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CipherTrace Launches Cryptocurrency Anti-Money Laundering Service

July 03, 2018 / Sean Michael Kerner

Using advanced analytic techniques and multiple data sources, CipherTrace aims to help financial services organizations detect and limit cryptocurrency money laundering. Fraudsters are increasingly using cryptocurrency in money laundering activities around the world. In an effort to help combat that activity, cyber-security startup CipherTrace announced its Cryptocurrency Anti-Money Laundering (AML) Compliance Solution on July 3. CipherTrace is led by CEO Dave Jevans, who is well-known in the cyber-security industry as the chair of the Anti-Phishing Working Group (APWG) and was formerly the founder of USB hardware security vendor Ironkey, which was acquired by Imation in 2011. With CipherTrace, Jevans has built a platform that makes use of advanced analytics and fraud detection techniques to help financial institutions and cryptocurrency exchanges combat money laundering. "We have seen a dramatic increase in cryptocurrency money laundering in 2018 so far," Jevans said. "...