrated with one another. Learn more at https://horizon-globex.com/.