2021 has already become a year of institutional investors arrival to the cryptocurrency market. Wall Street players saw digital assets as another tool for diversifying their investment portfolios. However, it is not only the world of big money that welcomes digital assets.
Fraudsters rushed into the crypto world along with large capital. Decentralized money technology attracted cybercriminals due to its perceived impunity and wide range of opportunities for money laundering. Unsurprisingly, regulators and supervisors from the world’s largest economies urged cryptocurrency companies to comply with AML requirements, just as financial institutions dealing with fiat do.
Since 2009, regulators around the world have imposed about $32 billion in fines related to insufficient anti-money laundering. But non-compliance with AML requirements is fraught with more than problems with regulators. Participation, including unconscious participation, in the money laundering chain can seriously affect the reputation of any business. Companies that are investigated or fined for violating AML laws may appear untrustworthy in the eyes of potential clients.
Still, there is also a downside to AML requirements. These are high costs of tools to prevent money laundering risks, as well as a decrease in the speed of onboarding processes and worsen the customer experience.
AMLBot is an automatic anti-money laundering (AML) service that allows you to check crypto wallets for the possible presence of coins related to criminal activity in a matter of seconds. It is a tool that protects crypto users and cryptocurrency businesses from unwanted participation in money laundering schemes. Using it, any business can make sure that their clients’ funds are clean and not become an unwitting link in the chain of money laundering.
AMLBot is simple and easy to use and stands out against expensive AML services. AMLBot offers three tariff plans:
- 25 checks for $50 ($2 per check).
- 100 checks for $100 ($1 per check).
- 1000 checks for $300 ($0.3 per check).
The first free check for testing is available to new users.
You don’t need to have deep technical knowledge to use AMLBot. It is enough to go to the AMLBot website, specify the crypto wallet address that needs to be checked for illicit transactions, and click the “Check” button. The bot will automatically collect data on incoming and outgoing transactions, trace the path of coins entering and leaving the wallet and check addresses with several databases to which it is connected. In the final report, which will be available in a matter of seconds, the service will highlight all suspicious transactions that may be associated with illicit activities.
Thanks to AMLBot, even small businesses that do not have a large budget for creating their own compliance systems will be able to comply with the requirements of local authorities to combat money laundering and, thus, protect their reputation and business from possible sanctions from supervisory authorities.