The United States Office for Foreign Assets Control has requested another subscription to Chainalysis analysis software to intensify its efforts to monitor blockchain transactions.
In a public announcement dated May 26th The agency confirmed its intention to sign Chainalysis’ Rumker training and support packages for what it considers “mission critical research”. Expand your arsenal of surveillance tools.
This week’s public notice is the second such request the Agency has made this month. The company made a pre-request for blockchain monitoring tools for chain analysis on May 4th.
The last note indicates this The Treasury Department’s Office of Foreign Assets Control needs a commercial web-based blockchain tracking application tool to equip the Office of Global Goals (OGT) investigators.
OFAC is a Treasury Department’s financial intelligence and law enforcement agency that administers and enforces economic and trade sanctions in support of the United States’ national security and foreign policy goals.
The primary objective of acquiring the software is to get the United States government and its overseas partners to work together in an investigation on money laundering and the financing of terrorism.
The software would be used to analyze and track transactions in virtual currencies in order to collect information about the parties involved that the OGT might add to the “Specially Designated Nationals and Blocked Persons” (SDN) list.
The Chainalysis Rumker software package contains observations and nodes that can be used to determine where server nodes are operating. It also includes Wasabi demixing tools that allow the agency to access cryptographic information about previously obfuscated transactions. The notice said:
“Chain analysis meets OFAC needs by effectively providing the following capabilities: address pooling, transaction flow mapping and charts, wallet explorer, user behavior analysis, exchange rate, trade and market data”
A May 27 report by blockchain analytics firm Elliptic revealed this Financial criminals have stepped up efforts to bypass status tracking using blending services that allow users to mix their currencies with others in a pool to add a level of anonymity to their transactions.
Other methods include using privacy currencies like Monero and privacy wallets, as well as using unregulated exchanges. Avoid customer know-how requirements.
The US crypto exchange Coinbase reported on this in March OFAC reviewed several of its transactions for possible violations of US sanctions laws. At this point there were no apparent violations.he added.
Cointelegraph reported on it in FebruaryBitPay has been fined half a million dollars by OFAC for providing cryptocurrency services to sanctioned regions.