Nigma Conseil, Austrian Institute of Technology Partner to Develop Blockchain Compliance Tool
Nigma Conseil, French cybersecurity firm, and the Austrian Institute of Technology (AIT) have entered into a partnership to build a fresh blockchain forensics tool. The contract was inked to start working on a compliance tool, named e-Nigma.
E-Nigma offers its users with a method of carrying out due diligence scrutiny on the basis of KYC (Know Your Customer) and Anti-Money Laundering (AML) rules. Similar to other systems, it tracks and systemizes blockchain dealings.
The platform offers multiple sophisticated features including risk grading and wallet aggregation. The platform can distinguish addresses with genuine identities by searching on clear and dark web.
The tool is an extension of the open-source crypto forensics platform offered by AIT, GraphSense. Vienna headquartered AIT is a government aided research institute.
The technology was developed under the AIT-guided program named TITANIUM, which was setup to scrutinize trades in “underground markets.” The program was granted €5 million ($5.40 million) by the EU to negate cryptocurrency related offenses.
Fabien Tabarly, CEO of NIGMA Conseil, gave the following opinion regarding the partnership:
“The synergy between a leading European academic research institute and our team of developers has been instrumental in implementing the most innovative tools to fight financial crime in virtual currencies.”
E-Nigma is not the only compliance tool in the industry. Similar solutions are being offered by enterprises such as Elliptic, Chainalysis and CipherTrace. As money laundering rules across the globe are tightened, several firms in the crypto and conventional financial industry are looking at forensics tools.
Of late, Chainalysis entered into a partnership with both Bitfinex and Tether, assisting the service provider in preserving compliance. Elliptic is concentrating on banks, with a compliance tool allowing them figure out the actual risk from trades via crypto exchange.