Austria And France Unite To Fight Crypto Crime

By Boris Dzhingarov

Austrian and French technology experts will join forces in order to combat money laundering attempts with the use of cryptocurrency. This will see the AIT (Austrian Institute of Technology) and NIGMA Conseil (French blockchain security company) collaborating. An agreement was signed with the 2 organizations using the AIT GraphSense e-NIGMA platform.

The two organizations will focus on tracking and charting connections and transactions on the blockchain, all with a connection established with KYC rules so that coin origins can be tracked. Tools are going to be used and created in order to cover businesses exposed to the use of digital assets.

The collaboration marks a deal between developers from NIGMA Counseil and a leading academic research institute in Europe. The goal will be to implement innovative tools that can be utilized to fight crime, no matter the currencies used.

Wallet cluster tracking is nowadays essential to discover funds that have dubious origins and darknet usage. E-NIGMA has an ecosystem that is capable to discover entities that are behind wallets and track suspicious transactions.

AIT now expands security and data services offered with blockchain security. The organization works with general cybersecurity advising, video analytics, camera analytics, physical security and systems engineering.

AIT is a member of the Titanium Cybersecurity Project, which investigates activity on the darknet together with various academic partners, government partners and the Interpol. The EU is a region where very strict rules exist against the use of crypto in an anonymous way, with a clear focus on coin mixers and darknet wallets.

Crypto exchanges showed that they are capable of tracking coin mixing usage so accounts can be suspended whenever necessary. Blockchain connections that are known to be associated with mixers are being traced by many cryptocurrency firms. Authorities in Europe want to crack down on mixing, with Bestmixer being closed and dark web sites being analyzed.

The bottom line is that businesses in Europe will soon have access to a platform that can be used in order to perform various actions necessary to satisfy AMLD5 requirements, which became valid at the beginning of 2020. Many transparent exchanges are operating in Europe so they will appreciate extra compliance and accountability tools.