OKLink officially releases on-chain AML services to make compliance easier

On September 11, 2023, the blockchain technology company OKLink Holdings (01499.HK, hereinafter referred to as “OKLink”) officially launched a multi-functional on-chain anti-money laundering service: OKLink Onchain AML (anti-money laundering). As the first blockchain technology company in Asia to provide such regulatory technology (RegTech) platforms, the AML service launched by Ouke Cloud Chain can help digital assets by parsing address transactions and combining blockchain standards and security audit technology. Companies, DeFi projects, and financial institutions implement compliance and risk detection.

The OKLink Onchain AML service attaches identifiers to blockchain addresses in the form of “tags” to effectively detect and identify risky contracts, addresses, tokens and illegal activities, helping users differentiate between exchanges, MEV bots, smart contracts, hackers and encryption Whale and other addresses. The tight integration of tag data and on-chain data analysis effectively enhances OKLink Onchain AML’s ability to provide automated and continuous transaction screening and tracking. At the same time, users can also customize the AML platform according to specific compliance procedures, risk policies or other requirements.

As the two core products of OKLink Onchain AML, KYT (Know Your Transaction) and KYA (Know Your Address) innovate on the basis of traditional KYC services. KYT associates addresses with the real world, monitors deposit and withdrawal transaction risks, identifies malicious addresses and generates alerts to meet the compliance and risk control needs of digital asset service providers (VASPs); KYA can identify the risk types of addresses on the chain , analyze, calculate and classify, and assist in digital asset investigations and preliminary screening of on-chain transaction risks, thereby improving the transparency of digital assets. It is worth mentioning that KYT has taken the lead in supporting the detection of popular chains such as Base and Starknet.

Talking about the official launch of the Onchain AML service, Zhang Chao, vice president of OKLink Group and executive director of OKLink Holdings, said: "OKLink officially launched OKLink Onchain AML, leading the trend of transparency and security in the digital asset industry. , reflects Ouke Cloud Chain’s continued commitment to developing and providing intuitive, blockchain-based tools to help customers monitor risks and ensure compliance with the ever-changing regulatory environment. We look forward to providing virtual asset service providers, financial institutions, projects Provides comprehensive and tailored services to parties and government and law enforcement agencies.”

In terms of product functions, Zhang Chao revealed: “OKLink already has all-round analytical capabilities for the world’s mainstream blockchains. It now covers more than 170 various blockchain networks and has more than 3.4 billion address tags. On this basis , the OKLink Onchain AML service supports the tracing of all transaction history ever recorded on all these blockchains. Virtual asset service providers (VASPs) can be configured to meet regulatory requirements in various jurisdictions; financial institutions can use AML contracts to Regulation solutions detect illegal activities such as money laundering, terrorist financing, fraud and theft; DeFi and on-chain protocol projects can detect and mitigate funding risks through customized alerts, such as those related to financial misconduct, sanctions, money laundering , contract code and funds related to terrorist financing and other illegal activities; government agencies and law enforcement agencies can more efficiently and conveniently identify, monitor and investigate virtual asset trading risks and financial crimes.”

OKLink Onchain AML actively responds to Hong Kong’s new VASP licensing system implemented on June 1, 2023. The new VASP guidance aims to protect investors by implementing strict requirements and safeguards related to asset custody, client asset segregation and cybersecurity standards. As VASPs need to operate under Hong Kong’s regulatory framework, the region will place greater emphasis on meeting regulatory compliance requirements, including AML and on-chain transaction monitoring. “These all coincide with the philosophy and mission of OKLink Onchain AML,” Zhang Chao further introduced.

According to the official introduction, Ouke Cloud Chain also provides the Web3 data analysis platform blockchain browser and the Chaintelligence data tool that focuses on on-chain investigations, always helping to build compliance and security in the field of virtual assets.