Financial Crime World

Gibraltar Trials New Financial Crime Analytics Tool to Tackle Money Laundering

In a bid to stay ahead of financial crime, HM Government of Gibraltar has entered into an agreement with RegTech firm Coinfirm Ltd. to trial a cutting-edge anti-money laundering (AML) risk management platform for cryptocurrency and blockchain assets.

A Breakthrough in Anti-Money Laundering Technology

The innovative technology being used in the trial is set to provide regulatory and law enforcement agencies with advanced tools to monitor high-risk transactions and track down misappropriated funds. This includes:

  • Tracking the source and destination of funds: Ensuring that financial transactions are transparent and can be traced back to their origin.
  • Identifying patterns of activity: Recognizing suspicious behavior and potential threats before they escalate into full-blown crimes.
  • Using clustering algorithms to identify potential threats: This technology allows for early detection of anomalies in financial data, enabling swift action against potential money laundering schemes.

A Strong Commitment to Combating Financial Crime

Gibraltar’s Minister for Digital and Financial Services, Albert Isola, emphasized the government’s commitment to providing its regulatory bodies with the tools they need to combat financial crime in the crypto asset industry. This partnership with Coinfirm is a significant step forward in Gibraltar’s efforts to stay ahead of criminal actors and maintain its reputation as a hub for fintech innovation.

Coinfirm: A Leader in Blockchain Analytics and RegTech Solutions

Coinfirm, the world leader in blockchain analytics and RegTech solutions, specializes in AML/CFT services and fraud investigations, covering over 1,500 cryptocurrencies and protocols. Its clients include major financial institutions and governments around the globe. With the AML Platform, Coinfirm is confident that it can effectively challenge the various illicit schemes devised by malicious actors.

A Significant Step Forward for Gibraltar

The trial marks a significant step forward for Gibraltar in its efforts to combat financial crime and maintain its reputation as a hub for fintech innovation. The government has made it clear that it will continue to invest in cutting-edge technology to support its regulatory bodies and law enforcement agencies in their fight against money laundering.