Blockchain analytics firm Chainalysis announced on Friday the launch of two screening tools that allow cryptocurrency wallet owners to determine whether a wallet complies with global sanctions, and will be made available to the cryptocurrency industry for free.
Centralized exchanges widely use transaction monitoring tools to comply with sanctions policies and AML/CFT regulations, but participants and projects in the decentralized ecosystem lack tools to detect risks.
Chainalysis said it is difficult for the Russian government and financial elite to use cryptocurrencies on a large scale without detection.