CipherTrace recently announced the unveiling of a new compliance software designed especially for banks in the fight against illegal crypto transactions. With the introduction of this innovative software, banks and financial institutions can easily manage their responsibilities while keeping track of spending patterns and deterring any suspicious activity.

Features of the New Compliance Software

The new compliance software provides financial institutions with the capability to:

  • Monitor Cryptocurrency Transations - CipherTrace will track cryptocurrency transactions across every blockchains, ensuring that no suspicious activity goes unchecked.
  • Get Real-time Risk Alerts - Get alerted immediately of any suspicious crypto transactions, allowing you to act quickly and prevent any illegal activity. 
  • Identify SuspiciousUsers – CipherTrace will be able to easily identify and track suspicious users, enabling banks to make educated decisions quickly. 
  • Automate AML and Compliance – With the automated process, banks can now easily comply with AML and other regulatory requirements. 

The Benefits of the New Software

The new compliance software will give banks insight into cryptocurrency-related transactions and suspicious activity quicker and more efficiently than ever before. This will help to prevent the spread of illegal activity, while allowing banks to still protect customers.

The software also comes with some other benefits, including:

  • Cost-Effective Solution – CipherTrace’s new compliance software is a cost-effective solution that is convenient and secure.
  • Global Reach - CipherTrace’s software has a global reach and can detect any activity on any blockchain, no matter where its located.
  • All-in-One Solution – Instead of using multiple tools to monitor transactions, CipherTrace provides an all-in-one solution for tracking and managing suspicious activity.

CipherTrace’s mission is to provide banks with the technology and tools needed to protect customers from illicit cryptocurrency activity. The company’s new compliance software is a step in the right direction to ensure that financial institutions are operating responsibly while deterring suspicious activity on the blockchain.