CipherTrace Announces New Feature “Armada” to Provide Financial Institutions Critical Visibility Into High-Risk Cryptocurrency Payment Blind Spots

Blockchain security company CipherTrace announced this week the launch of its new feature, Armada. According to CipherTrace, Armada was created to support banks and financial institutions in achieving AML compliance by providing critical visibility into risky cryptocurrency blind spots so know your customer (KYC) processes can detect and perform due diligence on virtual asset service providers (VASPs).

CipherTrace further revealed that Armada also works with a bank’s existing monitoring tools to identify transactions with VASPs, including those with weak KYC or operating as unregistered money service businesses (MSBs). Armada provides banks and financial institutions with the following services:

  • Conducts KYC to identify virtual asset customers, VASPs, and unregistered MSBs
  • Enables enhanced due diligence of high-risk virtual asset payments
  • Reveals counterparty risk associated with hundreds of VASPs and unregistered MSBs

CipherTrace then noted that it analyzes KYC and transaction risks on over 500 VASPs and is expanding its offering to banks and other financial services with the rollout of Armada. The company added:

“Ultimately, Armada mitigates cryptocurrency AML and counter-terrorist financing risk for financial institutions by identifying customers falsifying their crypto intentions, flagging transactions to and from high-risk crypto counterparties, and collecting evidence of the counterparty risk.”

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