CipherTrace Takes Aim at 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. "We’ve already tripled 2017, and we’re only halfway through the year."

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