BestChange launches AML Analyzer to improve KYC/AML compliance standards for users

BestChange launches AML Analyzer, a new service for assessing crypto address risks.

Dubai, UAE, 14/8/24 – Exchanger monitor BestChange unveils AML Analyzer, a new safety service for checking crypto addresses for compliance with AML standards. Hosted by BestChange, the service will allow users to individually check an address’ risk profile before sending or receiving crypto. 

The novel technology aims to minimize the risk when transferring various cryptocurrencies. At launch, AML Analyzer will support several leading cryptocurrencies, including BTC, ETH, LTC, DOGE, TRON, XRP, and assets created through smart contracts based on existing blockchain networks, for example, using these technical standards ERC20, TRC20, and BEP20.

Regulation in crypto has been a key step to the overall growth of the industry and friendliness with the financial regulators. After a dormant five-year period, from 2014 to 2019, where regulators were finding ways to regulate digital assets, a significant step was finally taken in mid-2019 with the advent of sanction lists from existing regulators. This ensured all crypto financial service providers had to collect Know Your Customer (KYC) data and do fundamental due diligence, necessary to comply with AML rules. 

Today, exchanges and companies dealing with crypto must check incoming transactions for any potential risks. If a crypto address shows signs of suspicious connections or has various risk flags, funds may be frozen for verification and KYC (Know Your Customer) procedures to find out the origin of the funds.

By leveraging AML Analyzer, users can check for any red flags before sending or receiving crypto to their address. Before, the role was left to the crypto services, who mass-checked every address on their platform. Now, AML Analyzer users can check individual accounts, which reduces the risks for private users when working with crypto assets.

Users only need an email address, the crypto address and the blockchain to start checking, with no registration required. To get started, users select the blockchain, paste the crypto address and enter their email, which is used for payment and receiving notifications. 

The dynamic system checks for any suspicious payments made to the address in minutes and assigns a Risk Score. A specific set of Risk Score marks is assigned to a crypto address due to interaction with a blockchain. The scoring result depends on the crypto address’s direct or indirect connections (incoming and outgoing transactions) with various sources, platforms, resources, and segments. 

Based on the analysis a wallet address can be categorized as High-Risk, Medium-Risk, or Low-Risk, depending on the direct or indirect connections with various sources. BestChange’s AML analyzer provides a detailed analysis of each address, allowing users to see the full list of risk labels for a specific address.

The platform only charges a small initial verification fee and all subsequent checks of an already checked address are free. Several payment options are available on BestChange, including crypto (TRX and Bitcoin Lightning) and USD (Volet and Payeer). The platform is expected to add more payment options in the future. 

About BestChange

BestChange.com is a free online service that helps to find reliable exchangers with the best currency rates. The platform allows users to compare different aspects such as rates on different exchangers including crypto exchanges, e-currency, digital money transmitters, online banking services and money transfer agents, etc. 

BestChange currently checks over 380 exchangers and over 500,000 exchange pairs.