Crypto company rolls out a product for banks

The banks can expect up to $2 billion in cryptocurrency business annually


Crypto company rolls out a product for banks. Source:

CipherTrace, the global leader in cryptocurrency intelligence, announced the launch of CipherTrace Crypto Risk Intelligence. It’s a comprehensive cryptocurrency risk threat detection and proactive risk management service for banks and financial institutions.

As to the key features of the product, it detects the unregistered cryptocurrency money service businesses (MSBs) and evaluates risks of cryptocurrency companies for bank relationships. It also scores counter-party risk and a chronology of all known cryptocurrency threats within payment networks.

The research found that every one of the top 10 US retail banks currently have unregistered cryptocurrency MSBs — including crypto exchanges. The analysis revealed that an average large bank is processing as much as $2 billion per year in undetected cryptocurrency-related transfers. It’s all posing a challenge to Anti-Money Laundering compliance.

CipherTrace monitors over 500 cryptocurrency companies, providing risk scores, compliance scores and AML filtering data for financial institutions.

Financial institutions are exposed to cryptocurrency-related risks because they have no way to detect underlying threats. CipherTrace has been working with the most advanced banking security teams throughout the year so they can mitigate their risks. CipherTrace Crypto Risk Intelligence now brings this capability to all banks and financial institutions. Whether you want to bank cryptocurrency companies and assess their risk or detect risky customers on your existing payment networks for FinCEN and BSA compliance, CipherTrace has your solution
Dave Jevans, CEO of CipherTrace


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