Security-delivery specialist, Sektor, partners with leading cryptocurrency intelligence company CipherTrace to expand access to CipherTrace’s cryptocurrency intelligence solutions for anti-money laundering, financial investigations, and virtual asset risk mitigations for banks and other financial institutions throughout the Asia Pacific Region (APAC).

Sektor specializes in delivering innovative and efficient technologies for the retail, networking, security, healthcare, ergonomics, and mobility markets. The partnership with CipherTrace will allow the company to expand its products to include CipherTrace’s Investigate Suite as well as its Armada risk-scoring service that allows banks to trace cryptocurrency transaction flows across their payment networks and ensure compliance with sanctions as well as Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations.

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“We are genuinely excited to be working with the founders and team at CipherTrace in the APAC Region. This the 3rd time we have represented this dream team with a solution they have invented. They solve a growing problem in a clever way that very few others can, then lead the market with the best product and people,” expressed Kendra Ross, GM of Duo, the Security division of Sektor. “Just as cyber-attacks and crime is escalating, the bad actors are increasingly using crypto currency to hide behind and CipherTrace gives our customers the tools to peel back those layers and identify risk as well as criminal behaviour.”

CipherTrace CEO Dave Jevans said, “I have had great success working with Sektor in the past, and look forward to repeated rapid growth in the regions as the partnership expands our global footprint. The partnership will enable Sektor to market CipherTrace solutions to banks, VASPs, financial investigative units, and regulators so they can monitor and mitigate virtual asset-related risks.”

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As cryptocurrency usage has grown throughout the APAC region, so have cryptocurrency crimes. In June 2020, a 45-year-old man was arrested in Sydney for using cryptocurrency to launder money. Especially as regulations pertaining to virtual assets tighten around the globe, financial institutions will be required to do more to ensure compliance with global guidelines as well as regulations within each jurisdiction. Singapore, for example, has adopted stringent laws applied to cryptocurrency businesses with The Payment Services Act (PSA) requiring virtual asset service providers to obtain a license from The Monetary Authority of Singapore before operating in order to ensure AML and CTF compliance.

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