[2019-06-27] Ripple deal with Coinfirm could make XRP compliant with AML rules

[FreeEarnsActivist]

Ripple has signed a deal with regulation technology startup Coinfirm, to shine new light on how the third-largest cryptocurrency is being used. Among the new anti-money-laundering (AML) information Coinfirm will provide about cryptocurrency users is whether the cryptocurrency has been processed by technology called a “mixer,” designed to launder cryptocurrency by privately exchanging funds from multiple counterparties; information on clustering, when small amounts of currency are sent via many different addresses to disguise the size of large transactions; and whether or not the funds come from a known theft or hack.

Source: https://www.forbes.com/sites/michaeldelcastillo/2019/06/26/ripple-deal-could-make-xrp-cryptocurrency-compliant-with-fatf-anti-money-laundering-regulations/#d759f423aab1

Example analysis of Coinfirm:




Source: https://twitter.com/Coinfirm_io/status/1133706223587602432

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[CryptoBry]

This is a good move by Ripple as it is now starting to seriously make a big name in the world of banking and remittance. The issue of money laundering will always come up in connection with the banking and remittance industries so making sure that Ripple is fully compliant can be so handy now and into the future. I believe that Coinfirm is a good choice to do the job for Ripple. Let's hope other cryptocurrency platforms to adopt the same move which can be helping a lot in cleaning up the mess created by hackers, phishers and scammers.