Elliptic, which has built a data pile of 200,000 Bitcoin (BTC) trades having a value of over $6 billion, asserts that it owns the largest bunch of sorted out trade data that is openly offered for any cryptocurrency across the world.
The data set is structured to assist users establish illegal transactions and also trades associated with money laundering, terrorist financing (CFT) or sanctions violations. Furthermore, the data set is intended to bring down compliance costs and finally ward off criminal use of cryptocurrencies.
About the data set release, Mark Weber, co-author of the paper titled “Anti-Money Laundering in Bitcoin: Experiments with Graph Convolutional Networks for Financial Forensics,” said as mentioned below. The paper was a joint work of Elliptic scientists and MIT-IBM Watson AI Lab researchers:
“Graph convolutional networks are still a young class of methods, and we’re in the early days in these experiments, but we do believe GCN’s power to capture the relational information in these large, complex transaction networks could prove valuable for anti-money laundering.”
Last month, Financial Action Task Force stated that it is aiming to increase regulation over cryptocurrency exchanges to prevent cryptos from being utilized in money laundering and related offences.
At that time, Secretary Steven Mnuchin said:
“By adopting the standards and guidelines agreed to this week, the FATF will make sure that virtual asset service providers do not operate in the dark shadows. This will enable the emerging FinTech sector to stay one-step ahead of rogue regimes and sympathizers of illicit causes searching for avenues to raise and transfer funds without detection.”
Again in June, Coin Center, a non-profit research and development institute centered on crypto-related public policy concerns, advised Her Majesty’s Treasury not to widen the boundaries of the AML / CFT laws of the United Kingdom. Coin Center further argued that widening AML monitoring responsibilities to crypto exchange software coders or customers would “breach U.K. citizens’ free speech and privacy rights.”