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