{"id":531263,"date":"2022-03-15T05:22:44","date_gmt":"2022-03-15T05:22:44","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=ibsi_news&#038;p=531263"},"modified":"2022-03-15T05:22:44","modified_gmt":"2022-03-15T05:22:44","slug":"chainalysis-launches-sanctions-screening-tools-for-the-cryptocurrency-industry","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/chainalysis-launches-sanctions-screening-tools-for-the-cryptocurrency-industry\/","title":{"rendered":"Chainalysis launches sanctions screening tools for the cryptocurrency industry"},"content":{"rendered":"<p><a href=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/09\/Chainalysis.jpeg.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-517527 alignright\" src=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/09\/Chainalysis.jpeg-300x300.jpg\" alt=\"Chainalysis, Sanctions Screening Tools, API, Decentralized Web3, DEXs, DeFi, DAOs, DApp Developers, Traditional Financial System, Chainalysis KYT, USA\" width=\"175\" height=\"175\" srcset=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/09\/Chainalysis.jpeg.jpg 300w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/09\/Chainalysis.jpeg-150x150.jpg 150w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/09\/Chainalysis.jpeg-100x100.jpg 100w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/09\/Chainalysis.jpeg-60x60.jpg 60w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/09\/Chainalysis.jpeg-90x90.jpg 90w\" sizes=\"auto, (max-width: 175px) 100vw, 175px\" \/><\/a>Chainalysis, a <a href=\"https:\/\/www.chainalysis.com\/\">blockchain data platform<\/a>, recently announced the accelerated launch of <span style=\"font-style: inherit;font-weight: inherit\">two sanctions screening tools<\/span>\u00a0\u2013 an on-chain oracle and an API expected to launch next month \u2013 for the cryptocurrency industry free of charge. As\u00a0<span style=\"font-style: inherit;font-weight: inherit\">countries worldwide continue to leverage economic sanctions in response to Russia\u2019s invasion of Ukraine, decentralized web3 groups like DEXs, DeFi platforms, DAOs, and DApp developers are searching for lightweight tools to help them and their customers comply with sanctions policies. These tools will enable users to easily validate they are not interacting with cryptocurrency wallets associated with san<\/span><span style=\"font-style: inherit;font-weight: inherit\">ctioned entities.<\/span><\/p>\n<p><span style=\"font-style: inherit;font-weight: inherit\">Given the transparency of blockchains, it would be difficult for the Russian government or financial elite to evade sanctions at scale through cryptocurrency without detection systematically. However, as with the traditional financial system, some sanctioned Russian actors may attempt to use cryptocurrency to evade sanctions. These transactions would be permanently recorded on the blockchain, providing opportunities to identify and shut down sanctions\u2019 evasion tactics. As we\u2019ve seen with sanctions impositions <\/span><span style=\"font-style: inherit;font-weight: inherit\">in the past<\/span>, cryptocurrency compliance professionals with the right data and technology effectively identify transactions by sanctioned entities and take action.<\/p>\n<p><span style=\"font-style: inherit;font-weight: inherit\">\u201cNow is the time for the industry to demonstrate that blockchains\u2019 inherent transparency make cryptocurrency a powerful deterrent to sanctions evasion,\u201d said <strong>Michael Gronager, Co-Founder and CEO, Chainalysis<\/strong>. \u201cIn anticipation of ongoing sanctions, we\u2019ve prioritized the development of these tools so that all cryptocurrency market participants have what they need to harness this transparency and conduct basic sanctions screening at no cost to them.\u201d<\/span><\/p>\n<p><span style=\"font-style: inherit;font-weight: inherit\">To comply with AML\/CFT regulations and sanctions policies globally, most centralized exchanges use transaction monitoring products like\u00a0<\/span><span style=\"font-style: inherit;font-weight: inherit\">Chainalysis KYT<\/span><span style=\"font-style: inherit;font-weight: inherit\">,<\/span> which provides more extensive data and capabilities. However, many decentralized protocols and platforms that have more recently grown in popularity do not incorporate tools that effectively manage sanctions risk. These new Chainalysis offerings will provide an easy way to conduct basic sanctions checks to help manage reputational and sanctions enforcement risk.<\/p>\n<p><span style=\"font-style: inherit;font-weight: inherit\">\u201cUntil now, we haven\u2019t been able to find an easy way to monitor sanctions risk,\u201d said <strong>Corbin Page, Founder of Paymagic<\/strong>. \u201cThere were no data sources. Chainalysis\u2019 tools will give us the information we need and peace of mind to focus on building our products while preventing exposure to sanctioned entities. This is more important than ever in today\u2019s Web3 world.\u201d<\/span><\/p>\n<p><span style=\"font-style: inherit;font-weight: inherit\">The Chainalysis oracle and API will provide any cryptocurrency business, protocol, or organization a simple way to quickly check if an address is on a sanctions list before allowing it to connect with their service. Each will use the same data to confirm whether or not the address is on economic\/trade embargo lists, such as those of the US, EU, or UN, with which anyone subject to those jurisdictions is prohibited from dealing. The Chainalysis oracle is a smart contract that can be called from other smart contracts to validate a wallet before allowing interaction with the second contract.<\/span><\/p>\n","protected":false},"author":35276,"featured_media":531268,"parent":0,"template":"","categories":[11395,11383,11385,11396,11369],"tags":[11797,13666,24260,24257,24258,24255,12884,24256,24254,24259,11416],"class_list":["post-531263","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-analytics","category-big-data","category-blockchain","category-cryptocurrency","category-transaction-banking","tag-api","tag-chainalysis","tag-chainalysis-kyt","tag-daos","tag-dapp-developers","tag-decentralized-web3","tag-defi","tag-dexs","tag-sanctions-screening-tools","tag-traditional-financial-system","tag-usa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chainalysis launches sanctions screening tools for the cryptocurrency industry<\/title>\n<meta name=\"description\" content=\"Chainalysis, a blockchain data platform, recently announced the accelerated launch of two sanctions screening tools\u00a0\u2013 an on-chain oracle and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/chainalysis-launches-sanctions-screening-tools-for-the-cryptocurrency-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chainalysis launches sanctions screening tools for the cryptocurrency industry\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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