November 10, 2022

Beosin KYT: an On-chain Expert to Meet All Your AML Needs

Cybercrimes, rugpulls, phishing scams, darkweb trading and other crimes involving cryptocurrencies have become commonplace in recent years. The cryptographic and anonymous nature of cryptocurrencies provides a technical “safe haven” for many illegal traders. In the first half of 2022 alone, the amount of crypto assets laundered worldwide have reached $2 billion.

It can be seen that compliance is an almost inevitable trend in the cryptocurrency industry. Regulators need data analysis tools to monitor platforms for compliance, while digital finance companies such as exchanges and wallets need tools to help identify fraud and illegal behavior in order to achieve compliance.


Why do we need KYT and what can it solve?

On the one hand, the features of blockchain such as decentralization, openness, autonomy, information immutability and anonymity pose great challenges to regulators.

On the other hand, it is difficult for digital financial enterprises to conduct due diligence. A large number of digital financial enterprises are unable to quickly identify illegal transactions, assess transaction risks, determine the situation of users’ counterparty accounts, and help users freeze suspicious addresses.

The purpose of KYT (Know Your Transactions) is to enable VASP (virtual asset service providers) such as cryptocurrency exchanges to learn more about the physical identities of their customers and their transaction behaviors to detect money laundering, fraud and other illegal behaviors.

To help VASPs monitor transaction risks and implement AML compliance procedures, Beosin team has newly upgraded the Beosin KYT — the cryptocurrency AML compliance and analytics platform, which has served many clients for nearly two years, and is back with new features and benefits, as well as a free trial slot.


What are the advantages of the newly upgraded Beosin KYT?

Beosin KYT, the cryptocurrency AML compliance and analytics platform, relying on 1 billion+ of address tags (mapping addresses to real-world entities) and blockchain big data analytics technology and advanced AI technology, creates a cryptocurrency tracking and AML system that can help VASPs build KYT and continuously risk assessment capabilities.

Beosin KYT can help clients avoid interacting with potentially risky or malicious addresses; meet global regulatory requirements; avoid damage to client funds and reputation; and identify abnormal behavior. Moreover, the Path Tracing function can intelligently extends suspicious addresses to make risk verification easier.

Advantage 1: Perfect risk scoring mechanism

Beosin KYT has a comprehensive risk scoring mechanism. It provides the clients with professional and comprehensive risk assessment reports and through continuous monitoring of crypto transactions, risk penetration assessment of fund flow for each transaction, and an advanced abnormal behavior analysis engine. Not only the risk score of the address/transaction is provided, but also the details and transaction characteristics of each risky transaction, allowing users to grasp the risk situation in an all-round way.

Advantage 2: Industry-leading intelligent behavior analysis capability

Beosin KYT has accumulated 1 billion+ of abnormal address labels and is able to map these addresses to real-world entities. It also has an efficient intelligent analysis engine designed independently based on machine learning and deep learning technologies to timely detect high-risk transactions and notify users in the first place.

Advantage 3: Easy-to-use API and Web methods

Beosin KYT can provide an easy-to-use interface and professional API integration solutions to meet the needs of enterprises in various business scenarios with flexibility.


Beosin KYT’s five features to enable customers become the master in the AML field

Malicious address query — 1 billion+ of tags, presenting the compliance posture of the on-chain activities

Beosin utilizes technologies such as pattern recognition and AI algorithms, while accumulating entity tags that map 1 billion+ of addresses to the real world, to identify suspicious activities in crypto transactions and present compliance posture of on-chain activities for compliance visualization. This includes security attacks, dark web, mixers, fraud, blackmail, gambling, etc.

Sanctions list screening feature — a macro view of cryptocurrency compliance

Beosin continuously monitors and updates the OFAC Sanctions List, EU Sanctions List and UK Sanctions List to ensure the timeliness of data. Beosin also provides a macro view of cryptocurrency compliance to inform decisions on setting compliance baselines and provide timely alerts when risks deviate from compliance baselines.

Address/transaction risk assessment — provides the most comprehensive and easy-to -understand risk assessment report

Based on big data and AI technology, Beosin KYT traces the source and destination of funds in designated accounts, enables comprehensive, fast and accurate data analysis. It makes real-time risk judgments on cryptocurrency transactions through a risk analysis engine, and automatically gives risk recommendations, while enabling a comprehensive assessment of transactions and address risks, locating specific risk points, making addresses and transactions more transparent, and helping users make the most informed compliance decisions.

Address monitoring & alerts — real-time monitoring and tracking of hundreds of risk indicators

KYT is also able to use analytical methods to monitor trading patterns. Different KYT solutions have different approaches to conducting transaction monitoring. Beosin’s KYT software includes cutting-edge technology that, when combined with Beosin Trace’s database, allows the KYT system to examine various trading patterns and track hundreds of risk indicators. It monitors the movements of a given account in real time and is the first to know the latest trading information of the monitored account. In addition to the common monitoring rules, Beosin KYT offers a security alert and monitoring platform that helps our clients to monitor abnormal trading behavior 7/24 to avoid loss of money and reputation.

Tracking & investigate feature — complete higher level verification and on-chain survey screening

Beosin Trace can intelligently display risky transactions and associated addresses with one click, trace their detailed money path, help customers verify the source of risk, and reconstruct the full picture of risk for regulation review. In addition, Beosin has experienced technicians in blockchain security to help you with higher level verification and on-chain investigation screening.


Beosin KYT newly upgraded. Free trials now available

Beosin KYT identifies transactions and account types by analyzing massive amounts of on-chain transaction information, and then uses the massive database of physical addresses in the system as well as machine learning analytics to assess risky transactions to assess risky transactions. It has already served several clients around the world to enable them compliant with AML regulatory requirements.

Beosin KYT has been live for two years and now provides data, software, services and research to institutions, exchanges, wallet companies and others in multiple countries and regions. If you have anti-money laundering and compliance needs, welcome to contact us.

Meanwhile, in order to thank to the support of the blockchain ecological partners, Beosin has prepared 10 free trails at the end of 2022, inviting you to experience our products for free in all aspects. Welcome to apply on the official website or send Beosin an email with your inquiry.

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If you have need any blockchain security services, please contact us:

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