The platform hopes to help in meeting AML standards.
Blockchain company AnChain.AI and decentralized finance and technology provider Bluehelix plan to launch solutions addressing compliance within blockchain networks.
According to reports, the two companies will roll out its Blockchain Ecosystem Intelligence, or BEI, risk engine solution. BEI is based on an API and will offer comprehensive real-time, preventive blockchain intelligence.
AnChain.AI said BEI looks over 100 million crypto address and smart contracts and sifts through this using a machine learning model. It will find the best compliance structure to meet anti-money laundering (AML) when determining the source and destination of the funds. Bluehelix’s cloud platform delivers these results to its over 270 exchange clients.
Both companies note BEI can become a one-stop source to address AML compliance needs for exchanges, especially as regulators in many countries have begun to take a broader interest in cryptocurrencies.
Recently, the intergovernmental Financial Action Task Force (FATF) released a report on virtual asset providers’ compliance. It found crypto exchanges faced many challenges in meeting AML rules, particularly when professional money launderers turn to crypto. FATF will be conducting another review in the next year.