Uppsalaa provider of blockchain security services for crypto AML/CTF, transaction risk management, regulatory compliance and transaction monitoring, today announced that it has signed a contract to provide digital asset AML solutions to KODA (Korea Digital Asset), a South Korean crypto exchange.
Through the contract with Uppsala Security, KODA will receive full access to Uppsala Security’s Threat Intelligence Database (TRDB), Crypto Analysis Transaction Visualization (CATV) and Analysis Risk Assessment tools cryptography (CARA).
KODA is a digital asset custodial services company established by Kookmin Bank (KB), South Korea’s largest bank, based on technology provided by blockchain developer Haechi Labs and in association with Chopped. The company provides a specialized one-stop digital asset custody service to businesses and institutions and signed Wemade as its first client.
By becoming an active user of Uppsala Security’s Threat Intelligence Data Hub (TRDB), KODA can enhance its Anti-Money Laundering (AML) and Anti-Terrorist Financing (CTF) fund monitoring capabilities by verifying and by examining in advance whether the wallet addresses of the deposited funds are blacklisted wallets related to the Dark Web or financial hacking/crimes.
Additionally, Uppsala Security’s CARA tool, which uses artificial intelligence (AI) and machine learning (ML) mechanisms to detect various on-chain transaction patterns based on the behavior of blacklisted wallet addresses , helps to associate a risk level to wallet addresses that are not labeled. again in Uppsala Security’s Threat Intelligence Data Hub (TRDB), so that the risk of interacting with suspicious wallets can be mitigated and categorized in advance by classifying them.
Uppsala Security also explained that while virtual asset transactions involved in crimes such as fraud are discovered laterwallet transaction flows can be tracked and real time tracking via Virtual Asset Tracking (CATV) security solution to further strengthen regulatory compliance and prevent money laundering of virtual assets.
According to Uppsala Security, the company is currently working at full speed on the development of a brand new Digital Asset Fraud Detection System (FDS) solution that can block high-risk transactions in advance by pre-checking the risk a large number of wallet addresses with just one click.
“KODA’s AML security and internal control system is already operating at the level of existing financial and industry requirements, but we expect to be able to manage digital assets above government regulatory standards by further introducing Uppsala Security’s anti-money laundering and transaction tracking solutions.We are also looking at the introduction of an FDS solution specializing in digital assets which Uppsala Security will launch soon.
– Ko Young-joo, Chief Information Security Officer (CISO) at KODA