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CipherTrace, a global leader in cryptocurrency compliance, has introduced improved Monero (XMR/USD) tracing visualization tools for financial institutions and qualified state agencies, PR News Wire reported, cited by Yahoo News. They are offering next-gen tools to visualize Monero tracing based on research funded partially by the U.S. Department of Homeland Security, Science & Technology Directorate.
Flow of funds can be traced back to source
With the launch of these enhanced capacities, CipherTrace has come to the forefront of the cryptocurrency intelligence field. It takes Monero tracing one step forward by making it possible to trace the flow of funds from the recipient to the source of the transaction. The improvements let users prepare detailed visual reports to make intercepting unlawful transactions easier. The company has applied to obtain two patents for the innovative tracing technology in the US.
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Dave Jevans, CipherTrace CEO, said:
“We are very pleased to be able to support our financial institution and government agency clients with source Monero tracing and better reporting. The availability of this enhanced Monero tracing bolsters the viability of privacy coins for the long-term, assuring regulators that exchanges, OTC desks, and other virtual asset service providers will be able to comply with global Anti-Money Laundering requirements while continuing to accept Monero transactions.”
The price of Monero transaction source tracing is a minimum of $16,000 per user per year. The leading cryptocurrency intelligence company’s current licensed users at selected customers and agencies are eligible.
Carol Van Cleef of Bradley Arant Boult Cummings LLP noted:
“CipherTrace’s unique technology and new visualization enhancements for tracing Monero transactions are a big step forward for crypto exchanges and financial institutions that need more transparency into Monero transactions as they work hard to manage money laundering risks related to privacy coins.”
Bridging fraud protection, virtual currencies, and financial services
CipherTrace bridges the gap between virtual currencies, fraud protection, and financial investigation and anti-money laundering solutions. Its analysis of huge volumes of validated blockchain transaction attribution enables it to obtain superior cryptocurrency intelligence. The founders of CipherTrace place equal focus on defending against illicit finance, helping grow the blockchain economy, and protecting consumer privacy.