Dash Integrated With TRM Labs To Expand Anti-Financial Crime Monitoring Capability
Dash, a payments-focused cryptocurrency featuring instant transactions and low transaction fees, has been integrated with TRM Labs, a leading blockchain analytics provider, to enable anti-financial crime monitoring of transactions conducted in Dash.
TRM is a blockchain intelligence firm that helps organizations identify financial crime risk in blockchain-based transactions, wallets, addresses and related entities.
Because of its speed, Dash is one of the most frequently used cryptocurrencies for point-of-sale transactions and is accepted at well over 150,000 physical merchant locations. Due to its low fees and fast transactions, Dash is particularly popular in regions where technical access barriers exist to traditional payment systems, or where hyperinflation has made existing currency impractical to use. For example, in Venezuela Dash accounts for over 26% of in-store crypto transactions, more than any other cryptocurrency, according to the country’s largest crypto payment processor Cryptobuyer.
“It is important for Dash to be supported in the leading platforms that exchanges use to meet their AML obligations. TRM Labs has emerged as a preferred provider for many of our exchange partners, so it is great news that Dash support was added,” says Ryan Taylor, the CEO of Dash Core Group, one of the development organizations supporting Dash. “It means exchanges utilizing TRM Labs can continue to confidently list Dash for their users.”
“By integrating with Dash, we enable organizations, including virtual asset service providers who want to list Dash, the ability to detect cryptocurrency fraud and financial crime and strengthen their compliance with AML/CFT regulations,” says Esteban Castaño, co-founder and CEO of TRM Labs.
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The integration provides all TRM users with access to Dash network data and the ability to leverage TRM tools including:
- Transaction Monitoring: Real-time risk scoring of cryptocurrency transactions for AML compliance, sometimes known as Know-Your-Transaction or KYT
- Wallet Screening: Proactive screening of cryptocurrency addresses for sanctions and AML compliance
- VASP Due Diligence: Comprehensive risk profiles of “Virtual Asset Service Providers” (VASPs) and other digital asset businesses
- Forensics: Investigative tools to trace the source and destination of funds and link high-risk addresses to real-world entities
TRM’s architecture was uniquely designed to enable swift integration with new blockchains and new asset mapping. TRM’s current scope of coverage stands at 23 blockchains and over 900,000 digital assets.
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