Baines said he will block the source of money laundering based on block-chain technology. By working with block-chain research firm Chainalysis, KYT (Know Your Transaction) security solutions developed by the company will be introduced to block suspicious fund flows.
KYT is a software that can check password transactions in real time. Algorithms filter out suspicious transaction patterns and immediately notify operators. This means that operators can comply with all anti-money laundering regulations as well as password-related real name authentication.
The company expects the decision to have a positive impact on improving the negative perception of cryptography. In part, it is attributed to cryptography as a means of illegal money laundering. Wei Zou, Senior Vice President and Chief Financial Officer, said, “We will increase the level of security of Binhans by leveraging the Cynicalsis collaboration to expand the basic infrastructure of the block chain ecosystem in the long term, .
On the other hand, Cheynalysys has been able to raise KRW 17.5 billion in funding to develop KYT in April. Currently, more than 150 government agencies, financial institutions, and block-chain companies have adopted KYT as a security solution. For more information, please click here .