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CipherTrace Develops New Crypto Tracing Tool For Banks

Roland James

Summary: CipherTrace, the cryptocurrency investigations firm, has developed a tool designed to flag payments sent to high-risk virtual asset service providers (VASPs). According to an announcement on Tuesday, the bank transaction monitoring tool, dubbed CipherTrace Armada, sifts through banking indicators such as routing and account numbers in search of transactions that can potentially present institutional risk ...

CipherTrace, the cryptocurrency investigations firm, has developed a tool designed to flag payments sent to high-risk virtual asset service providers (VASPs).

According to an announcement on Tuesday, the bank transaction monitoring tool, dubbed CipherTrace Armada, sifts through banking indicators such as routing and account numbers in search of transactions that can potentially present institutional risk including payments to crypto ATMs, which have been tied to money laundering.

By Roland James

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