Anti-money laundering to its crypto wallet

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2 years ago

Samsung, a leading smartphone maker, has integrated an encrypted Anti-Money Laundering (AML) solution to help enhance the security of the Blockchain wallet, which is one of the functions of its latest phone.

According to a blog from Uppsala Security, a Singapore-based company, the company signed a "Blockchain Service Anti-Money Laundering Integration Agreement" with Samsung and directly linked its cryptocurrency AML solutions "to Samsung's Blockchain Service"

Uppsala said the move would allow Samsung smartphone users to access "real-time threat detection or push notifications resulting from suspicious transactions."

An anti-money laundering solution allows users to check the status of their crypto wallet addresses before proceeding with the transfer - to check for a database for interacting with wallets that have been flagged as containing potential links to hackers, fraudsters, or known dark web users.

The solution also has a tracking system for customers who believe they have fallen victim to fraud or piracy attempts, with monitoring reports Uppsala's claims can be handed over to law enforcement agencies for use as evidence.

However, it appears that for the time being at least, only customers in certain Asian countries will be able to benefit from the solution, with Uppsala saying,

"The free service is currently provided to users in South Korea and Singapore only to provide a basic funds tracking report with a single crypto wallet address."

The move deepens Uppsala-Samsung's bonds, as companies announced earlier this year their intention to launch a 'cryptocurrency loss tracking system'.

Uppsala is also working with law enforcement companies and legal experts on a solution that allows police and court officials to confiscate and freeze digital money as part of criminal investigations.

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2 years ago