According to South Korea’s Ministry of Justice 2023 task report published on January 27, South Korea’s MOJ plans to start tracking crypto transactions as it looks to crack down on money laundering and recover stolen funds from citizens.The ministry will initially use third-party software to monitor transaction history, extract information on transactions and check the source of funds. It plans to develop its own system, which should be ready in the second half of the year.From this news, we can see that combating virtual currency money laundering is becoming increasingly urgent and important.Beosin Web3 Security Annual Report shows that Global crypto crimes amounted to $13.76 billion for the year 2022 (financial crimes are excluded), with money laundering accounting for $7.33 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.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.As a leading global blockchain security company co-founded by several professors from world-renowned universities and there are 40&#43; PhDs in the team, Beosin provides &#34;All-in-one&#34; blockchain security solution covering Smart Contract Audit, Risk Monitoring &amp; Alert, KYT/AML, and Crypto Tracing. Beosin has already audited more than 2500 smart contracts including famous Web3 projects PancakeSwap, Uniswap, DAI, OKSwap and all of them are monitored by Beosin EagleEye.Beosin KYT, the cryptocurrency AML compliance and analytics platform, relying on 1 billion&#43; 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. The KYT AML are serving 100&#43; institutions including Binance. This is why Beosin KYT can be a practical and effective solution to help South Korea crack down money laundering.Beosin KYT’s features to enable customers become the master in the AML field.Beosin utilizes technologies such as pattern recognition and AI algorithms, while accumulating entity tags that map 1 billion&#43; 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.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.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.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.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 <a href="https://beosin.com/product/kyt" rel="noopener noreferrer nofollow">KYT</a> 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.<h2 id="header-0">Contact</h2>If you have need any blockchain security services, please contact us:<a href="https://beosin.com/" rel="noopener noreferrer nofollow">Website</a> <a href="https://twitter.com/Beosin_com" rel="noopener noreferrer nofollow">Official Twitter</a> <a href="https://twitter.com/BeosinAlert" rel="noopener noreferrer nofollow">Alert</a> <a href="https://t.me/beosin" rel="noopener noreferrer nofollow">Telegram</a> <a href="https://www.linkedin.com/company/beosin" rel="noopener noreferrer nofollow">LinkedIn</a>

Beosin KYT to Support South Korea in Cracking Down Money Laundering by Tracking Crypto Transactions

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