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BRD developers introduced the Blockset service to comply with AML rules

BRD developers introduced the Blockset service to comply with AML rules

The developers of the BRD wallet (formerly Bread) presented a set of Blockset tools developed in collaboration with Chainalysis, CipherTrace and Elliptic. The service is designed to comply with the AML rules.

Bread wallet was launched in 2014 and was the first Bitcoin wallet available in the Apple app store. A few years later, the project held an ICO, which raised about $32 million, after which it changed its name to BRD and added support for BCH, ETH, and ERC-20 tokens. BRD developers reported that when creating Blockset, they collaborated with analytical companies Chainalysis, CipherTrace and Elliptic, which provided their own tools for monitoring blockchains.

BRD also began working with Unbound Tech, a cybersecurity firm. Unbound Tech will perform tasks related to managing security keys. BRD CEO Adam Traidman Explained that Blockset is a comprehensive platform that combines the best practices of the above companies. The platform is intended for financial institutions, government agencies, and cryptocurrency firms.

Blockset will include a set of tools aimed at detecting fraud, obtaining data, and complying with anti-money laundering (AML) rules and other regulatory requirements. Blockset software combines the Know Your Transaction tool from Chainalysis, the CipherTrace tool for tracking illegal cryptocurrency transactions, and the Elliptic solution for risk management. Using the best practices of these companies in a complex, Blockset clients will receive real-time notifications about suspicious activity and transactions using “dirty” cryptocurrencies.

Traidman said that the service was primarily created for financial organizations and banks. SBI Holdings, PayPal, the audit firm KPMG, the investment division of Ripple Xpring, and 16 other firms took part in testing Blockset. Traidman stressed that the Blockset functions will not be integrated into the BRD wallet, but the service can be used for faster synchronization of wallets with transaction history.

“Compliance with regulatory requirements is a top priority for any financial institution. They need resources that can protect the interests of their customers,” said the BRD CEO.

Traidman cited the report of the US financial crimes enforcement network (FinCEN) on suspicious activity, according to which BNY Mellon Bank processed transactions for $137 million for organizations associated with the OneCoin cryptocurrency pyramid. Deutsche Bank reported a total of $1.3 trillion in suspicious transactions, JPMorgan $500 billion, and Bank of America $384 billion. In addition, last year FinCEN introduced new recommendations for applying AML rules to digital assets.